GST system now became the part of our day to day finance function since last 5 months, there are various issues faced by the Government, dealers and all stakeholders under this system. Apart from the various issues like rate change, website problem, return issues etc. one more major problem which we..
GST on transactions of import (by way of transfer of title in Goods) before clearance of Goods from Customs or High sea sale or Sale of Goods under Customs bonded warehouse
Before we discuss the provisions of IGST Act for levy of IGST on Import of Goods or Supply of Goods by way of transfer of th..
“Only those who risk going too far, can possibly know how far one can go” - T.S. Elliot
The above quote is exactly what the Government of India is trying to achieve since the past one year. Aadhaar is being made mandatory for bank accounts, Income tax returns,..
In GST regime, the scope of definition of inputs, capital goods and input services is very wide and covers almost all the imaginable goods and services that are directly or indirectly used in course or furtherance of business. However, section 17(5) prescribes a list of goods or services on which IT..
Introduction: This article discusses in detail highlights of the Ordinance to amend to the Insolvency & Bankruptcy Code, 2016 regarding willful defaulters and entities whose accounts have been classified as NPAs to be barred from bidding for assets under the insolvency law.
INCOME TAX IN INDIA
Government of India needs money for its expenses and development activities which is collected in the form of taxes and Income Tax is probably the biggest source of revenue of government of India.
As per Press Release dated 07.11.2017, the provisional figures of Direct Tax ..
In 23rd meeting of GST Council, it was decided to reduce the tax rate on restaurant services with no facility of ITC. Notification no. 46/2017-Central Tax (Rate) dated 14-11-2017 has been issued to implement this decision. This notification prescribes the rate of tax at 2.5% CGST on standalone resta..
The Ministry of Corporate Affairs by Notification Dated: 18th October, 2017 has notified that  Section 247 shall come into force w.e.f. 18.10.2017.
MCA further vide  Notification Dated: 18th October, 2017 has published rules called the Companies (Registered Valuers and Val..
There are many first time entrepreneurs on the rise in India. Many a times, they are confused about the compliance requirements they need to follow under the various Indian laws. This is an attempt to make it a little easier for them to understand the various compliance requirements under different ..
After sharing the last two articles 'Concept of NGO and Income Tax Provisions' and 'Benefits of Registration u/s 12A of the Income Tax Act' 1961' I have received many queries regarding procedure for registration u/s 12A. In this article, we are solely discussing Procedure for Registration u/..
Firstly you have to understand what is Nidhi Company
A Nidhi company, is one that belongs to the non-banking Indian Finance sector and is recognized under section 406 of the Companies Act, 2013. Their core business is borrowing and lending money only between their members. They are also known as ..
MCA has issue  Notification on 20th September, 2017 in respect of 'Numbers of Layers of Investment in Subsidiaries' of Company. These rules called as Companies (Restriction on number of layers) Rules, 2017
Allowed Numbers - Layers of Investment
No Company other than below mentioned 4 ca..
In India for an individual and HUF Gift is a very common in Income tax term but to avoid the tax evader Government has made some provision related to this concept but subject to the below provision you can make tax planning accordingly
Explanation to the Provision 56 2 (VII)
In this flash piece of writing, the author begins by referring the provisions of Section 164 and 167 of Companies Act, 2013 pursuant to provisions of Disqualification of Director. Further author try to talk about the way out to get rid of from status of disqualification, if any. Th..
The Hon'ble Finance Minister introduced the new penal provisions u/s 270A by justifying that it will lead to a reduction in disputes between taxpayers and tax authorities and will impede the present system of arbitrary imposition of penalty.
In this article, an attempt is made to touch upon the i..