‘Housing for All’ is one of the biggest agendas of the current government. To achieve this agenda, the government has been granting various tax sops have been extended from time to time to builders/developers and other stakeholders. In this article, we explore the some of the sops pertaining to taxation
Foreign Contribution Regulation Act – Recent Amendments
Foreign Contribution Regulation Act, 2010 (‘FCRA’) got the assent of the Honourable President on 27th September 2010 and came into force with effect from 11th May 2011. By virtue of this, the earlier Foreign Contribution Regulation Act, 1976 got repealed. The preamble to the current act states that it is
Transforming the way of Accounting for Leases – Ind AS 116
The Ministry of Corporate Affairs (MCA) has put an announcement that the new lease accounting standard, Ind AS 116 will get implemented from 1st April 2019. The new Standard, globally implemented in several countries from 1st Jan 2019, is called IFRS 16. The Standard eliminates the 6-decade old distinction between
Compounding Under Income Tax Act, 1961- Latest Guidelines
Chapter XXII of the Income Tax Act, 1961 (‘Act’) provides for offences and initiation of prosecution for non-compliance of the provisions of the Act. Section 279 of the Act provides for initiation of prosecution for the offence specified there in. This section requires previous sanction of Principal Commissioner or Commissioner
Interesting Issues in Arrest and Interplay of GST laws, IPC and PMLA
The recent decision[1] of Supreme Court which has upheld the decision of Telangana & Andhra Pradesh High Court in the matter of PV Ramana Reddy & Others v. Union of India & Others[2], wherein the High Court has held that arrest under goods & services tax laws (GST laws) is
Practical Note Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019
Background 1. Years of pending litigation in various IDE1 has become a huge burden to the Central Government, assessee and tax positions involved therein. As per the Economic Survey Report of 2019, the cases pending with CESTAT2, High Courts and Supreme Court as on 31.03.2017 are 1,00,4253. Apart from the
Summary of Changes 37th GST Council Meet
1. Rate Change – Goods 1.1 Rate Changes for Specified Goods: NN 1/2017-CT(R) dated 28.06.2017 is amended to provide for the following rate changes: i. The rate of tax on Marine Fuel 0.5% is reduced from 18% to 5% with effect from 01st October 2019. ii. The rate of tax
First Note on Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019
Introductory Remarks: A high level inter-ministerial committee was constituted in 2017 under the Chairmanship of Secretary Department of Economic Affairs, to study the issues related to virtual currencies. The mandate of the Committee included examination of policy and legal framework for the regulation of virtual currencies. The subject of virtual
Annual Reviews 2019
Dear All, Today marks an important milestone in the journey of our organisation. From today, we become eligible to start officially using the expression ‘decade’, to convey the age of our organisation. I bow down to each one who has supported all through the past years to make our organisation
Summary of Proposal for Amendment of Rule for Profit Attribution to Permanent Establishment
The Central Board of Direct Taxes (for brevity ‘CBDT’) has released a paper for public consultation on the proposals pertaining to the amendment of rules which deal with profit attribution to Permeant Establishment (for brevity ‘PE’). The current rule does not lay down a universal approach for determination of profits