The recent judgment of the Honourable Appellate Tribunal[1] of New Delhi in the case of 28 appellants who are the professors of a college, who has received salary advances in cash and the initiating officer (IO) treating such salary advances in cash are benami transactions under the Prohibition of Benami
Applicability of Section 44ADA to Partner’s Remuneration
The short question that is tried to be answered in this note is ‘whether the provisions of Section 44ADA shall be applicable to the remuneration and other receipts by a partner from a professional services firm? Before going into specifics, it is important to understand the modus operandi of the
Understanding the dynamics of common credits reversal under GST
Common Credits – GST Contributed by CA Sri Harsha and CA Manindar It is not a rocket science to understand why the credit of taxes paid on inputs, input services and capital goods were given to the tax payer and allow him to set off against his output tax liabilities.
Legal Entity Identifier (LEI)
What does LEI means? A LEI is a 20 digit Unique Identification Number that shall be assigned to all entities who are parties to financial transactions being borrowers, lenders, market participants, financial and market regulators, mutual fund / Alternative Investment Fund (AIF) and its schemes including sub-schemes if any, etc.
SEZ Proposals by SBS and Company LLP
Proposals for changes in SEZ and Allied Laws by SBS and Company LLP Chartered Accountants It gives me immense pleasure to congratulate your good self on being elected as member of committee responsible for recommending changes to the SEZ legislation. I am sure that this is one of the important
The Fate of ‘Business’ under GST Laws
Introduction: Under the erstwhile regime, levy of VAT on sale of goods is applicable only when such sale has been undertaken in the course of business. On the contrary, levy of excise duty or service tax are not connected with the existence of business. Under GST laws, the phrase ‘business’
Charitable Activities – Interplay between Income Tax and GST
The taxation of charitable activities is quite an interesting area. This further assumes significance when the said taxation is studied from both income tax and goods and services tax laws. In this article, the authors dwell upon the basics of taxation of charitable institutions under income tax and goods and
Pharmaceutical Industry
Background The modern pharmaceutical industry can be traced back to the discoveries of insulin and penicillin in the early 20th century. These products began to be mass manufactured, particularly in European countries, with other developed countries following close behind. The implementation of scientific processes to the research and discovery of
Article on Amendments in Form 3CD – TAR
Insertion of Transfer Pricing Clauses in Tax Audit Report (‘TAR’) for Financial Year (‘FY’) 2017-18 Assessee’s who enter into Specified Domestic Transactions (SDT’s)/ International Transactions with related parties/ Associated Enterprises (AE’s) must furnish the said details and independent CA certificate in Form 3CEB. However, the Govt. of India vide Notification
DYNAMICS OF EMPLOYEE RELATIONS
General Terms Agreement v Settlement: Agreement – An understanding between parties to follow a specific course of Settlement – A state of being settled – a resolution of Industrial Disputes Act has not used the term agreement and it has used the term settlement. Show Cause Notice v Charge Sheet: