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Opinion

Understanding The Benami Law In India: FAQs

March 11, 2018

[Source: www.mondaq.com; Article by Bharat Chugh and Kushank Sindhu, Luthra & Luthra Law Offices] In the last few months we have seen a major crackdown on Benami properties and their owners by the Government. Specialised Anti-Benami units have been set up by the Income Tax department across the country and in almost every state and thousands of properties already stand

GST

Constitution Of The GST Appellate Tribunal – Need For Speedy Judicial Remedy

[Source: www.mondaq.com; Author: Smita Singh, Singh & Associates] Ambiguity and delay in any dispute resolution mechanism is undesirable for any system including taxation. Ever since the introduction of GST more than four years ago, we have seen a steep rise in litigation mainly due to the reason of ambiguous legal

TDS & TCS on purchase & sale above Rs.50 Lacs

[By Shaleen Shah (Partner), VNCA] A new section 194Q for Tax Deduction

Can contract for services be bifurcated to decide tax jurisdiction?

The issue of taxability of offshore services was settled by the Supreme

Income Tax deduction for procurements from MSMEs only upon actual payment

January 24, 2024

Income Tax

By Shaleen Shah | LinkedIn, assisted by Divyansh Jain Introduction This Note is relevant to computation of income under the head ‘Income from business and profession’. Section 43B of the Income Tax Act provides a list of expenses allowed as deduction, on cash basis irrespective of the year of accounting.

Foreign companies may be required to file Tax Returns in India

April 29, 2023

Income Tax

by Nexdigm Private Limited as published on mondaq.com Impact of increase in withholding tax on rates for Fees for Technical Services and Royalty As per Indian Tax laws1, payments made to Non-Residents/Foreign Companies for Fees for Technical Services (FTS) and Royalties were liable to tax at the effective tax rate of

Higher rate of TDS in certain situations from 1st July 2021

June 21, 2021

Income Tax

[By Shaleen Shah (Partner), VNCA] Finance Act 2021, has introduced a new section 206AB effective from 1-Jul-2021 wherein a payer/buyer is responsible to deduct TDS at higher rate (i.e. twice the rate as specified under the relevant provision of the Income Tax Act or twice the rate/ rates in force;

Amendments to CSR provisions

January 28, 2021

Corporate Laws

The amendments to the CSR provisions now have been notified and has revamped CSR framework for companies. MCA issued a notification and notified certain provisions of the Act, one of the provisions relating to CSR. Section 27 of the Amendment Act, 2020 amends section 135 of the Act (relating to

Why succession & estate planning becomes important in the age of a pandemic

December 3, 2020

Featured·Successsion

Rajmohan Krishnan in The Times of India With over 55 million cases across the world, the novel coronavirus pandemic continues to wreak havoc globally. Apart from causing social and political instability, the pandemic has also upended the economic sector and markets across the world are still reeling from the impact

Ever increasing disclosure requirements in ITR forms for HNIs

October 21, 2020

Income Tax

[By Shaleen Shah (Partner), VNCA] Every year, the additional disclosure requirements in Income Tax Return (ITR) forms, invariably keep increasing. The increased disclosure requirement creates a huge compliance burden on taxpayers, who will require significant time to collate such information and to ensure proper reporting, besides increasing the risk of

Concessional Income Tax Rate of 22% for Domestic Companies

September 11, 2020

Income Tax

[Source: www.taxmann.com] Finance Minister Nirmala Sitharaman promulgated the Taxation Laws (Amendment) Ordinance, 2019 on 20 September 2019 to further reduce the corporate tax rate for companies not availing specified tax exemptions. The Ordinance was replaced by the Taxation Laws (Amendment) Act, 2019 (‘the Amendment Act’) on receiving the assent of

Scheme for manufacturing and Processing in a bonded facility – GST Impact

May 20, 2020

GST

[Source: ICAI GST Newsletter; Author: CA Abhishek Agarwal] BONDED MANUFACTURING SCHEME Government along with CBIC in order to promote India as the manufacturing hub globally, to promote make in India initiative and to facilitate ease of doing business has come up with the bonded manufacturing scheme. Under this scheme any

COVID-19 will change how companies report earnings – 20 point checklist for CFOs

May 14, 2020

Audits & Assurance

[Source: www.businessinsider.com] The COVID-19 pandemic has had an adverse impact on all aspects of the economy, be it earnings, supply chains, operational efficiencies and the stock markets. Since the financial year ends on March 31, 2020 in India, it falls amidst the COVID-19 pandemic. This will have an impact on

Covid19 relief on GST Rule restricting ITC to 10%

April 15, 2020

GST

According to sub-rule (4) in Rule 36 of CGST Rules introduced w.e.f. 9-Oct-2019, a registered person can avail ITC in respect of the invoices, the details of which have not been uploaded by the suppliers and reflected in GSTR-2A of the registered person availing ITC, only to the extent of

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Opinion

Understanding The Benami Law In India: FAQs

Constitution Of The GST Appellate Tribunal – Need For Speedy Judicial Remedy

TDS & TCS on purchase & sale above Rs.50 Lacs

Can contract for services be bifurcated to decide tax jurisdiction?

Income Tax deduction for procurements from MSMEs only upon actual payment

Foreign companies may be required to file Tax Returns in India

Higher rate of TDS in certain situations from 1st July 2021

Amendments to CSR provisions

Why succession & estate planning becomes important in the age of a pandemic

Ever increasing disclosure requirements in ITR forms for HNIs

Concessional Income Tax Rate of 22% for Domestic Companies

Scheme for manufacturing and Processing in a bonded facility – GST Impact

COVID-19 will change how companies report earnings – 20 point checklist for CFOs

Covid19 relief on GST Rule restricting ITC to 10%

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