Latest Blogs from SBS and Company LLP

    SBS Wiki E Journal Mar 2019

    In this edition, we bring to you certain important articles on various aspects.

    The article on ‘Angel Tax – Genesis, Problem, Relief, Conclusion & Way Forward’ deals with the acute problem that is faced by the Start-up segment from the income tax perspective. In the said article, we have laid down the problem, the relief given by Ministry of Commerce & Industry along with Central Board of Direct Taxes, the conclusion as to who is eligible for such a relief and the way forward for other start-ups which are not eligible for the relief provided. I am glad to share the said article is also published on FTAPPCI Journal.

    The next article is on ‘Interesting Issues – CSR Expenditure’ deals with certain issues pertaining to interpretation of Explanation 2 to Section 37(1) of Income Tax Act. The main issue is whether such explanation is prospective or retrospective and whether such explanation would apply in situations where CSR Expenditure is voluntarily contributed. Hope you have good insights reading said article.

    The next article is on ‘Interest Payable – Whether Compensatory or Complimentary to Revenue?’ under GST laws deals with the analysis of Standing Order of Hyderabad Principal Commissioner, wherein it was stated that interest is payable on gross tax liability despite of the fact that entire/part of such liability can be settled using accumulated input tax credit. My team has made an attempt to see whether such interest is payable or not on portion of accumulated input tax credit in light of Standing Order.

    The next article is on ‘Quality Audit Reports – Inform and Influence’ deals with significance, objectivity and attributes of effective audit report. The reporting is an important process and we have tried to capture the essential elements required for drafting an audit report.

    I hope that you will have good time reading this edition and please do share your feedback. I will also urge clients to mail us topics or issues on which you want us to deliberate in our future editions, so that we can contribute to the same.

    Key Topics:

    INCOME TAX

    • ANGEL TAX
    • INTERESTING ISSUES - CSR EXPENDITURE

    GST

    • INTEREST - COMPENSATORY OR COMPLEMENTARY

    AUDIT

    • QUALITY AUDIT REPORTS

    FEMA

    • ROUND TRIPPING-FEMA PERSPECTIVE
    Tags: ,

    Subscribe SBS AND COMPANY LLP updates via Email!