S. No |
Due Date |
Related to |
Compliance to be made |
1 |
11.09.2024 |
GST |
Filing of GSTR-1 for August 2024. |
S. No |
Due Date |
Related to |
Compliance to be made |
1 |
11.09.2024 |
GST |
Filing of GSTR-1 for August 2024. |
1. What is undisclosed foreign asset?
Section 2(11) of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act [‘The Black Money Act’] defines an undisclosed foreign asset as an asset located outside India, for which the assessee has no explanation for or the explanation so provided is unsatisfactory in the Assessing Officer’s Opinion.
Contract boundary under Ind AS 117 defines the scope of a contract for
accounting purposes. It determines which cash flows should be included in the
measurement of the contract's financial performance.
Meaning of Benami Transaction:
The following situations/ transcations fall under the definition of Benami transactions as per the provisions of Prohibition of Benami Property Transactions Act, 1988 (PBPT Act):
Since 2004 there is a provision in the Income-tax Act, 1961 which provides for obtaining an income tax clearance certificate (ITCC) under Section 230 of Income-tax Act, 1961 (‘IT Act’). It prescribes that a person domiciled in India who plans to leave India shall at the time of departure declare in prescribed form and manner (Form 30C) following details to the prescribed income tax authority:
This Tax Alert summarizes a recent ruling of the Supreme Court (SC) to decide whether the majority ruling of nine-judge bench of SC in case of Mineral Area Development Authority vs. Steel Authority of India (MADA) should be given prospective effect.
Section |
Particulars |
TDS Rate Individual/ HUF (Indian Resident)(in %) |
TDS Rate for (NRI) in India (in %) |
Domestic Company (in %) |
Other than domestic Company (in %) |
1. According to Section 270A of the Income Tax Act, if an individual underreports or misreports their income, an assessing officer (AO), a commissioner (appeals), a principal commissioner, or a commissioner may order them to pay a penalty of 50% and 200% of the tax due for under reporting and misreporting respectively.
Liaison office ("LO") - Annual compliance under Income Tax Act, 1961 ("IT Act") and related proposed amendment via The Finance (No. 2) Bill, 2024
Rule |
Original
Provision |
Amended Provision |
Impact/Notes |
Rule 8 |
Application
process under rule 8 including Aadhaar authentication. |
Insertion of additional
proviso for application process
where applicant has not opted for an Aadhaar authentication, to undergo photograph and document verification at facilitation centers. |
Ensures proper verification of applications with additional documentation and photograph requirements. |
Transfer pricing (TP) documentation is essential for companies engaged in inter-company transactions to ensure that their pricing aligns with the arm's length principle, which is critical for tax compliance. In Finland, the obligation to prepare and maintain transfer pricing documentation is subject to specific criteria and thresholds. This article outlines these requirements and provides insights into the simplified documentation process for smaller transactions.
Defective notice:
1. When any important information is missing or reported wrongly on the return,
it is known as a defective return.
2. In any of the above cases, the income tax department issues a defective
notice u/s 139(9) to the taxpayers, intimating them about the same and asking
them to correct the inaccuracies present in the return.
Need for allowance of TDS credit in the hands of person other than recipient:
1. As per Sec 199 of the Income Tax Act read with Rule 37BA of the Income Tax Rules, TDS credit shall be given to the person to whom payment is made or credit has been given.
In an important update, the Finance Bill 2024 passed by Lok Sabha has proposed to substitute Section 3(12) of the Customs Tariff Act, 1975 (‘CTA 1975’) to provide for interest and penalty on Integrated Tax (‘IGST’) levied on import of Goods.
The Finance (No. 2) Bill, 2024 [FB (No. 2) 2024 or Bill] was presented by the Hon’ble Finance Minister (FM) Nirmala Sitharaman on 23 July 2024[1]. While moving the Bill for approval by the Lok Sabha[2] on 7 August 2024, the FM introduced amendments to FB (No, 2) 2024 (Amended Bill). The amendments are generally intended to address certain ambiguities/uncertainties arising from the proposals as contained in the Bill.
This Tax Alert summarizes indirect tax related amendments to Finance (No. 2) Bill, 2024, proposed by the Hon’ble Finance Minister and introduced in Lok Sabha.
Provisions of Customs Tariff Act, 1975 are amended to postulate that the
provisions of Customs Act, 1962 including those relating to the date of
determination of rate of duty, assessment, non-levy, short-levy, refunds,
exemptions, interest, recovery, appeals, offences and penalties shall apply to
duty or tax or cess as they apply to duties under Customs Act.
Similar provisions have been inserted under the relevant Finance Acts for
National Calamity Contingent Duty (NCCD), Special additional excise duty,
Additional duty of excise, Social Welfare Surcharge, Road and Infrastructure
Cess, Health Cess, and Agriculture Infrastructure and Development Cess.
For the abovementioned duties, surcharge and cesses, the provisions of Customs
Act, 1962 and Central Excise Act, 1944, as the case may be, shall apply
accordingly.
Comments:
This update intends to provide you a brief landscape and recent developments w.r.t. GST Appellate Tribunal. The details are as under:
Q1. Who can file an appeal to GSTAT?
A1. S.112(1) any person aggrieved by an Order passed against him U/s 107 (First Appellate Authority) or S.108 (Revisional Authority) may file appeal to GSTAT against such order
Introduction:
1. Budget 2024 proposes a deduction of TDS @ 10% on payment by a partnership firm or a LLP to their partners, which may be in form of Salary or remuneration or commission or bonus or interest, when the aggregate amount exceeds Rs. 20,000 in a financial year."The reduction in tax rates to 12.5 percent is significant. Companies may increasingly opt for slump sales, especially when there is a need to redeploy cash within the transferor company. Slump sales might also become more common for entering into strategic joint ventures or facilitating staggered private equity buyouts, where the transferor continues for a few years before eventually exiting through the sale of shares. The lower rate of 12.5 percent on the sale of shares would facilitate joint venture structures, particularly when cash needs to be redeployed within the transferor company.
Below are the clauses in which changes are made:
1. Clause 8a (Whether company has opted for the special tax regime with lower tax rates)-Vodafone Idea Ltd (TS-547-SC-2024)
Section 16(4) provides the last date within which the credit for any particular FY can be claimed. Post the 53rd GST Council meeting, changes have been announced wrt the last date for claiming credit
This Tax Alert summarizes a recent ruling of the Supreme Court (SC) on the distribution of legislative powers between Union and States on the taxation of mineral rights.
Summary of the relevant updates is provided below for ease of your reference: A) Proposals relating to GST law, Compliances an...