Amid the verge in COVID 19 cases in this second wave of the deadly pandemic, unfortunately, we have faced a lot of deaths in this second wave. Therefore, it is pertinent to discuss the tax implications in case of a deceased Assessee
Computation of Income of the Deceased
All the income earned from the start of the year till death would be considered as the Income of the deceased. Any income earned from the assets inherited from the deceased is …
Ministry of Corporate Affairs in view of COVID-19 has taken the following measures to reduce the compliance burden and other risks
General Circular No. 08/2021 : TIME GAP BETWEEN TO BOARD MEETINGS
Please note that in view of the difficulties arising due to resurgence of Covid-19, the gap between two consecutive meetings of the Board may extend to 180 days during the Quarter 1 i.e. April to June 2021 and Quarter 2 i.e. July to September 2021 richa, instead …
Section 197 of Income Tax Act, 1961 contains the provisions for Lower Deduction Certificate. Generally, where the actual income tax liability on the income of the assessee is less than the TDS which has been deducted by the payer as per Chapter-XVII, then it may cause a major problem of working capital management for the assessee. The solution is, file an application for LDC i.e. Lower Deduction Certificate with Income Tax Authorities.
Before understanding the proceeding, I would like to …
Dear Clients,
On 4th May 2021, our team suffered a terrible and an irreparable loss, Mr. Neeraj Bhagat- Founder, Neeraj Bhagat & Co. passed away. He was the pillar of the organization and he shall always remain alive in our hearts. We understand this message may be difficult to process, however, courage is the most important of all the virtues.
In this difficult times, we’d like to take the opportunity to thank all NBC’s loyal supporters, all our clients …
WHAT IS FRRO REGISTRATION:
Registration under FRRO is a mandatory requirement by the Government of India under which all foreign nationals (excluding overseas citizens of India) visiting India on a long term visa (more than 180 days) are required to register themselves with a Registration Officer within 14 days of arriving in India.
Pakistani nationals visiting India are required to register within 24 hours of arrival regardless of the duration of their stay.
Foreign registration was mandated and is regulated …
The Union Budget 2021-22 was presented by the Hon’ble Finance Minister Nirmala Sitharaman on 1st February 2021 in the Parliament. This year’s Budget lays focus on the seven pillars for reviving the economy – Health and Wellbeing, Physical and Financial Capital and Infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D, and Minimum Government Maximum Governance. Several regulations around the securities market are proposed to be merged as a single code. Several direct taxes and indirect taxes …
WHAT IS FRRO REGISTRATION:
Registration under FRRO is a mandatory requirement by the Government of India under which all foreign nationals (excluding overseas citizens of India) visiting India on a long term visa (more than 180 days) are required to register themselves with a Registration Officer within 14 days of arriving in India.
Pakistani nationals visiting India are required to register within 24 hours of arrival regardless of the duration of their stay.
Foreign registration was mandated and is regulated …
With the globalization of Indian economy and increase in development of international trade the movement of workers across the world has also been increased. Social security is an important aspect while structuring the international assignments for the employees. Any social security benefit payable in the host country may become an added cost to the employer, especially in situations where there are restrictions for withdrawal. It is in this context that social security agreements (“SSAs”) executed between countries came into perspective …
The valuation of goods is always a matter of concern especially where the goods are imported into India. The value determination may influence the price of goods in India and may impact the competition environment in India. Therefore, proper valuation by custom officer becomes more important and challenging.
As per Custom Act, 1962, the value of goods imported or exported shall be the transaction value i.e. price actually paid or payable subject to condition that,
i) the buyers and sellers …
The Companies (Amendment) Bill, 2020 Assented by President as Companies (Amendment) Act, 2020, provides the following, namely: —
♦ To incorporate a new Chapter XXIA in the Act related to Producer Companies.
♦ To decriminalize certain offences under the Act.
♦ To make provisions for allowing payment of adequate remuneration to non-executive directors in case of inadequacy of profits.
♦ To speed up timeline of right issue under section 62.
♦ To extend exemptions to certain classes of…