[ad_1] The UN.cultural agency has discovered five bombs hidden within the walls of the historic al-Nouri Mosque in the city of Mosul in northern Iraq, a remnant of the Islamic State militant group’s rule over the area, UNESCO said in a statement Saturday. The mosque, famous for its 12th-century leaning minaret, was destroyed by IS in 2017 and has been a focal point of UNESCO’s restoration efforts since 2020. The UN agency said that five large-scale explosive devices, designed for significant destruction, were found inside the southern wall of the…
Month: June 2024
NIL GST on Warehousing or Storage of Cereals, Pulses, Fruits, and Vegetables
[ad_1] M/s Stellar Cold Chain Inc. asked for an advance ruling u/s 97 of the Central Goods and Services Tax (CGST) Act, 2017, and Uttarakhand State Goods and Services Tax (SGST) Act, 2017. The petitioner is in the business of cold storage in Uttarakhand, processes raw green peas into frozen peas, and furnishes storage and refrigeration services before other companies. On processing services, they levy 5% GST and 18% GST on storage services but questioned whether storage services for frozen green peas should be subject to NIL GST under Notification…
Treated as ownership of a property (Section 27 of the Income Tax Act, 1961)
Section 27 of the Income-tax Act, 1961, deals with cases where a person, though not the legal owner, is deemed to be the owner of a property. For the purpose of section 27, the following persons are deemed to be proprietors: 1. Transfer to Spouse (Section 27(i)) In case of transfer of house property by a man to his wife otherwise than for adequate consideration, the transferor is deemed to be the owner of the property transferred. In terms of law: Commissioner of Income Tax vs. Mrs. Ayodhyakumari Exceptions: If…
Stock options from foreign affiliates get GST relief
issued by CBIC Circular No. 213/07/2024- GST on June 26, 2024Employee Stock Option Plans (ESOPs), Employee Stock Purchase Plans (ESPPs), and the tax implications of Restricted Stock Units (RSUs) issued by companies to employees through foreign holding entities. Background and context In recent years, Indian companies have increasingly included options for employees to receive shares or securities of their foreign holding companies as part of their compensation packages. This practice is designed to align employee interests with the long-term success of the company, encouraging better performance and ensuring retention. Under…
MCA Imposes ₹10 Lakh Penalty for Missing Allottees’ Address & Occupation in PAS-3 List
The Ministry of Corporate Affairs, under the Office of the Registrar of Companies, Maharashtra Pune, has issued an adjudication order for Hadapsar Urban Multiple Nidhi Limited. This order pertains to penalties under Section 454(3) read with Section 39 of The Companies Act, 2013, and is guided by the Companies (Adjudication Of Penalties) Rules, 2014 as amended in 2019. The adjudication was necessitated due to non-compliance by the company in the filing and certification of allotment returns as required under the Act. Detailed Analysis 1. Background of the Case: Hadapsar Urban…
Continuous Private Placement Offers Without Closing Previous Ones: MCA Penalizes
In a significant development, the Ministry of Corporate Affairs (MCA) has imposed penalties on Richesm Healthcare Limited for violations of the Companies Act, 2013. The company was found to have made continuous private placement offers without completing or closing previous offers. This article delves into the details of the case, the relevant provisions of the Companies Act, and the implications of this order. Background and Violation Richesm Healthcare Limited, previously known as Richesm Healthcare Pvt. Ltd., registered under the Companies Act, 2013 on February 2, 2021, with an authorized share…
ROC Andhra Pradesh issues notice for Removal of 93 LLP Names
On June 27, 2024, the Registrar of Companies (ROC) in Andhra Pradesh issued a significant notice concerning the removal of 93 Limited Liability Partnerships (LLPs) from the official register. This action, undertaken pursuant to Section 75 of the LLP Act, 2008 and sub-rule (1)(b) read with sub-Rule (2) of Rule 37 of LLP Rules, 2009, aims to streamline corporate records and ensure compliance with legal standards. Background and Legal Basis The notice, identified as ROC/AP/LLP Strike Off/Sec.75-Rule 37(2)/2024, highlights that 93 LLPs have applied for their names to be struck…
3 अपराधिक कानूनों का विश्लेषण
भारतीय न्याय संहिता 2023, क्रिमिनल प्रोसीजर कोड और एविडेंस एक्ट की जगह नए आपराधिक कानून 1 जुलाई 2024 से लागू होंगे। इस विशेष विश्लेषण में जानिए इनके प्रमुख बदलाव और उनके प्रभाव। The post 3 अपराधिक कानूनों का विश्लेषण appeared first on TaxGuru. [ad_2] Source link
Summary of Clarifications/Circulars issued by CBIC on 26 June 2024
[ad_1] On June 26, 2024, the Central Board of Indirect Taxes and Customs (CBIC) issued several clarifications and circulars to address various GST-related issues. These clarifications are in line with the recommendations from the 53rd GST Council meeting and cover a wide range of topics, including place of supply for e-commerce transactions, value of supply for services from foreign affiliates, and input tax credit (ITC) claims under different scenarios. This summary provides an overview of the key points addressed in these circulars. Clarifications Issued by CBIC On Various Issues in…
Claim Income Tax Rebate u/s 87A for FY 2024 – 25 (AY 2025 – 26)
[ad_1] Claim Income Tax Rebate u/s 87A for FY 2024 – 25 (AY 2025 – 26) With Excel Based Automatic Income Tax Calculator All in One for the Non-Govt Employees for the F.Y.2024-25 as per Budget 2024 Introduction Navigating the world of income tax rebates can be tricky, but it’s essential for maximizing your tax savings. One significant provision in the Indian tax system is Section 87A, which offers a rebate for taxpayers under certain conditions. This article aims to demystify the rebate under Section 87A, especially for non-government employees,…