Soumya Bajpai

The Board in pursuance of the Taxation & Other Laws (Relaxation & Amendment of Certain Provisions) Act 2020 & in supersession of order under section 119 of Income-tax Act dated 18 Sept 2020 has issued directions for the “Income-tax Authority” for exercising the power of survey under section 133A of the Act.  Power of Survey […]

The CBDT has issued clarification in respect to direct tax under Vivad se Vishwas Act, stating that the requirement of making payment by a taxpayer within 15 days of receiving declaration certificate from designated authority; however this will not apply according to new notification now. As the Board has been extended the timeline for making […]

The intent of introducing TDS was to collect tax from the very source of income. According to this mechanism, the person (deductor) liable to make a specific type of payment to another person (i.e. deductee) must deduct TDS. The person making such specified payments is responsible for deducting the TDS and making TDS payment online. […]

From the 1st June year 2013, if in case the buyer buys immovable property (a building or any part of building or land other than agricultural land) whose cost is more than Rs 50 lakhs, then he has to deduct (TDS) tax at source. This particular illustration upon TDS on sale of property has been […]

There are numerous reasons to make changes in the name, for instances, individual inclination, and change in the religion, marriage, modification or alteration of the names as a result on an advice of numerological experts. Making changes in name can also mean adding the word to a current name, making changes in spelling, change in […]

A Corporate Tax rate is the direct tax which is levied on the net income earned and the profit that corporate enterprises make from doing businesses. The tax is imposed at a specific rate in accordance with the provisions of Income Tax Act, 1961[1]. Recently, the Finance Minister has made significant cuts to India’s corporate […]

The name of the company has an incredible power to assure quality and credibility, and also to set a customer expectation. Mainly, a new name of the company will represents the branding for a company. The (MCA) Ministry of Corporate Affairs has the regulatory framework to set up which must have be consider while checking […]

In today’s competitive world of business, people still can carry on successful businesses backed up with effective strategy. Many people are involved in similar type of business, which results in increased competition. Due to similar products are available in market it creates confusion amongst the buyers. Some people now-a-days started selling fake products therefore it […]

The Income Tax Appellate Tribunal, New Delhi held that the generated revenue distribution of products cannot be taxed as ‘royalty’ by business income as it is already mentioned under (MAP) Mutual Agreement Procedure. The earning of an assessee generated from revenue distribution cannot tax as royalty as it will amount to double taxation which assessee […]

The company can apply for a trademark application as owner of the trademark or Trademark owned by Promoter. The ownership can be decided by mutual understanding between the promoters and the management of a company. Consequently, the question arises that which acts more beneficial in between Trademark owned by Promoter or a trademark owned by […]

Income tax audit report is an examination for an individual’s or organisation’s tax returns by agencies to verify that all the income, deduction and expenditure information that are filed correctly. The tax audits have been made mandatory by Income Tax Act. It also states that all taxpayers are required to get the accounts for their […]

The Ministry of Finance has opened the Special Window to States for meeting the GST Compensation Cess shortfall. Under the Option-I States were to be provided with a Special Window of Borrowing of ₹1.1 Lakh crore, and over and above that, an authorization for additional Open Market Borrowings of 0.5% of their GSDP. Key Highlights […]

Professional Tax is the state government direct tax imposed on an income earned by a wide range of people pursuing different professions. The tax gets deducted from salaries of all employees on a monthly basis. When this involves any company, directors of company, partnerships, individual partners, or any self-employed businesses, then it will be deducted […]

NGOs now have to open and maintain a FCRA account in (SBI) State Bank of India’s New Delhi main branch at Sansad Marg, in order to receive all foreign contributions exclusively. It must compulsory required by a NGOs to open FCRA account by 31st March 2021. FCRA regulates foreign donations and ensures that such contributions […]