As per section 40(b)(v) any payment that exceeds the amount of remuneration to any partner who is a working partner and in accordance with the terms of the partnership deed, will be disallowed.
We often call the person committing suicide a coward, but how many of us actually listen to the plight of an individual suffering through something this drastic?
Provisions of Companies Act are applicable on the basis of paid-up capital, turnover, type of company, net profit or on the basis of outstanding loan and borrowings of the company.
Schedule DI is removed from ITR 4. Option of Filing ITR in response to notice u/s 153A and 153C is also removed as a requirement to file ITR under these sections is omitted.
GST on the sale of land is not payable as per Para 5 of Schedule III of the CGST Act which provides that a transaction of sale of land shall be treated neither as a supply of goods nor a supply of services.
Section 44AD and 43CA of the Act are deeming sections. A legal fiction is created only for a definite purpose and is limited to that purpose and should not be extended beyond it.
In case, NFRA takes any drastic decision to exempt the need for statutory audit of MSME companies for any reason, the size of frauds would go up and the Indian economy will be in the doldrums.
Section 16 of the OGST Act with Rule 21 of the OGST Rules provides that there is no provision that enables the cancellation of the registration of the purchaser for fraud committed by the seller.
One of the most contentious amendments is insertion of a new proviso under Regulation 23 (2) prescribing that only independent directors, who are the members of the Audit Committee shall approve related party transactions.
Failures test our potential to come back. Every success story we read or hear have failures behind them. Those who succeed didn't let failures take the better of them.
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