As per section 10(1)(c) half percentage (total 1%) is payable of the กฎturnover in Stateกฏ. Explanation 2 to section10 excludes certain turnovers from กฎturnover in stateกฏ. The Explanation 2 reads as under: กฐExplanation 2.จCจCFor the purposes of determining the tax payable by a person under this section, the expression จDturnover in State or turnover in… (read more)

The Assessee is corporate entity, hence all the accounts has to be prepared as per the Companies Act, as well as Income -tax Act. Accordingly the income of the Appellant has to be declared on accrual basis for the year. Merely because some of the entries are not reflected in 26AS and the income was… (read more)

The assessee may refer the judgement the Judgement of Apex Court in CIT v. Reliance Industries Ltd ( 2022 ) 440 ITR 1(SC) where in the Honourable Supreme Court held that the ITAT has no power of review . assuming the Tribunal decides merits erroneously remedy of aggrieved party is to appeal before High Court… (read more)

If the remittance is in the nature of reimbursement of expenses, there would not be any obligation to deduct TDS. The Hon'ble High Court of Karnataka in the case of Flipkart Internet (P.) Ltd. v. DCIT [2022] 139 taxmann.com 595 (Karnataka) Where assessee made payments to 'W', a US based company, which were claimed to… (read more)

As per section 43 of the Companies Act, 2013 a Company may issue equity shares with voting rights or with differential rights as to dividend, voting or otherwise. Section 47 offers every member a right to vote. On reading both the provisions together, it can be interpreted that a Company may issue shares with differential… (read more)

Please contact your chartered accountant/ tax consultant. The Government, inter alia, did relax the time period to claim deduction under section 54 to section 54GB of the Income-Tax Act vide the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. The dates were further extended several times with a series of Notifications… (read more)

Stamp Duty and GST will be applicable. The transfer to the partners will be tested under section 43CA read with section 50C of the Income-tax Act, 1961. Transfer at the Stamp Duty value is advisable. It is not understood as to why the LLP has to be dissolved. Transfer of stock in trade to the… (read more)

If the photographs or video is shot by a professional, the same would be considered to be art work and as a professional work. However, the same does not fall within the definition of “professional services under section 194J of the Income-tax Act, 1961 (Act). Therefore, the art work and photography would not come within… (read more)

From what we understand with the limited facts provided is that, an immovable property is settled in a trust. The settlor and beneficiaries are related as per section 56 of the Income-tax Act, 1961 (Act). This will not attract section 56(2)(x) of the Act. Now, the trust has created a company which holds the immovable… (read more)