There was a great need and importance for introducing the provisions of section 68 under the income tax act, 1961 to safeguard and protect the interest of revenue, as assessee was engaged in harmful tax practices to evade tax in the form of Black Money, Accommodation Entries, Cash Credit Entries etc.
The Provisions w.r.t GST payable by ECO on Notified services are contained under Section 9(5) of CGST/SGST/UTGST Act. Similar Provisions are also contained under section 5(5) of IGST Act.
As you are aware subject to the provisions of Sections 60 to 63, the income of a religious or charitable trust or institution, to the extent specified in the Act, is exempt from tax when certain prescribed conditions are fulfilled
THE BOMBAY HIGH COURT HELD THAT- Capital Gain credited to Capital Reserve Account instead of Profit & Loss Account cannot be considered while computing Book Profit for the provision of Section 115JB (MAT).
In this article, I have explained the procedure for striking off the name of the companies from the register of companies.
As you are aware that the management of a company is supposed to work in the best interest of the shareholders, however in practice it may pursue its own agenda and that leads to the agency conflicts. Since corporates are legal entities and managed by natural persons and they collectively called Board of Directors.
The Respondent, a German Company (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code,2016 against Indian Company, M/s. Excel Metal Processors Ltd., alleging that the " Corporate Debtor" has committed default in making payment to an extent of US$1,258,2019.42 inclusive of interest @15% p.a.
Cancellation of Registration under GST would mean that the person would no longer be registered under GST and is not required to pay or collect GST or claim ITC or file returns.
A freelancer refers to an individual who works independently from any organisation. The freelancers do not have any fixed income. He/She earns based on tasks or assignments undertaken by them. The duration of the assignment is generally a shorter period.
It is an arrangement between the Landowner and the Builder/Developer, where the Landowner contributes his land and the Developer takes the full responsibility of development including obtaining planning permission from the local authority, dealing with RERA, and other Government Authorities where necessary, construction complete, arranging finance, and marketing and sales.
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