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Background:1. Renting of immovable property was first brought under the service tax net 15 years ago, under the positive list regime in the year 2007. While it was shrouded with some ambiguity, the same was made abundantly clear through retrospective amendments made in law subsequently. Thereafter, with the advent of the negative list regime under the service tax laws from July 2012, a specific...
Business
Income Tax for NRI and how income will be taxed in India effective from FY 2020-21 (AY 20-21)
May 16, 2020
Among the global pandemic crisis and the expected economic turmoil, the Finance Bill 2020 has been passed by the Parliament with some major relaxations on March 23, 2020. At the stage of the passing of the Bill, the amendments originally proposed in the criteria determining 'residential status' in India of a person in the Finance Bill 2020 were relaxed. This change will directly...
The Tribunal viz. NCLT has inherent powers to make such order as it may deemed necessary for meeting the ends of justice or to prevent abuse of the process of the Tribunal. Rule 11 of the National Company Law Tribunal Rules, 2016 deals with ‘inherent powers’ of the National Company Law Tribunal and reads as follows: “11. Inherent Powers.- Nothing in these rules...
Sugam Return The Government is set to unveil new GST return types called Sahaj & Sugam from later this year - which will tremendously simplify GST compliance for small businesses. I have provided a short summary of the same below in this email - I hope you find it useful. TDS return is due on 31st May for all persons required to deduct...
Punjab State Professional Development Tax 2018 1. Registration started on portal PSDT official website 2. Every Employer having employees with Net taxable income above 2.5 Lakh liable to deduct n deposit the tax on behalf of employees. 3. Every Businessman or Professional having own Net taxable income above 2.50 Lacs liable to deposit tax. 4. Tax is 200 per month w.e.f April 2018....
General Public often find themselves in perplexity while dealing with a cash transaction that they are doing it right or not. There are significant changes in recent times regarding Income Tax guidelines and norms for Cash Transactions which we have tried to present in a summarised form to make it easy to understand for a layman. Don'ts 1) Don't accept cash in excess of...
Some very dear friends feel that Religion should be abolished -- indeed, made a crime towards reason and humanity. I don't have much use for religion in my life. But still, I often speak as a defender of it. Consider this. A 'Country' is as nebulous and abstract an idea as Religion. Far more people have been killed defending borders and protecting sovereignty,...
Sweet Shop Cum Restaurant In the case of Sweet Shop cum restaurant, the services from the restaurant is a principle supply which provides a bundled supply of preparation & sale of food and serving the same and therefore it constitutes a composite supply. In the instant case, the nature of restaurant services is such that it may be treated as the main supply...
1) An extremely important artifact, the Rosetta Stone, was the main key to the ultimate deciphering of ancient Egyptian hieroglyphics... and the writing found in it is mostly about taxes. 2) The Roman emperor taxed urine in the 1st century. It was used to launder garments as well as collected for the ammonia. 3) The country of Romania was trying to get itself...
KYC of all Directors to be done again by MCA As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC to be notified and deployed shortly. Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to...
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