There are issues that are still to be resolved in respect of interplay between income tax and IBC. One such issue that may arise in the future is taxation of the company acquired under the resolution process under section 56 i.e Income under Other Sources.
This paper will argue that the introduction of Equalisation Levy was unwarranted, unnecessary and in some ways excessive considering the advancements made in the taxation regime. The 1st part of the paper will analyse what Equalisation Levy is, the 2nd part will get into the criticisms of such taxation, the 3rd part will explain the alternatives which fully cover digital transactions, which will be followed by the conclusion.
1. Introduction Around the world, the momentous advancements in technology, increased digitalisation and the unprecedented flow of information is causing the tax administrations across nations, to re-think and re-examine their conventional and traditional modes of administration to stay effective and non-obsolete and to engage in digital transformation through the introduction of new technologies and analytical […]
Root Cause Analysis (RCA) is one of a group of classic methodologies known as structured problem solving. Today, we find that RCA is one of the hottest topics in the world of audit and accounting. It is also very much vibrant from the data shared by Future of Jobs Survey 2018, World Economic Forum that […]
Now-a-days department is continuously issuing notices to the taxpayers for discrepancies observed in the returns filed by them. These notices are making the taxpayers shiver. The most common notices received by the taxpayers are GSTR-3A and ASMT-10.
A company is run under the directions of its management more specifically Board of Directors. The Board decides number of deliberations; executions which will impact a company in long run and also decide the future also. The Board committees consisting of both executive and non-executive directors established to advise, review, and approve management strategic plans, […]
With the introduction of new indirect tax, multiple taxable events/elements were done away, and a unified element i.e. “supply” was defined as one of base ignition point of chargeability of tax. Supply may be of goods or services or both and so is the classification of supply (whether as goods or services) is essential to […]
In this Article we will discuss how to reverse ITC in Annual Return for the financial year 2017-18 and also for FY 2018-19. Taxpayers has not reversed ITC on many occasions like Excess claim of ITC, Reversal of common ITC in Rule 42/43, Reversal of ITC due to non-payment within 180 days etc. Reversal of […]
The term ‘Place of Supply’ has the vital role in the GST. To know the nature of Supply whether the supply is inter-state supply or intra-state supply, one should know the place of supply to determine the nature of supply.
SECTION 186 OF COMPANIES ACT 2013 A Company can give Loan or provide Security/Guarantee to Any Person/Body corporate and acquire by way of subscription securities of any other body corporate (By Board Resolution) ⇓ (With Consent Of All Director Present + PFI Prior Approval *) UP TO 60% of its Paid up capital + Free […]
