According to section 50 of Income tax act if an assessee has sold a capital asset forming part of block of assets (building, machinery etc) on which the depreciation has been allowed under Income Tax Act, the income arising from such capital asset is treated as short term capital gain.
On 22nd October 2019 Ministry of Corporate Affairs (MCA) issued the Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019 regarding the creation and maintenance of databank of independent directors. These rules came into force on 1rst December 2019. Indian Institute of Corporate Affairs has been given the task to maintain the data bank. It will […]
A recent development in the services supplied by the millers to the State Government has been unearthed wherein the qualification of food grain crushing services for PDS supply covered under Sl. No. 3 or 3A under Notification No. 12/2017- Central Tax (Rate) dated 28.06.2017, as amended from time to time has been put to question ever since the Government came up with Circular 126/45/2019-GST dated 22.11.2019 for clarifications relating to various job work services as mentioned in the amended Notification No. 11/2017- Central Tax (Rate) dated 28.06.2017.
Draft Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020 In order to operationalize the Companies (Amendment) Act, 2019, the Companies (Corporate Social Responsibility Policy) Amendment Rules , 2020 has been drafted for carrying out amendments in the Companies (CSR Policy) Rules, 2014. Definitions amended/ newly inserted Amended Definition of Corporate Social Responsibility The following activities […]
BRIDGING THE DISPUTE- TRUST DIVIDE for Minimizing Tax-related Litigation Avail this golden opportunity …Settle your Income Tax disputes Objectives of Vivad Se Vishwas Scheme 2020 > Reduce income tax pending litigation > Generate timely revenues for the Government > Help taxpayers end their tax disputes with the department by paying disputed tax and get waiver […]
CBDT has released Direct Tax Vivad Se Vishwas Rules 2020 vide Notification No. 18/2020-Income Tax Dated- 18/03/2020 and also released following forms- FORM-1- Form for filing declaration, Form-2 – Undertaking Under Sub-Section (5) Of Section 4 Of The Direct Tax Vivad Se Vishwas Act, 2020 (3 Of 2020), Form-3- Form For Certificate Under Sub-Section (1) Of […]
Section 194O TDS by E-Commerce Operator PROVISION When E-Commerce Operator provides its platform to E-Commerce participant for sale of goods or services or both then, E-Commerce operator must deduct 1% TDS at the time of credit of amount of sale of goods, service or both to the account of e commerce participant or at the […]
The provisions of section 54GB of the Income Tax Act exempts the capital gain arising from transfer of a long term capital assets being a ‘residential property’, if the amount is invested in subscription of the equity shares of the eligible company. The present article highlights the said exemption provisions of section 54GB.
MCA vide its General circular No. 6/2020 dated 4th Day of March 2020 notify this scheme and this scheme would remain into force for a period of 3 months i.e. from 16th March 2020 to 13th June 2020. The objective of this scheme is to provide the one time relaxation in additional fees for filing […]
MCA vide its General Circular No. 08/2020 dated 6th march 2020 mandated the filing of NCLT order for CIRP or Liquidation process under the IBC 2016. This circular provides for the mandatorily filing of INC-28 for NCLT order to Registrar of Companies on the part of IRP (Interim Resolution Professional) or RP (Resolution Professional). Further […]
