Articles by FCS Deepak Pratap Singh

Whether Grant By Holding Company To Its Subsidiary Treated As Revenue Receipt

FCS Deepak Pratap Singh 30 October 2021 at 09:33

The Appellate Tribunal held that the grant received was not taxable as revenue receipt since the said grant was given to recoup the losses incurred by the assessee and was hence, in the nature of capital contribution.

Non Registration Of Charge With ROC - May Deprive You From Position Of Secured Creditor

FCS Deepak Pratap Singh 30 October 2021 at 09:33

'Charge' was not registered as per the provisions of Section 77 (1) of the Companies Act, 2013 and as envisaged under the IBC 2016, hence the Creditor cannot be treated as a 'Secured Creditor'.

Whether Penalty Or Fines Or Penal Interests Allowed As Expenditure Under Section 37(1) Of IT Act,1961

FCS Deepak Pratap Singh 25 October 2021 at 09:41

The objective of Section 37 is to claim business expenditure incurred by the assessee which is not covered under sections 30 to 36 as deductions. Thus, this section is as a general section for claiming deductions.

Works Contract And Implications For Roads Or Highways

FCS Deepak Pratap Singh 25 October 2021 at 09:41

GST on payment made through toll charges or annuity payment by NHAI to the concessioner are exempt from GST and the Input Tax paid by the private operators will be available to them as Input Tax Credit.

Whether All Incomes From Renting Of Properties Will Be Considered As Income From House Property

FCS Deepak Pratap Singh 25 October 2021 at 09:40

It is clear that any income from renting a property (which is a building and/or land attached to it) by the owner not utilized for its own business and profession will be considered as Income from House Property.

Meaning of Officer and Officer in Default

FCS Deepak Pratap Singh 20 October 2021 at 09:54

Officers such as whole-time directors, KMP, directors, etc. shall be liable to any penalty or punishment in case of default committed by the company under the Companies Act, 2013.

Whether A Karta Will Be Taxable In Dual Capacity After Separation From HUF

FCS Deepak Pratap Singh 20 October 2021 at 09:54

Discussing an interesting situation and taxability of an individual after his separation from HUF i.e. Whether a person will be taxable under dual capacity as an ‘Individual’ as well as 'Karta' after separation from HUF?

Taxability Of Income From Downlinking Television Channels In India By Foreign Companies

FCS Deepak Pratap Singh 18 October 2021 at 09:50

Discussing the taxability of income of a foreign company for downlinking television channels in India and income from display of uncut and unassorted diamonds by a foreign citizen in the Bharat Diamond Bourse.

Liability of Director as Guarantor for Debts of the Company

FCS Deepak Pratap Singh 18 October 2021 at 09:50

A personal guarantee by a director is a contractual promise to pay the debts of the company in the event that the company is unable to pay the guaranteed debt. ..

Tax implication on self generated goodwill when conversion of proprietor into partnership

FCS Deepak Pratap Singh 16 October 2021 at 08:54

Where proprietor business is converted into a partnership, the exclusive interest of the proprietor is reduced and the business assets become sets of the firm in which he becomes a partner.