A brief insight into G7 ‘s proposal for a Global Minimum Tax Rate for Corporations

What is G7 ? The Group of 7 (G7) is an informal group of seven countries — the United States, Canada, France, Germany, Italy, Japan and...

File Form 10A in 5 Easy steps

Are you an applicant registered under Section 12A and 80G or Section 12AA? (i.e Trust/Societies/Hospitals, etc.). Then you need to obtain fresh registration in...

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Taxability in case of Insurance Policies in the nature of Pension Fund

In FY 2018-19 and 2019-2020, many taxpayers have received notices from Income Tax Department proposing to tax the total surrender value received on account...

Circular clarifying GST impact on transactions related to outsourcing of IT enabled services by overseas entities

Central Board of Indirect Tax & Customs (CBIC) issued circular no. 20/06/03/2019-GST dated 18th July, 2019 clarifying implications under GST related to Information Technology enabled services (ITes)...

GST Circular clarifying treatment of goods sent/taken out of India for exhibition or on consignment basis and procedural aspects under GST

Central Board of Indirect Tax and Customs clarified through circular No.108/27/2019-GST dated 18th July, 2019 about procedures, documentation and implications under GST on transaction with respect...

High Court allowed set-off of credit availed on construction of an immovable property against GST payable on rent income

Safari Retreats Private Limited (“Company”) Vs Chief Commissioner of Central Goods & Service tax (Orissa High Court) The Company is mainly carrying on business activity...

Tax Incentive for Employment Generation under Section 80JJAA of Income Tax Act

Section 80JJAA of Income Tax Act Background Section 80JJAA of income tax act was introduced to provide incentives to industries to generate employment for semi-skilled...

GST update – Clarifications on treatment of various sales promotion schemes provided by CBIC through circular

CBIC has clarified various doubts as regards treatment of various sales promotional schemes under GST vide circular 92/11/2019 dated 7th March 2019 to ensure uniform implementation...

GST Update – CBIC notifies return due dates and applicability of pronouncements made by GST council in Jan. 2019

Highlights of notifications issued by CBIC dated 7th March 2019 are as below. Increase in turnover threshold limit for dealers under composition scheme Threshold limit of aggregate turnover...

Supreme Court Ruling on applicability of PF on allowances

Background The Supreme Court verdict dated 28 February 2019 in the case of Regional Provident Fund Commissioner West Bengal v. Vivekananda Vidayamandir and others reiterated...

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