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  • Article on GST Implication for Ecommerce Players

    Given the ambiguity and litigation in the present tax regime, GST has been an important point of discussion in recent times. GST is expected to provide relief from the current hurdles. For e-commerce companies, GST is particularly interesting because the model GST law specifically proposes a tax collection at source (TCS) mechanism as well. Under GST, e-commerce has

  • Article on GST applicable only on amount exceeding ₹7,500 collected by RWAs

    In a ruling that could benefit resident welfare association (RWA) members across the country, the Madras High Court has said GST is applicable only to monthly maintenance amount exceeding ₹7,500 – not the full amount.

    The decision overturns an Authority of Advance Rulings

  • All About Related party transaction- Section 188 of Companies Act 2013


    The concept of related party under Section 188  was introduced in Companies Act 2013, to increase the transparency and to keep a vigilance upon all the transactions, and to have

    Article on Everything an F&O trader should know about return filing

    Lately, derivative trading (trading in future and options or F&O on stocks, currencies, and commodities) has become a hot topic amongst investors.

    Unfortunately, though, most people have little knowledge about how these trades are taxed. Besides, several small traders who

  • Article on Section 269ST Basic Provisions as Per Income Tax Act

    Prior to Section 269ST
    Before the introduction of Section 269ST, provisions from Section 269SS and Section 269T of the Income Tax Act were applicable. These sections were designed to discourage the acceptance and repayment of any loans, deposits or specified sums through liquid

  • Note- No more Depreciation allowed on Goodwill

    The Finance Bill, 2021, has held that goodwill of a business will not be considered as a depreciable asset. Depreciation on goodwill will not be available, in any situation.
    In layman’s term in case of acquisition of a company, the price paid over and above the book value of the company, is towards ‘goodwill’. The acquiring company obtained a tax benefit as goodwill could be depreciated over a period of time, thus reducing the taxable

  • Article on Faceless Income Tax Appellate Tribunal – Opacity In The Name Of Transparency

    The contribution of the Tribunal set up under the provisions of the Income-tax Act, 1961, is perhaps underappreciated and under emphasised in today’s legal world where rapid tribunalisation has become a norm rather than an exception in the pursuit of dispensing fair, transparent and rapid justice to the litigants. The taxpayers that have found themselves on the

  • Article on Pledge of shares without undertaking to discharge liability will not make entity financial creditor under IBC

    The Supreme Court in an important judgment held that pledge of shares will not make an entity financial creditor of the corporate debtor for the purpose of the Insolvency and Bankruptcy Code (IBC). In this case, the L & T Infrastructure Finance Company Limited advanced a financial facility to Doshion Limited which was repayable in 72 structured monthly instalments. A pledge agreement was executed under which 40,160 shares of Gondwana

  • Article on Online Gambling Tax Status in 2020

    In the past few years, there have been several discussions along the lines of regulation of gambling laws in India. While some people support a complete prohibition of the activity, others advocate stringent rules in place for the safety of the players gambling online. Unfortunately, there has been no clear decision in this regard from the government and India

  • All About New TDS & Its Implications

    1. TDS rates in India

    TDS stands for Tax Deducted at Source. The following tables list the various TDS rates applicable to resident

  • All About Dynamic QR Code on B2C Invoices Under GST

    1. The CBIC vide Notification No. 14/2020-Central Tax, as amended by Notification No. 71/2020-Central Tax mandates that the taxpayers with an annual turnover of more than Rs.500 crore in any preceding financial year (starting from 2017-18) are compulsorily required to display QR (Quick Response ) code on their B2C invoices from 1st December 2020 (initially was from

  • All About Tax on Interest earned on PF – A Shot Hits the Bull’s Eye

    There are only a few investment opportunities which operate in a complete Exempt-Exempt-Exempt Category (EEE). An Investment with EEE status that too without any threshold limit is a goldmine for the taxpayer but a landmine for the revenue. Possibly, contribution to employee provident fund is the only investment which has a EEE status without any threshold limit. The Govt. has attempted many times in the past to allow the EEE status for the

  • Article on Analysis of Deduction u/s 80JJAA for Employment of New Employees


    Deduction under section 80JJAA is a much less talked and less popular deduction and not so famous among the tax professionals too irrespective of the fact that this deduction if claimed, can provide deduction upto 190% of the expenses incurred towards

  • All About Late Fees and Interest on GST Return

    Late fees and interest form important components of the Goods and Services Tax (GST) payment and are incurred by business in case of delay in submitting or filing GST returns. The article covers all latest announcements on Late fees and Interest charge in a comprehensive manner!

    All About Non-Deduction of TDS Due to Bonafide Belief Admissible in Law

    The Income Tax Appellate Tribunal (ITAT), Mumbai Bench quashed the demand against State Bank of India (SBI) for non-deduction of TDS in respect of Leave Fare Concession (LFC) provided to employees. The assessee, SBI is a public sector bank, the branch office was subjected to survey proceedings under section 133A. During the course of this survey, it was found that

  • Process on Refund of Tax wrongly collected & paid under Section 77 of CGST & Section 19 of IGST

    Section 77 of CGST Act, 2017 read with Section 19 of IGST Act, 2017 governs the provisions for Tax wrongfully collected and paid to Central Government or State Government. The same is decided in the case of Shree Nanak Ferro Alloys (P.) Ltd. v. Union of India and details thereof are as follows:-

    Article on Section 62 of GST – Assessment of non-filers of returns

    Section 62 of GST – Assessment of non-filers of returns
    (1) Notwithstanding anything to the contrary contained in section 73 or section 74,where a registered taxable person fails to furnish the return under Section 39 or Section 45, even after the service of a notice under

  • All About Delivery Challan Under GST with Format and Issuing Method

    Meaning of Delivery Challan Under GST
    Delivery challan is also known as a delivery slip or a dispatch challan. It is an important document created for the transportation of goods from one place to another which may or may not result in sales. Delivery challan under GST is sent

  • All About New Stress Resolution Tool in India

    Over the past decade Indian Jurisdictions has been experimenting with new stress resolution tools. Indian business eco-system has witnessed numerous initiatives taken by Reserve Bank of India in the form of Corporate Debt Restructuring Cell (CDR), Joint Lenders' Forum, Strategic Debt Restructuring Scheme and framework for resolution of stressed assets (June 7 Circular). In addition to these the Indian ecosystem has also seen legislative

  • All About Charitable Trusts and NGO – Income tax benefits

    Exemptions to Charitable Trust under Income Tax Act, 1961
    Income of a charitable and religious trust is exempt from tax subject to certain conditions. The exemptions are provided to the trusts under various provisions, inter-alia, Section 10, Section 11, etc. Some of the