As per section 140, section 159 and section 160 of the Income Tax Act, 1961, there are many cases where a person is incapable from attending his affairs, in such cases their guardian or any other competent person can act on their behalf with specific authorisation.
The Rule 114E prescribed under the reporting transactions and persons that need to file such records to Director/Joint director of Income Tax (Intelligence and Criminal Investigation).The same is produced below in a synopsis manner to help the reader to get a broad idea of the provisions and rules.
As we all are aware that the due date of TDS return filing is coming closer for 3rd Quarter i.e. 31st January, 2020 for FY 2019-20. Hence this article is kind of reminder for all taxpayers to be compliant this time towards filing of return within due date to avoid unnecessary interest and late fees. […]
As of now, this tax law is applicable only on online advertisements. This tax applies to advertisers, not publishers. Means it will not affect your Adsense earning. If you Publish ads on your website with AdSense, this tax doesn’t apply because you are a publisher.
It can be fairly concluded from the above judicial pronouncements that the receivable mentioned in the Explanation to Sec.92B can be taken up for transfer pricing scrutiny only when it is a standalone activity or a demonstrated approach is adopted by the assessee to use Accounts Receivable to have free working capital funding.
Private healthcare sector: Income tax incentives, Legal Provisions and Judgments This article covers various sections related to healthcare sector such as Section 10(23C), Section 44A, Section 44AB, Section 11, Section 12, Section 35AD, Section 194I, Section 194h, Section J and many more along with various related case laws. Legal Provisions with respect to tax incentives […]
The trade license is recognized as a business license, which a permit that is issued through the Government to a person or a corporation in order to run a business. These licenses are utilized all over the nation and should be obtained from the particular State government for the performance of the trade. Kolkata Municipal […]
1. BACKGROUND Micro Small and Medium Enterprises (MSME) sector has emerged as a highly vibrant and dynamic sector of the Indian economy over the last five decades. MSMEs not only play crucial role in providing large employment opportunities at comparatively lower capital cost than large industries but also help in industrialization of rural & backward […]
HC: Quashed AAR/ AAAR order deeming ‘medical supplies’ as ‘composite supply’ and remanded matter for fresh consideration The Hon’ble HC, Karnataka in the matter of Abbott Healthcare Private Limited v. The Commissioner of State Tax Kerala & Ors. [W.P(C). No. 17012 OF 2019(B) dated January 7, 2020] quashed AAR and AAAR order holding that the […]
The Invoicing system in GST is defined for major overhaul in the coming financial year. This includes E-invoicing, Quick-Response Code and facility of digital payments to recipients. It is important for organizations to understand the same as all the above would not only require customization in their accounting/ ERP software but also require modification in […]
