BRIEF INTRODUCTION In this article, we are going to elaborate further on the Establishment, Compliance & closing compliances and requirements for Foreign Entity in India. Foreign Company in line with the businesses Act 2013 is defined as any company or body corporate incorporated outside India, which features a place of business in India whether by itself or through an agent, physically or …
Direct Tax Updates: ITAT dismisses Revenue’s appeal, upholds CIT(A)’s order directing AO/TPO to re-compute TP-adjustment only with regard to international transactions for AY 2008-09; Relies on co-ordinate bench ruling in assessee’s own case for AYs 2004-05 and 2006-07 wherein assessee’s contention that TP-adjustment should be restricted only to international transactions was accepted. Also notes that …
Direct Tax Updates: CBDT member Akilesh Ranjan, is arguing for a new tax regime for individuals. It has proposed dramatic changes to the Income Tax Act, which dates back 58 years. People earning between Rs 5 lakh and Rs 10 lakh per year may have to pay 10% income tax. Central Board of Direct Taxes …
Direct Tax Updates: CBDT issues Clarification in respect of filling-up of the ITR wrt Directors, Foreign assets and NRIs. Indirect Tax Updates: CBIC extends the officer interface facility to resolve GST invoice mismatches for shipping bills filed up to July 31, 2019. RBI Updates: The slowdown in the Indian economy could be cyclical, with deep …
Get Tax incentives for NGO by Registering U/s 12A, 12AA,12AB Relief for the poor, education, medical relief, environmental preservation, preservation of monuments or locations or things of aesthetic or historic importance, and development of any other aim of wide public value are all examples of charitable objectives. In India, tax regulations for charitable institutions have …
Direct Tax Updates: LTCG from penny stocks cannot be treated as bogus if documentation is in order and no fault found by Assessing Officer. Chandra Prakash Jhunjhunwala Vs DCIT (ITAT Kolkata). The task force to overhaul the nearly 60-year-old Income Tax Act has recommended retaining the long-term capital gains (LTCG) tax and the securities transaction …
LTCG from penny stocks cannot be treated as bogus if documentation is in order and no fault found by Assessing Officer. Chandra Prakash Jhunjhunwala Vs DCIT (ITAT Kolkata) Indirect Tax Updates: The last date for filing annual GST returns has been extended by three months to November 30 to help taxpayers facing technical problems …
Direct Tax Updates: CBDT has clarified that small start-ups with turnover up to Rs. 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961, which provides deduction for 100 per cent of income of an eligible start-up for 3 years out of 7 years …
Direct Tax Updates: CBDT releases draft New FORM No. 10B and rule 17B: Amendment of Form No 10B of the Income-tax Rules, 1962– Draft notification for inputs from stakeholders and the general public. Income-tax authorities do not want to let go the revenue dues owed by shell companies that have been deregistered by the MCA. …
Corporate and Professional Updates on 23rd August 2019 Indirect Tax Updates: Companies will get up to 70 per cent duty relief if they settle their pre-GST disputes with the tax authorities, according to a scheme, which will become operational from next month and run till the end of 2019. There will also be an amnesty scheme. …