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1.Back Ground Facts: XYZ of India Limited (hereinafter referred as “Querist”) is a company registered under the provisions of Companies Act 2013 vide registration no 56365365xxxxx(CIN No. **************************) with its registered office at Gurgaon, Haryana, 1220xx. It was incorporated on 28/12/2020 and has started functioning w.e.f. 01.04.2021 Being designated as Central Transmission Utility, the Querist’s …
Multi-national enterprises (MNEs) do make monthly provision for variousexpenses in their ERP system at the end of each month. This might be anearer approximation of the expenditure to be incurred. It is a method ofgenerating a debit entry in the accounting system for an expenditure relatingto, say, engineering, R&D, logistics, legal & professional charges oradministrative …
Month-end Provisions and Reversal – Is TDS called for? Read More »
Vivad se Vishwas: Budget Proposal Over the period of time, the Government of India has introduced various amnesty scheme. The rationale behind these amnesty schemes was to settle dispute and litigation which are pending for a long time. In 1998, the Government introduced “Kar VivadSamadhan Scheme (KVSS)” which was available if there was an outstanding …
Budget The Budget 2020 has invented a new tax regime for the individuals and HUFs. Under this regime, a new section is inserted which provides an option for the tax payers to opt a new slab other than slab mentioned in the schedule. Opting to the new tax rate under new section is subject to …
There are certain tax exemptions and benefits available to Charitable Institutions in India. These exemptions and benefits are dealt in sections 12A/12AA and 80G of the Income Tax Act,1961. The Charitable institutions, in order to continue availing benefits under the above mentioned sections, had to revalidate their registrations under sections 12A/12AA and 80G i.e. the …
