Income Tax
Faceless Penalty Scheme, 2021: Simplified
The Central Board for Direct Taxes (CBDT) vide Notification No. 3 of 2021 dated January 12, 2021, has notified the “Faceless Penalty Scheme” for...
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5 Startups which are helping small ventures grow
Unfortunately due to covid-19 pandemic there have been many
startups which had to be shutdown but here is the list of startups which are
helping other...
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Case Laws
Why Donation for Fight against Coronavirus to third party NGOs is not a good idea?
Earlier, the trusts were formed by affluent people of same community who infused corpus money out of their own savings and carried out charitable...
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Section 115 BAB – New Corporate tax rate for new manufacturing companies
The Government, via Taxation Laws (Amendment) Ordinance, 2019 passed on 20 September 2019, has introduced a favorable new corporate tax rate for new...
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Understanding the Complex Section 14A of the Income Tax Act, 1961.
Introduction
Section 14A was inserted by Finance Act, 2001 having a retrospective effect from 01.04.1962. To understand the reason behind the insertion of section 14A,...
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Do you need to disallow expense as per Section 14A of Income Tax Act even if you have sufficient interest free funds?
Judgement of High Court of Gujarat in case of PCIT vs. Sintex Industries Ltd . Further SLP dismissed by SC.
Facts of the case: In...
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RULE 8D of Income Tax Act: Method for determining amount of expenditure in relation to income not includible in total income
What is Rule 8D of Income Tax Act, 1961?
Rule 8D of Income Tax Act reads as follow:
Where the Assessing Officer, having regard...
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“LLP Settlement Scheme 2020”- File all pending returns with reduced additional fees- One time benefit for LLPs
The Ministry of Corporate Affairs, Government of India has introduced the "LLP Settlement Scheme 2020" vide General Circular No. 06/2020 dated 04.03.2020 and modified...
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Companies Fresh Start Scheme, 2020- One time opportunity for Companies to clear defaults
The Ministry of Corporate Affairs has introduced Companies Fresh Start Scheme,2020 (‘CFSS Scheme’) vide circular no. 12/2020 dated March 30, 2020 under Section 460 of the...
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Amendments to GST rules (23.03.2020)
Summary of Important Amendments to GST Rules as per the notifications issued on 23.03.2020:-
GST Registration:-
As per Notification No. 16/2020- dated 23.03.2020:-
Authentication of Aadhaar number...
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