Navigating the “Intermediary” Maze: A Landmark Win for Indian Subsidiaries
The thin line between being an “exporter of services” and an “intermediary” has long been a source of friction between Indian businesses and tax authorities. For many wholly owned subsidiaries of foreign companies, this distinction is not just semantic—it is a million-dollar question involving the eligibility for Goods and Services Tax (GST) refunds.A recent judgment…
Overview of GST – TDS Provisions
As per section 51 of CGST Act, 2017, GST TDS provisions are applicable for the following persons. a. A department or establishment of the Central or State Government, or b. Local authority, or c. Government Agencies, or d. Such persons are category of persons as may be notified, by the Central or a State Government…
Update 24-01-2024
GST Update: GSTN issues new advisory on furnishing bank account details by registered taxpayers under Rule 10A on 23-01-2024 Income Tax Update: CBDT has released explanatory notes for Finance Act, 2023 on 23-01-2024, the same has been provided below for readers reference.
What you need to know about DIR-3 KYC
The objective of introducing this process by the Ministry of Corporate Affairs by way of electronic form is to eradicate dummy directors and ensure the particulars of directors in the database are the latest information. Below are 10 important points to know about Director KYC updation and the process to carry out the KYC updation.…
ITC can’t be denied merely because registration of supplier was cancelled with retrospective effect: Calcutta HC
Where petitioner’s claim for input tax credit was rejected due to supplier’s fraudulent activity, since petitioner had paid amount of purchased articles as well as tax on same through bank and not in cash and without proper verification, it could not be said that there was any failure on the part of petitioner, order rejecting…
Consequences of claiming false deductions in Income Tax Returns
Income Tax department has started to crackdown on false claims of deductions by taxpayers. The Income Tax department has been vigilant in detecting and penalizing taxpayers who have filed false or inflated claims of deductions and exemptions in their tax returns. The department has been using technology to monitor the filings and issue notices to…
Steps to incorporate an Limited Liability Partnership
Starting from 2023, with the upgradation of MCA website to V3, LLP incorporation process has undergone changes keeping it in line with the Company Registration. At first we need to understand why to incorporate an LLP and why not a Company A LLP has lot of advantages over a company such as minimal compliances, no…
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