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If the company does not start operations within one year or the company does not carry out any business activity for 2 years, then in such a case, following the provisions of Section 248, sub-section 1 of the Companies Act, the ROC may issue a notice to the company to…

Input Tax Credit (ITC) reversal calculations, input tax credit availability and non-availability calculations, and input tax credit calculations for capital under GST each have their own unique special rules. Additionally, capital items that are utilized for both taxable and exempt deliveries are given special treatment. In this article, we examine…

Arbitration is a method of Alternative Dispute Resolution in which a third party, the arbitrator, is granted the ability to make final and legally binding decisions relating to issues. The parties opt for a private dispute resolution procedure outside of courts. Settlement of disputes through a third person without having…

The Goods and Services Tax (GST) on rent went into force on July 18th. However, the GST will only apply in particular circumstances and not in all situations. The government recently removed the exception for renting out residential properties to businesses. In this article, we will discuss GST imposed on…

A Company is an official entity that involves formal transactions. Every gathering, communication, or transaction which has the potential to affect any interest of the members shall be recorded. These records achievements help in tracking the developments and changes in the functioning of the business. The notes or recommendations recorded…

There is no provision in the Companies Act 2013 for the annulment of a resolution, whether it is a resolution of the board of directors or a resolution passed at a general meeting. However, sometimes there are circumstances where it is necessary to cancel/revoke the resolution, and the Board of…

A Limited Liability Partnership is a globally recognized business entity. It was introduced in India by the procedure under the Limited Liability Partnership Act, 2008. Additionally, it includes the benefits of both companies as well as partnerships under one LLP name. The LLP rules are set by the Registrar of…

The tax on the income of educational institutions often remains the most controversial topic. The nature of educational institutions such as top educational institutions providing modern and equipped learning aids, offering air-conditioned buses and classrooms, and maintaining the highest standard of hygiene is involved in activities that are charitable or…

The Government of India has enacted the Black Money Act, 2015 (BMA 2015) in addition to the existing Income Tax Act, 1961 to punish ordinary residents of India (taxpayers) who have Undisclosed Foreign Incomes and Assets (UFIA) earned through illegitimate activities, resulting in a loss of income tax (revenue) to the…

Indian taxes are classified into two types: direct taxes and indirect taxes. Direct taxes are levied on the income earned by various types of business entities during a fiscal year. There are various types of taxpayers who are registered with the Income Tax Department and pay taxes at various rates.…