CAclubindia Articles

The Angel Tax Controversy: A Comprehensive Overview

Sachin 21 August 2024 at 17:17

Angel Tax, introduced in 2012 under Section 56(2)(viib) of the Income Tax Act 1961, was a tax levied on startups receiving investments from angel investors when the amount raised exceeded the fair market value of the shares issued.

Section 122 of CGST Act: Misuse by Authorities and Judicial Relief for Assessees

Abhishek Raja 21 August 2024 at 07:12

This section is used, or I must say misused, in most of the Notices! The department is trying to levy a penalty under this section in most cases, but the High Court's views are in favour of the Assessee.

ITAT Mumbai Rules Rs 20 Lakh Gift from UAE Brother Exempt from Tax

Sachin 21 August 2024 at 07:12

ITAT Mumbai rules that a Rs 20 lakh gift received from a brother in the UAE is exempt from tax under the Income Tax Act, providing clarity on tax-free gifts from relatives abroad.

The Risks of Early Tax Filing: What You Need to Know

Sachin 20 August 2024 at 08:37

Understand the risks associated with early tax filing.

Best Practices to be followed in Corporate/Industry

Chhaviraj Joshi 19 August 2024 at 14:25

Promoters should have appropriate qualifications and requisite experience. If the promoter has studied at a foreign university and knowledge of law, etc., in the Indian context is not known to him, then another director should have that knowledge or experience.

Bandhans on Accepting Gifts on Raksha Bandhan!!

CA Umesh Sharma 19 August 2024 at 11:14

On this special day, many brothers and sisters exchange gifts as a token of their love and bond. But what about the tax implications of these gifts?

GST on Insurance Premiums: GST Council to Review Removal of 18% GST

Sahil Jaiswal 19 August 2024 at 11:05

In a move that could significantly impact policyholders and the insurance sector, the Goods and Services Tax (GST) Council is set to review the current 18% GST on insurance premiums.

Private Placement: An Expert Guide to Understanding Companies Act 2013

Priya Garg 19 August 2024 at 10:06

Are you a business owner looking to raise capital for your company through a private placement? This article will provide you with a comprehensive guide to unde..

Loans and Investments by Companies: Understanding Compliance with Section 186 of the Companies Act, 2013

Affluence Advisory 19 August 2024 at 08:43

Section 186 of the Companies Act, 2013 ("Act") deals with loan and investment restrictions imposed on companies.

MSME Registration Process

CA Kunal Jain 17 August 2024 at 06:50

Micro, Small, and Medium Enterprises (MSMEs) are classified based on investment and turnover. This classification is crucial for determining eligibility for various government schemes and benefits.