Latest Blogs from SBS and Company LLP

    In this edition, we bring you to quite a few interesting articles.

    The article on ‘All About Dividends & Tax’ deals with the budget proposal on changes pertaining to DDT and consequential amendments and impact thereon.

    The second part of article on “GST implications on development of plots” deals with liability of developer and landowner qua their sales to respective customers and impact of credit thereof definitely would be an interesting read.

    I hope that you will have good time reading this edition and please do share your feedback. I will also urge clients to mail us topics or issues on which you want us to deliberate in our future editions, so that we can contribute to the same.

    I am also glad to announce that we have launched our mobile app ‘SBS Connect’ on the eve of completion of 10 years. Now, Wiki and other resources can be accessed through ‘SBS Connect’. Please use ‘SBS Connect’ to stay connected with us.

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    Key Topics:

    INCOME TAX

    • SECTION 194N OF THE INCOME TAX ACT, 1961-TDS ON CASH WITHDRAWAL

    INTERNAL AUDIT

    • STANDARD ON INTERNAL AUDIT (SIA) 330 INTERNAL AUDIT DOCUMENTATION

    By this time, I am sure that all of your mailboxes would have been flooded with colourful presentations detailing the budget proposals. Let me also add burden to your mailbox with our presentation. In this budget edition, we discuss clause by clause each significant proposal pertaining to income tax and goods and services tax laws. Hope this effort of ours is useful for understanding the proposals. Let me also allow to summarise the various proposal before going to deal clause by clause.

    The significant of direct tax proposals is the relaxation of tax audits for business who are having less than turnover of INR 5 Crores subject to a condition that there cash transactions are less than 5%. This would be a great relief to the MSME sector, since, it reduces compliance cost.

    Another significant of the proposal was to provide relief for companies from payment of DDT for the dividends declared. Currently, the dividends declared by the company are taxable at 15% + surcharges and cesses and exempted in hands of shareholders, except where the dividends exceed INR 10 lakhs. Now that with removal of DDT, the dividends will become taxable in the hands of shareholders and also encourage the companies to declare dividends and may lead to chance in increase in spending.

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    In this edition, we bring you to quite a few interesting articles.

    The article on “cancellation of registration under Section 12AA of Young Indian” critically analyses the  important decision delivered by Honourable ITAT Mumbai which re-emphasised the power of cancellation of registration with retrospective effect.

    The article on “GST implications on development of plots” deals with liability of developer in the case of development of plots in development agreement entered with land owner, definitely would be an interesting read.

    I hope that you will have good time reading this edition and please do share your feedback. I will also urge clients to mail us topics or issues on which you want us to deliberate in our future editions, so that we can contribute to the same.

    Key Topics:

    DIRECT TAXATION

    • STORY OF YOUNG INDIAN - CANCELLATION OF SECTION 12AA REGISTRATION

    GST

    • GST IMPLICATIONS ON DEVELOPMENT OF PLOTS
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    Key Topics:

    IDT

    • CANCELLATION OF REGISTRATION UNDER GST

    DT & ASSURANCE (TAX)

    • OVERVIEW ON TAXATION ORDINANCE

    DT & ASSURANCE (AUDIT)

    • AS 1- DISCLOSURE OF ACCOUNTING POLICIES
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