Consideration Received On Sale of ‘Patent’ Is Taxable Under The Head ‘Capital Gain
In M/s. Bharat Serums & Vaccines Ltd. v. ACIT, the division bench of the Mumbai Income Tax Appellate Tribunal held that the sale consideration received on the sale of patent is taxable under the head “capital gains” under the provisions of the Income Tax Act. The Assessee-company, is engaged in the business of manufacturing and […]
Company Registration: Mandatory KYC Of Existing Directors
As a part of amendments of MCA, the ministry has decided to done all theKYC of existing directors who has had din before 31 March 2019, it is mandatory for all the director weather qualified or disqualified director to done there KYC before the due date as decided by government (30 April 2019). We have seen that […]
Common Causes of Rejection of DIN
The Name should be expanded even if the ID proof contains the name in abbreviated form. Any mismatch in Name, including spelling mistake, may lead to rejection of application. Minor spelling deviations in the father’s name may be accepted, if such deviations do not materially impact the name. Prefixes like Mr. / Ms. / Kumari […]
As Per IT Act Co-owner, Who Invests Major Share In Property
Recently, in ShriIsola Srinivas v. ACIT, the Hyderabad bench of the ITAT held that a Co-owner, who invests major share in a property and if there are evidence that the income from that property accrues to him only, then he shall be deemed as the real owner of the property for the purpose of income […]
Checklist For Annual Filing of Company
While doing annual filing of company we need to file many forms to the department and all are confused for their attachments or for filing of forms. Here is annual filing checklist of roc for companies. Annual filling Checklist for ROC FORMS FOR ANNUAL ROC FILLING 1) ADT-1 (Appointment of Auditors) 2) AOC-4 (Balance Sheet and […]
Cashless and Digital Transactions to boost GDP
Digital and cashless transactions would boost GDP growth of the country in a meaningful transition for Indian economy, said Mr Arjun Ram Meghwal, Hon’ble Minister of State for Finance and Corporate Affairs, Government of India, while addressing a conference on ‘Digital & Cashless Economy: A new paradigm for NextGen Businesses’ organised by Confederation of Indian […]
What are the five benefits of company registration in india ?
For doing business there are many way but every business registration type have their own pro and cons. So even in Company there are several things which are in favor. So we analyses 5 benefits of company registration. Separate legal entity: In the eyes of law, Company is separate from the owners of the Company which means […]
Benefit of Section 54F Is Not Available If Assessee Has Not Started
In Ajay Kumar v. ITO, the division bench of the Allahabad High Court held that exemption under section 54F of the Income Tax Act will not be available when the assessee has not started construction in the purchased plot within the stipulated time. Assessee sold his ancestral property and purchased a new plot. However, the assessee […]
Basic Understanding of GST Invoice
Under GST invoicing rules and formats have been notified covering details such as supplier’s name, shipping and billing address, HSN Code, place of supply, rate. In this article we will be covering all aspects of invoicing under GST. Time limit to for invoicing under GST The GST Model law has defined the time limit for issue […]
Appointment of First Auditor of Company
As per section 139(6) of Companies Act 2013, Private Limited company & One Person Company has to appoint its first auditor within 30 days from the date of incorporation in a board meeting. If board of directors are not able to appoint then it has to be appointed within 90 days in a general meeting of members. First auditor […]
