Do you own a Company? Do you want to close down your Company? there are many questions that might be arising about strike off Company in your mind. Here we have made a compilation of the Most Frequently Asked questions.
Understanding section 158BFA(2) of the Income Tax Act: Learn about the penalty for undisclosed income during the block period and the provisions for its imposition.
Section 44AD in Income tax act is the presumptive income section under which prescribed percentage of turnover will be deemed as your income. Till AY 2016-17, prescribed percentage was 8%.
This article provides list of relatives covered Section 56(2)(VII) of the Income Tax Act,1961. As per Section 56(2)(VII) if any gift received from relative which are covered under following list will be exempt in the hands of receiver.
In order to encourage more people to file income tax returns, necessary provisions may be introduced, such as: Individuals having taxable income upto Rs. 10 lakhs may not be subjected to scrutiny for 3 Assessment Years unless there is specific information available with the Department regarding his high value transaction.
In an attempt to promote cashless economy and digital mode of accepting payment, government has introduced section 269SU under Income Tax. Section 269SU prescribes for accepting payment through certain electronic modes as prescribed in addition to other electronic modes. The said provision is made applicable from 1st January 2020.
It is, for the matter of reality, that there is no mandate under the I&B Code which provides that whether the Resolution Plan’s value shall be more than the liquidation value of the Corporate Debtor. It is this perplexing issue that the case of Orchid Pharma Insolvency deals with. Th
Article discusses Whether recovery from employees amounts to supply, Whether GST applicable on delayed payment charges collected on exempt supplies, Whether RCM liability under service tax on freight charges, Can Form GST TRAN-1 would be amended/rectified and Whether offline Form GST TRAN-1 can be accepted. 1. Whether recovery from employees amounts to supply? In the […]
Article explains What is meant by reopening and recasting of accounts under Companies Act, 2013, who can apply for reopening of accounts, Punishment and Compoundability, Grounds on which application for reopening of accounts can be made and Duration for which revision is permitted. Section 130 read with section 131 are newly inserted provisions that prohibits […]
Understand the penalty for non-payment of self-assessment tax under Section 140A(3) of the Income Tax Act. Learn about the applicability and amount of penalty payable.
