Overseas Investment by Proprietorship Concerns/Registered Trust or Society
.1. How can overseas investment by proprietorship concerns be done? The proprietorship concerns and unregistered partnership firms have been allowed to set up a Joint Venture outside India with the prior approval of RBI subject to satisfying certain eligibility criteria. Investments by established proprietorship or unregistered partnership exporter firms are subject to the following criteria; […]
Apex Court of India Resolved the Historical issue by Deciding the Power of Reassessment
The Hon’ble Supreme Court of India has recently held that reassessment of customs duty is administrative review power. Such power must be exercised by the same officer (i.e. the Proper Officer) or his successor who carried out the original assessment of goods and said reassessment cannot be done by another officer of another department even […]
Are not the Trusts Perpetual anymore?
According to Section 12A of the Income-tax Act 1961, the trusts were registered for perpetuity, but after the enforcement of new rules accompanied in the Finance Act 2020, effective from 01.04.2021, the newly incorporated trusts shall be registered under the new procedure mentioned in section 12AB and the existing trusts which were already registered under […]
Tax Retrospectively – No More
WHAT IS RETROSPECTIVE TAX? Retrospective Tax is a type of tax which is imposed on transactions which has taken place in the past. The Retrospective Tax was introduced in the year 2012 by the late former Prime Minister and the then Finance Minister Pranab Mukherjee. The Retrospective Tax brought in effect of imposing and obtaining […]
NULLITY OF RETROSPECTIVE TAX
WHAT IS RETROSPECTIVE TAX? Retrospective Tax is a type of tax which is imposed on transactions which has taken place in the past. The Retrospective Tax was introduced in the year 2012 by the late former Prime Minister and the then Finance Minister Pranab Mukherjee. The Retrospective Tax brought in effect of imposing and obtaining […]