Articles

Changes in TDS/TCS Provisions
Articles Income Tax

Changes in TDS/TCS Provisions

Introduction: The Ministry of Finance through the Finance Act 2021, introduced certain new sections impacting the tax withholding provisions, which are being made effective from 01.07.2021. The changes are a...

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

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

Existing Foreign Trade Policy (FTP): The Existing Foreign Trade Policy (2.25 of FTP, 2015-2020) was as follows: “Import of goods, including those purchased from e-commerce portals, through post or courier...

Relaxation on Levy of Additional Fees for Filing of Forms
Articles Company Law

Relaxation on Levy of Additional Fees for Filing of Forms

In view of the difficulties arising due to resurgence of Covid-19pandemic, the Ministry of Corporate Affairs (MCA) has provided additional time till 31st July 2021 for filing of various forms other than (CHG-1,...

Threshold for the Purpose of Significant Economic Presence
Articles Income Tax

Threshold for the Purpose of Significant Economic Presence

The CBDT notified a new Rule 11UD under the Income Tax Rules, 1962 (herein referred to as the “Rule”) which will come into effect from 1st April,2022. It prescribes the threshold limits for defining whether an ...

Extension of Time Gap Between Two Consecutive Board Meetings
Articles Company Law

Extension of Time Gap Between Two Consecutive Board Meetings

In view of the difficulties arising due to resurgence of COVID-19 pandemic, the Ministry of Corporate Affairs (MCA) has extended the time gap between the consecutive board meetings to 180 days. As per Sectio...

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

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 Rule 36(4) – Adjustment of ITC shall be done cumulatively for April 2021 and May 2021, in the GST return of May 2021. The prov...

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

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

In view of challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the devastating second wave of COVID- 19, the CBDT vide its Circular No. 08/2021 dated 30.05.2021 has extended...

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

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 into business of following supplies from a single business premises but having two difference independent sections: Sale of sweetmeats, namkeens and bakery items from t...

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

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 the Hon’ble High Court of Delhi held that 5% withholding tax rate on dividend shall be available under India – Netherlands Double Taxtation Avoidance Agreement (India – NL ...

Press Release for Extension of Timelines
Articles Income Tax

Press Release for Extension of Timelines

Vide press release dated 24th April, 2021, the Central Government has announced extension of the time limits to 30th June, 2021 in the following cases where the time limit was earlier ending on 30th, April 2021...