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Opinion - Page 2

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

India should adopt Singapore’s ‘GST voucher scheme’ to help lower, middle income groups

October 26, 2019

Featured·GST

[Source: www.economictimes.com] Singapore’s Goods and Services Tax (GST) voucher scheme should be adopted in India to bring huge positive impact for those in the lower and middle income groups, say tax experts. “An interesting aspect of Singapore GST that can be adopted in India is the voucher system which provides

What is Unregulated Deposit Scheme Ordinance, 2019?

March 2, 2019

Miscellanea

[Source: www.taxmann.com; Editorial Team] The President of India has promulgated ‘The Banning of Unregulated Deposit Scheme Ordinance, 2019’ on February 21, 2019. The Ordinance aims to provide comprehensive and unified mechanism to ban the unregulated deposit schemes (or Ponzi schemes or Pyramid Schemes) and to protect the interest of depositors.

Profit On Transfer Of Shares Acquired Under Stock Option Plan Taxable As ‘Capital Gain’ Not ‘Salary’

December 14, 2018

Income Tax

[Source: www.mondaq.com; Article by Vinita Krishnan & Shabnam Shaikh, Khaitan & Co] The Chennai Bench of the Income Tax Appellate Tribunal (Tribunal) in a recent ruling in Dr. Muthian Sivathanu v Assistant Commissioner of Income-tax [ITA No. 553/2018] held that proceeds received on sale of shares acquired pursuant to exercise

Prosecution under Income Tax: Section 278E carves out an exception to the rule of mens rea

October 13, 2018

Income Tax

[By Shaleen Shah (Partner), VNCA] ‘Mens rea’ can be loosely translated as ‘guilty mind’, and it is a vital component when attempting to assess the criminal liability of an individual. The rule of mens rea says that an act itself does not make a person guilty of a crime, unless

Checklist for GST ITC review for FY 17-18

September 14, 2018

GST

[By Shaleen Shah (Partner), VNCA] Each business entity needs to carry out input tax credit (ITC) review before due date for filing of September 2018 return. The review should cover the following: ITC for FY 17-18 is getting time barred on 31-Oct-2018. According to GST rules, if the taxpayer forgets

ITC matching & closing books for FY 17-18

May 21, 2018

GST

[By Shaleen Shah (Partner), VNCA] GST law has introduced a concept of `matching’ which forms the backbone of ITC (Input Tax Credit). Under the matching concept, having a prescribed document in the form of a Tax Invoice or Debit Note is not in itself sufficient to claim ITC. Without getting

GST & issues related to Job Work

April 4, 2018

GST

[By Shaleen Shah (Partner), VNCA] This synopsis on the aforesaid subject is based on the provisions of GST Act & Rules and Circular No. 38/12/2018-GST dtd. 26-Mar-2018. “Job work” means any treatment or process undertaken by a person on goods belonging to another registered person. The registered person on whose

Recent GST Articles

June 23, 2017

GST

The following are our GST Articles recently published elsewhere. What is GST? GST, an acronym for Goods & Services Tax, is an indirect tax. An indirect tax is a tax levied on goods and services as opposed to direct tax which is levied on income or profits (Income Tax). ….read

Overview of restrictions on Cash Transactions under Income Tax law

May 4, 2017

Income Tax

[By Jyotish M. Shah (Partner), VNCA] Section Nature of restriction Consequence of Contravention 40A(3)/(3A) Expenditure in Cash exceeding Rs.10,000/- Expenditure will not be allowed. 43 Payment for Asset exceeding Rs.10,000/- in Cash This payment will not be considered as part of Actual cost of an Asset. 35AD Payment for Capital

Service of notice by WhatsApp recognised as valid by Bombay HC

May 2, 2017

Featured·Miscellanea

[By Shaleen Shah (Partner), VNCA] Giving cognizance to modern communication technologies, in a hard hitting Order, the hon’ble Bombay High Court has recently accepted communication through Whatsapp to be a valid "service of notice". The following are the relevant excerpts from the Order: FACTS: The Plaintiffs obtained addresses of the

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Opinion - Page 2

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?

India should adopt Singapore’s ‘GST voucher scheme’ to help lower, middle income groups

What is Unregulated Deposit Scheme Ordinance, 2019?

Profit On Transfer Of Shares Acquired Under Stock Option Plan Taxable As ‘Capital Gain’ Not ‘Salary’

Prosecution under Income Tax: Section 278E carves out an exception to the rule of mens rea

Checklist for GST ITC review for FY 17-18

ITC matching & closing books for FY 17-18

GST & issues related to Job Work

Recent GST Articles

Overview of restrictions on Cash Transactions under Income Tax law

Service of notice by WhatsApp recognised as valid by Bombay HC

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