Credit of following Inward supply of goods or services or both not eligible as Input tax Credit

The Government has notified e-assessment (online assessment) scheme for conducting faceless scrutiny assessment of all the Income Tax returns.

The CBDT has given guiding principals for determination of Place of Effective Management (POEM) of a Company.

Transfer of equity shares of unlisted Companies – Cases where RBI permission is mandatory:

Section 50CA: When an assessee transfers an unquoted equity share and the consideration received/receivable is less than "Fair Market Value (FMV)" of such share,, ...

In an unprecedented move, with a view to boost the slowing Indian economy, the Government of India passed an ordinance substantially reducing corporate tax rates with immediate effect.

The Income Tax Act vide Section 80JJAA under Chapter VI-A, has provided special deduction for employment of additional employees by assessee.

When an owner of Unquoted share in a Company transfers the shares to any person, he is required to pay CGT on the difference between the sale consideration received by him and the cost of acquisition ...

Income Tax is calculated on ‘Total Income' of the assessee.

Every Company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 2016 under Notes to Accounts as per the format referred in notification.

With increased scale of globalisation and growing levels of economic activities, the entrepreneurs, to tap global market potentials, are expanding their business activities in various other countries.

Income tax is a direct tax that a government levies on the income of its residents or the non-residents if the source of income is in India.

With increased scale of globalisation and growing levels of economic activities, the entrepreneurs, to explore global market potentials, are expanding their business activities in various countries.

In the first part, we discussed about the framework of raising ECB under Track I.

They may either set up a Liaison office or a Branch office or a subsidiary Company or a Joint Venture Company in India.

Input Service Distributor – GST Laws

The CBDT has by issue of a notification no. GST 666(E) dt. 20th July, 2018 included certain clauses to be reported in the tax audit report prescribed u/s 44AB in the Form No. 3CD.

The Tarapore committee which was constituted by The Reserve Bank of India to suggest a roadmap on full convertibility of Rupee on Capital account transactions, submitted their report in May 1997 recommending liberalisation of controls ...

A foreign entity can establish a Liaison Office in India in accordance with Section 6(6) of The Foreign Exchange Management Act (FEMA) read with notification no. FEMA 22(R) /2016-RB dated 31st March 2016.

External Commercial Borrowings are commercial loans raised by ‘eligible resident borrower' from ‘recognised non-resident entities' AND should confirm to parameters specified in ECB guidelines...