In the month of September, 2017, the Ministry of Corporate Affairs, had released (03) Three separate lists containing the details of 3,09,614 Directors, associated with the Companies, which had not filed Annual Returns/Financial Statements with the respective ROCs/MCA Portal, for a continuous period of 03 (Three) years i.e., 2013 –
Changes in Income Tax Act – Budget 18
NEW PROVISIONS Other than Corporate/Business Sec 16: – This section provides for deduction from income chargeable to tax under the head Salaries. A new clause (ia) is inserted which provides for Standard Deduction of Rs. 40K subject to the amount of salary as deduction.
Meaning and Scope of Supply-2018
Every taxing statute provides for an event upon the occurrence of which, the respective tax will get attracted. This is popularly called taxable event. For example, excise duty is a levy on manufacture of excisable goods. The liability to pay excise duty under Excise law arises immediately upon manufacture of
GST Perspective on Apex Court Judgment in Formula One World Championship Limited
The judgment of apex court in the case of Formula One World Championship Limited vs Commissioner of Income-Tax (International Taxation)-3, Delhi reported in [2017] 80 taxmann.com 347 (SC) (FOWC)has far reaching implications not only the income tax, but also under the service tax laws or Good & Services Tax (GST)
Different Treatment of Receipt – Assessment of Income and Levy of Penalty
The term ‘income’ defined under Section 2(24) of Income Tax Act, 1961 (ITA/Act) is inclusive one. Charge of tax on income is subject to exemptions provided in Section 10 of ITA, 1961. The receipts mentioned in various clauses of Section 10 are not included in computing gross total income there
MF and CBCR – Final Rules and Practical Challenges
Background In keeping with India’s commitment to implement the recommendations of Action Plan 13 of Base Erosion and Profit Shifting (BEPS), the Finance Act, 2016 introduced Section 286 of Income-tax Act, 1961 (the Act) providing for furnishing of Country-by-Country Report (CbCR) in respect of an International Group. Section 92D of
Know about GST
Brief about GST Applicability of Goods and Services Tax Types of GST Understanding of GST Payment of Goods and Services Tax Reverse Charge for Specified Services Requirement of Registration Composition Scheme Valuation of GST Returns under GST Credits under GST This article is contributed by Partners of SBS and Company LLP
Advance Ruling Under GST
What is Advance Ruling? Advance ruling a mechanism prescribed under a taxing statute to seek clarity on applicability of respective tax. Such rulings or decisions are obtained in advance prior to undertaking a transaction by making suitable applications before the prescribed authorities. Under GST, advance ruling can be sought on any
Composition Scheme Under GST
What is Composition Scheme under GST? Composition scheme under GST is an optional levy provided to the manufacturers, traders and Restaurants to opt for composition scheme whose aggregate turnover in the previous financial year does not exceed Rs. 100 Lakhs which leads to reduction of compliances for small scale businesses i.e.
Input Tax Credit Under GST
What is Input Tax Credit under GST? GST is a value added tax where the tax paid by a supplier on all goods or services procured for further supply of goods or services by him shall be available as input tax credit (ITC), which shall be used to pay the GST