In our last article, we have analyzed the legal provisions relating to interest payable under Goods & Services Tax (for brevity ‘GST’) laws towards delay in remittance of tax. Taking into consideration, the well established legal principle that interest is compensatory in nature and is required to be payable
Derivatives Under Fema
What is a Derivative? A Derivative is a (financial) security or instrument, the value of which depends on underlying asset or group of assets or a benchmark. It is a contract between two or more parties, and its price is determined by fluctuations in the underlying asset. Examples of
First Note on Changes to Real Estate Sector – GST Aspects
Background:1. The Central Government has issued various notifications dated 30th March 19 to bring out the changes to the tax rates applicable for real estate sector. In this note, we have made an attempt to understand the impact of such notifications and the way forward for the promoters. Without any
Quality Audit Reports – Inform and Influence clients
The purpose of the audit report is to summarize the findings in a way that auditee management can readily understand and see the impact of these findings. The audit report represents the end result of weeks of reviews, analyses, interviews and discussions. It provides important information to audit clients about the
Interesting Issues – CSR Expenditure
Section 37 of the Income Tax Act, 1961 (‘Act’) provides for deduction of revenue expenditure incurred, not being personal expenses and not being those covered by provisions of Section 30 to 36 of the Act, wholly and exclusively for the purpose of the business or profession against income chargeable under
Interest Payable Under Gst – Whether Compensatory Or Complementary To Revenue
Introduction: Traditionally, it was a well-accustomed practice under the Indirect Tax laws viz. Excise, Service Tax and VAT laws that interest is payable on the amount of tax due after adjustment of the input tax credit, that remains unpaid by the due date. Coming to GST laws, the said practice
Angel Tax – Genesis, Problem, Relief, Conclusion & Way Forward
Genesis: Finance Act, 2012 with effect from 01.04.2013 has introduced a new sub-section to Section 56 (2) of Income Tax Act, 1961 (for brevity ‘Act’). The new sub-section (viib) taxes any amount which is received by a company from any person who is resident, any consideration for issuance of
First Note on Banning of Unregulated Deposit Schemes Ordinance, 2019
The Banning of Unregulated Deposit Schemes Ordinance, 2019 (for brevity ‘Ordinance’) was promogulated by Honourable President of India on 21st Feb 2019. The main objective of the Ordinance is to provide for a comprehensive mechanism to ban the unregulated deposit schemes and to protect the interest of depositors and for
Sale of Multiple Flats – Rollover – Section 54 – Income Tax
Section 45(1) of Income Tax Act, 1961 (Act) provides that profits or gains arising from transfer of capital asset effected during the previous year is chargeable to tax under head ‘Capital Gains’ and shall be deemed to be income of the previous year in which transfer takes place. This section
Intermediary vs Marketing Support Services – GST
The thin line of difference between the intermediary and marketing support services is fading as time progresses in the goods & services taxes era. In this write up, we analyse the line of difference between the intermediary and marketing support services (MSS) and conclude the safe way to proceed further