With a view to boost investors’ confidence in the Indian market and put India in a competitive position in terms of taxing rights as compared to other countries in APAC region, the Government of India proposed to abolish Dividend Distribution Tax (also known as DDT) with effect from 01 April 2020.
Various Timelines to be kept in mind: -As per the Companies Act, 2013 every Company shall allot equity shares to the subscribers within 60 days of receipt of Share Application Money. -The Company shall thereafter issue share certificates to the aforesaid allottees within 2 months from the date of allotment. -As per the Indian Stamp […]
The National Company Law Tribunal (NCLT) made mandatory to file the application/petition/appeal/reply etc. online through NCLT e-filing portal via notice dated 31st January 2020, w.e.f. 03rd February 2020. And has also requested to file two complete sets in hard copies before the filing counter NCLT. The Company need to make an application to the NCLT […]
A major controversy these days is on payment of interest for delayed GST on gross or net amount (net of ITC). Department is now demanding interest on gross amount and has sent numerous recovery notices throughout the country. However, there are few high court judgments to the contrary.
Schedule II of CGST Act 2017 determines the list of activities to be considered as supply of goods/Services and as per entry at Sl No. 1 of schedule II , any transfer of the title in goods is a supply of goods and liable to GST. In response of query by M/s. Automative Components Technolory […]
As we know HUF (Hindu Undivided Family) is assessed as a separate person under provisions of Income Tax Act, 1961. It has its own identity and right to own property but not a juristic person. It can sue and be sued as a person. It is governed by Karta of the family and consists of coparceners of a single family.
To make purchase of house affordable and give tax incentives to Real Estate Developers Government in the current Union Budget 2016, have announced 100% deduction of the profits and gains derived from construction business, by insertion of new section 80 IBA of Income Tax Act, 1961. Following are the conditions under the scheme:
Dont miss the deadline! File your belated income tax return by 31st March, 2020 to avoid penalties. Learn more about the amended Section 139(4) and the reduced time limit.
Considering the potential of new digital economy and the rapidly evolving nature of business operations it is found essential to address the challenges in terms of taxation of digital transactions as the typical direct tax issues relating to e-commerce are the difficulties of characterizing the nature of payment and establishing a nexus or link between a taxable transaction, activity and a taxing jurisdiction, the difficulty of locating the transaction, activity and identifying the taxpayer for income tax purposes.
Attention of all TIN-Facilitation Centers (TIN-FCs) is hereby invited to the procedure prescribed for accepting PAN applications. As you are aware, PAN applicants (individuals) are required to provide names (first name, middle name & last name) in expanded form in PAN applications submitted. Also, the supporting documents submitted as proof of identity and address should contain the applicant’s name in expanded form and as mentioned in the PAN application.
