Sub-rule (4) to rule 36 of the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the CGST Rules) has been inserted vide Notification No. 49/2019- Central Tax, dated 09.10.2019. The said sub-rule provides a restriction in availing of input tax credit (ITC) in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-......

As per recent ITA Pronouncement the interest earned on EPFO balance after the day of retirement is taxable. Details of ITAT order and tax on interest of EPFO post retirement: The appellant was an employee of Prominent Software company.The appellant retired from this company on April 1, 2002 after serving the company approximately for a period of 26 years (from 15th May 1976 to 31st March 2002). ......

Exemption for long-term capital gains arising from transfer of listed securities as referred to in Section 10(38) has been withdrawn by the Finance Act, 2018 w.e.f. Assessment Year 2019-20 and a new section 112A is introduced in the Income-tax Act. As per Section 112A, long-term capital gains arising from transfer of an equity share, or a unit of an equity oriented fund or a unit of a business tr......

Are monetary gifts received by an individual or Hindu Undivided Family (HUF) taxable? If the following conditions are satisfied then any sum of money received (i.e, the monetary gift may be received in cash, cheque, draft, etc.) by an individual/ HUF will be charged to tax (*): Sum of money received without consideration. The aggregate value of such sum of money received during the......

FLA: Foreign Liabilities and AssetsThe annual return on Foreign Liabilities and Assets (FLA) is required to be submitted directly by all the Indian companies which have received FDI (foreign direct investment) and/or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current year i.e. who hold foreign Assets or Liabilities in their Balance Sheets. FAQ's:1. If a compa......

FEMA REGULATIONS, 2000 1) Acquisition and Transfer of Property in India by an Indian Citizen resident outside India A person resident outside India who is a citizen of India may- (a) acquire immovable property in India other than an agricultural property, plantation, or a farmhouse. (b) transfer any immovable property in India to a person resident in India, and (c) transfer any immovabl......

The following chart highlights the tax incidence in case of different persons: Nature of income Residential status Residential status Residential status   ROR (*) RNOR (*) NR (*) Income which accrues or arises in India Taxed Taxed Taxed Income which is deemed to accrue or arise in India Taxed Taxed ......