Tuesday, March 2, 2021
General Scheme of PAN Allotment: A new facility of instant e-PAN through Aadhaar based e-KYC has been introduced by the Honourable FM in Budget 2020. Electronically issued and Digitally signed e-PAN is now a valid mode of issue of Permanent Account...
What is Rule 8D of Income Tax Act, 1961? Rule 8D of Income Tax Act reads as follow: Where the Assessing Officer, having regard to the accounts of the assessee of a previous year, is not satisfied with—
Ministry of Corporate Affairs (MCA) has introduced KYC of Companies by inserting Rule 25A under Companies (Incorporation) Rules, 2014. This has been notified by MCA vide notification dated 21st February 2019 and shall be effective from 25th February 2019. Below are the highlights of the requirements of Rule 25A. Every Company incorporated on...
The Big 4’s are world’s four largest professional service firms. We can call them as the secret Google, Microsoft, Apple & Amazon of Accounting firms. Their revenues are huge and they have strong entry barriers in their sector. They have large employee strength and presence in almost all...
Insolvency and Bankruptcy Code 2016 is the law relating to insolvency and bankruptcy in India. This code was enacted with a view to consolidate and amend the law relating to insolvency and to remove the problem of overlapping legal framework in various laws. It provides the single window resolution...
The Central Board of Direct Taxes ( CBDT ) has issued clarifications on Direct Tax Vivad se Vishwas Scheme, 2020. During the Union Budget. 2020 presentation, the ‘Vivad se Vishwas’ Scheme was announced to provide for dispute resolution in respect of pending income tax litigation. Pursuant to Budget announcement, the...
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 of Designated Unit linked insurance policies in the nature of pension without any sum assured or death benefit. The taxpayers are perplexed because...
As on 10th of May 2020, there are around 4.06 million reported cases of coronavirus confirmed all around the globe, costing humanity as many as 280’K lives. And, looking forward it looks like the virus isn’t going to spare companies either. Since the pandemic had brought the whole world...
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 of the law. Summary of the said circular is as below. Free Samples & Gift It is...
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, the relevant part of memorandum of Finance Act, 2001 is reproduced herewith: