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Rate of Withholding Tax on Dividends Paid to Non-residents

In the recent judgement of Hon’ble Delhi...
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44th GST Council Meeting dated 12-06-2021

Press release on revised GST Rates on go...
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National Programme on Advanced Chemistry Cell Battery Storage (NPACC)

Background: The Union Cabinet has app...
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FAME India Phase II

In the Scheme for FAME India Phase II {S...
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43rd GST Council Meeting dated 28-05-2021 – Proposals.

43rd GST Council Meeting dated 28-05-2021 – Proposals.

Part 3: Certain other COVID-19 related r...
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43rd GST Council Meeting dated 28-05-2021 – Proposals.

Part 2: 43rd GST Council Meeting dated 28-05-2021 – Proposals.

Part 2: Other important proposals Abo...
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43rd GST Council Meeting dated 28-05-2021 – Proposals.

43rd GST Council Meeting dated 28-05-2021 – Proposals.

Part 1: Late fees exemptions and revised...
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Guidelines Issued by CBIC for GST Officers Regarding Cancellation of Registration

Guidelines Issued by CBIC for GST Officers Regarding Cancellation of Registration

Rule 22 (3) of CGST Rules, 2017: Wher...
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Income Tax Alert: Linking of PAN and Aadhaar

Income Tax Alert: Linking of PAN and Aadhaar

As you are aware that the Government of ...
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Whether the Medicines, Consumables and Implants used in the course of providing health care services for diagnosis or treatment of patients being provided by the hospital is a ‘Composite Supply’?

Pre-Requisite Knowledge: In-patient h...
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Computation of Fair Market Value of Capital Assets for the purpose of section 50B of the Income-Tax Act

Computation of Fair Market Value of Capital Assets for the purpose of section 50B of the Income-Tax Act

Rule 11UAE of the Income Tax Rules,1962 ...
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Relaxation of time lines for various Income Tax Compliances

Relaxation of time lines for various Income Tax Compliances

Taking into consideration the hurdles fa...
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Whether Cold Storage services of tamarind inner pulp without shell and seeds is exempt or not?

Whether Cold Storage services of tamarind inner pulp without shell and seeds is exempt or not?

Facts of the Case: The applicant is a...
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Changes in TDS/TCS Provisions

Changes in TDS/TCS Provisions

Introduction: The Ministry of Finance...
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Uplifting of Prohibition on Oxygen Concentrator imported as gift– Amendment in Foreign Trade Policy 2015-2020

Uplifting of Prohibition on Oxygen Concentrator imported as gift– Amendment in Foreign Trade Policy 2015-2020

Existing Foreign Trade Policy (FTP): ...
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Relaxation on Levy of Additional Fees for Filing of Forms

Relaxation on Levy of Additional Fees for Filing of Forms

In view of the difficulties arising due ...
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Threshold for the Purpose of Significant Economic Presence

Threshold for the Purpose of Significant Economic Presence

The CBDT notified a new Rule 11UD under ...
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Extension of Time Gap Between Two Consecutive Board Meetings

Extension of Time Gap Between Two Consecutive Board Meetings

In view of the difficulties arising due ...
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With the outbreak of Covid-19, CBIC has extended certain due dates on 01.05.2021

With the outbreak of Covid-19, CBIC has extended certain due dates on 01.05.2021

With the outbreak of Covid-19, CBIC has ...
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Relief for Taxpayer – Extension of due dates for Income Tax Compliances

Relief for Taxpayer – Extension of due dates for Income Tax Compliances

In view of challenges faced by taxpayers...
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Whether supply of food from a different section of business could be considered as supply of goods, hence eligible for ITC? AAR

Whether supply of food from a different section of business could be considered as supply of goods, hence eligible for ITC? AAR

Facts of the Case: The applicant is i...
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LOWER WITHHOLDING TAX RATE ON DIVIDENDS AVAILABLE PURSUANT TO MFN CLAUSE IN CASE OF INDIA – NETHERLANDS DTAA

LOWER WITHHOLDING TAX RATE ON DIVIDENDS AVAILABLE PURSUANT TO MFN CLAUSE IN CASE OF INDIA – NETHERLANDS DTAA

Facts of the case In a recent case th...
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Press Release for Extension of Timelines

Press Release for Extension of Timelines

Vide press release dated 24th April, 202...
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Section 56(2)(viib) is not triggered on the excess consideration/asset received by the amalgamated company in lieu of issue of shares issued

Section 56(2)(viib) is not triggered on the excess consideration/asset received by the amalgamated company in lieu of issue of shares issued

Facts of the case: In the scheme of a...
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Union Cabinet approves PLI Scheme for High Efficiency Solar PV Modules

Union Cabinet approves PLI Scheme for High Efficiency Solar PV Modules

The Cabinet has approved implementation ...
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SETTING UP OF BUSINESS v/s COMMENCEMENT OF BUSINESS

SETTING UP OF BUSINESS v/s COMMENCEMENT OF BUSINESS

Facts of the case: The assessee “Miel...
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MAT credit of the transferee company can be carried forwarded and set-off against tax liability of amalgamated company

Facts of the case: The assessee being...
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Regulation notified for Identity verification of New/Existing Exporters, Importers and CHAs

CBIC has notified the Customs (Verificat...
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Union Cabinet approves PLI Scheme for Air Conditioners and LED lights

With an objective of creating a globally...
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Changes in CbCR Reporting Threshold Limit

The CBDT on 5th April, 2021 has notified...
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PLI scheme for Food Processing Industry gets Government’s Approval

Union Cabinet on March 31 approved a Rs ...
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Amendments to Income Tax Rules, 1962

Introduction: The CBDT in order to br...
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Rates of TDS/TCS w.e.f. 01.04.2021

The relaxation period of reduced rates o...
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Companies (Accounts) Amendment Rules, 2021.

The Ministry of Corporate Affairs (MCA),...
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Amendment in Schedule III of Companies Act, 2013.

New Disclosure Requirements for Financial Statement as per Schedule III of Companies Act, 2013

The Ministry of Corporate Affairs (MCA),...
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Companies (Accounts) Amendment Rules, 2021.

The Ministry of Corporate Affairs (MCA),...
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PAYMENT TO DRIVER PARTNERS OUT OF THE SCOPE OF TDS U/S 194C

Facts of the case: The assessee “UBER...
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Significant updates which would impact the Industry from April 1, 2021

Mentioning HSN code in Invoice now manda...
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Form 15E notified by CBDT for making Application for grant of Certificate to Determine sum Chargeable to Tax u/s 195

The CBDT on 16th March, 2021 has notifie...
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Payment for use of computer software does not constitute Royalty, thus not subject to withholding tax

In a recent decision of Supreme Court of...
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PLI scheme for Telecom Sector gets Government’s approval

The Government in November 2020 had anno...
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Amendment to Companies (Share Capital and Debentures) Rules, 2014

The Ministry of Corporate Affairs (MCA),...
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Importer-Exporter Code (IEC)

The Director-General of Foreign Trade (D...
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Amendment to Definition of a Small Company

The Ministry of Corporate Affairs (MCA),...
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Applicability of GST on Salary paid to Director of Company

Brief Facts of the case: The appellan...
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GST is applicable on Notice Pay Recovery from Employees

Brief Facts of the case: The applican...
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Introduction of Legal Entity Identifier for large value transactions of INR 50 crores or more in Centralized Payment System

With effect from April 1, 2021, The Rese...
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Amendment- Companies (Appointment and Qualification of Directors) Rules, 2014

Ministry of Corporate Affairs has made f...
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MCA amends applicability date of CARO, 2020

In view of COVID-19 pandemic, the Minist...
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Compulsory Convertible Debentures are to be considered as Debt and not as Equity

Facts of the Case: The assessee is en...
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Extension of Due Date for filing of Cost Audit Report

Ministry of Corporate Affairs (MCA) vide...
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Online filing of application for Un-blocking E-Way generation facility

Now online application can be filed for ...
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Blocking of E-Way generation facility after 1 December, 2020

Blocking of E-way bills (EWB) generation...
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MCA extends due date for inclusion of independent director’s name in data bank

Ministry of Corporate Affairs (MCA) vide...
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Defaulting LLP allowed to file belated documents due for filing till 30th Nov,2020

Ministry of Corporate Affairs (MCA) vide...
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Code on Social Security, 2020

Ease of labour regulations and uniformit...
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Relief for taxpayers – Extension of Due Dates for Filing of Income Tax Returns

In view of challenges faced by taxpayers...
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AO does not have power to change method for share valuation opted by assessee

Facts of the Case: The assessee is en...
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Tolerance Limit for Computation of ALP

Central Government vide Notification No....
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Blocking of E-Way generation facility after 15 October, 2020

Blocking of E-way bills (EWB) generation...
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Amended Provisions for Utilization of Foreign Contribution

The Foreign Contribution (Regulation) Am...
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Recommendations of 42nd GST Council Meeting Updates

Following are the recommendations discus...
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Clarifications on TDS Provisions for e-Commerce Operators

Introduction: There have been certain...
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Amendment of ITR and Other Forms for AY 2020-21

Introduction: CBDT in line with the n...
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Requirement of Licenses for Toys may arise from March

India could introduce a phased license r...
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No Scrip wise reporting for Short-Term Listed Shares

Background and Facts: There was a r...
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Extension of compliance deadlines till 31st March, 2021

On 31.03.2020, the President proclaimed ...
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Vodafone wins arbitration against India in International Court

Background and Facts: Revenue depar...
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Relief in Late Fees of Delay in Filing of Form GSTR-4/10 and Change of Navigation of Comparison of Liability and ITC Summary

Relief in Late fees for delayed in filin...
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Guidelines for Compulsory Selection of Return for Complete Scrutiny

Keeping in view the Faceless Assessment ...
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Expenditure on Software is of Revenue Nature

Background and Facts: Assessee comp...
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Accounting treatment of indirect administrative overheads incurred during construction phase of power plant

Expert Advisory Committee (EAC) of The I...
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No penalty if it was not mentioned in notice that assessee had concealed income or furnished inaccurate details

Facts of the Case: Assessee, a part...
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Corporate Social Responsibility & Improved Business Effectiveness

With the increasing awareness and educat...
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Delinking of Debit/Credit Note from Original Invoice Reported in GSTR-1/6 or Refund Filing

Much Awaited relief to the taxpayer!! ...
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Extension of Due Date for filing Cost Audit Report

In view of the extraordinary disruptions...
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Ceiling on MEIS benefits from 01.09.2020 to 31.12.2020

To ensure that the total claim under MEI...
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Strengthening the communications and relationships between Internal Auditor & Audit Committee

Internal audit has become an important t...
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Update Regarding Enabling GSTIN on E-Invoice Portal

As a facilitation measure, all the taxpa...
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Reimbursement of cost from Indian group concern for providing business support not taxable as FTS in India

Background and Facts Assessee, a De...
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TCS on Sales of Goods: Finance Act, 2020

Introduction: Provisions related to c...
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Company Law Insights || MCA extends due date for holding AGM for FY 19-20 by 3 months

Ministry of Corporate Affairs (MCA) vide...
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Conflicts of Interest

Conflicts of Interest arise when a perso...
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To Do’s in GST return of September 2020

Last chance to do following in GSTR-1 of...
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New functionality added for TCS & Composition taxpayers

Recently GST portal added new features. ...
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New Features added on GSTN portal

Recently new features have been added on...
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Extension of time limit for compliance by Anti-Profiteering Authorities

As per the notification no.65/2020-Centr...
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New Guidelines, New WAY! – Virtual Personal Hearings

CBIC introduced virtual hearing of adjud...
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CSR Policy amended to include R&D on Drugs, Vaccines for COVID-19

Ministry of Corporate Affairs (MCA) vide...
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Business Continuity Planning

Failure and disasters can happen, as the...
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Interest on GST liability for periods prior to September 01 2020 – Clarifies Ministry of Finance

Yesterday we published an update on the ...
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Aadhar Authentication Required Now for GST Registration

CBIC vide its Notification No. 62/2020–C...
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Interest on belated GST liability payments- Shall be payable only on “cash liabilities”

One of the most awaited notifications re...
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Artificial Intelligence (AI) aligned with Accounts Payable Process

With the emerging tough and competitive ...
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MCA Clarification on extension of AGM for F.Y ended 31st March,2020

Ministry of Corporate Affairs (MCA) vide...
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New facility added on GST portal-Option to download invoice wise detail of Table 8A of Form GSTR-9 (Annual return)

A new feature has been added on the GST ...
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Fourth Industrial Revolution (Industry 4.0)

Development in technology has no way lef...
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Green Internal Audit

“Green” is a definition of everything re...
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Transparent Taxation – Honouring the Honest

In the era of structural reforms, Indian...
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AO cannot change the method of Valuation of Shares opted by the Assessee

Facts of the Case: The assessee is ...
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