Category: Mohan & Chandrasekhar

Salary Rent Received Dividends Interest from savings Interest from deposit Interest from others Interest from Income tax refund Rent on plant & machinery Winnings from lottery or crossword puzzle Winnings from horse race Receipt of accumulated bal. of PF from Employer Interest from infra. debt fund Interest from specified co. by an NRI Interest on bonds and govt. securities Income wrt. Units of NRI Income and LTCG from units by an offshore fund  Income and LTCG from foreign currency bonds of shares of Indian companies Income of FII from securities Insurance commission Receipts from life insurance policy Withdrawal of deposits under NSS Receipt of commission etc. on sale of lottery tickets Income from investment in securitization trust Income on account of repurchase of units by MF/UTI Interest or dividend or…

S.O. 2501(E).—In exercise of the powers conferred by sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Act), the Central Government hereby specifies the pension fund, namely, 2743298 Ontario Limited (PAN: AACCZ0130B), (hereinafter referred to as the assessee) as the specified person for the purposes of the said clause in respect of the eligible investment made by it in India on or after the date of publication of this notification in the Official Gazette but on or before the 31st day of March, 2024 (hereinafter referred to as the said investments) subject to the fulfilment of the following conditions, namely:- (i) the assessee shall file return of income, for all the…

The due date for furnishing the application by the charitable or religious trusts and institutions for re-registration/approval has been extended from 25.11.2022 to 30.09.2023. The due date for furnishing application for regular registration/ approval by provisionally registered/approved trusts or institutions has also been extended from 30.09.2022 to 30.09.2023 for registration under section 10(23C) and 12AB of the Income-tax Act, 1961.

Online gaming co. based out of Bengaluru learnt to have been served a show cause notice by GST Intelligence Wing, to the tune of approximately Rs. 21,000 cr for allegedly indulging in 'betting' & 'gambling'; Intelligence Wing show cause claims that the same is liable to GST at 28% on the 'face value' of collections made; According to Dept. sources, this is one of the largest ever indirect tax claims; This may lead to more show cause notices on other gaming cos to the tune of several thousands of crores: Sources

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DETERMINATION OF NATURE OF SUPPLY Section 7(1) Subject to the provisions of section 10, supply of goods, where the location of the supplier and the place of supply are in–– (a) two different States;  (b) two different Union territories; or  (c) a State and a Union territory, shall be treated as a supply of goods in the course of inter-State trade or commerce

A company or any other entity who have registered themselves under MSME and facing problems to recover long pending dues from their customers may approach the MSME department to take action against them. Following process shall be followed by such MSMEs entity: Register your company/LLP/Partnership etc. as an MSME and obtain a MSME certificate [Udyog Aadhaar Number (UAN)].Keep record of all formal purchase orders from customers and delivery proofs for all orders.On all your invoices, mention, “your entity name and UAN” along with a note that “Delayed payments beyond 45 days attracts interest at a rate three times of the bank rate notified by RBI, compounded with Monthly interest”.

Free Samples and giftsThe free samples or gifts given for example in pharma industry without any consideration will not be treated as “supply” under GST (unless it is covered under Schedule 1). Input tax credit with respect to such free samples or gifts should be reversed.