Tax Updates

MCA has vide its notification dated 21 st February, 2019 notified an ordinance for banning the Unregulated Deposit Scheme with immediate effect. Ordinance is named ‘ The Banning of Unregulated Deposit Schemes Ordinance, 2019 ‘. Deposit –  Deposit means  an amount of money received by way of an  advance  or  loan  or  in any other form , by any deposit taker with a promise to return whether after a specified period or otherwise, either in cash or in kind or in the form of a specified service,  with or without any benefit in the form of interest , bonus, profit or in any other form,  but does not include –   Amounts received from Bank Amounts received from Public Financial Institution or NBFC Amount received from Government, from any other source whose repayment is guaranteed by Govt, from any statutory authority constituted under Parliament  or a state legislature Amounts received foreign Govt, foreign banks, foreign instit...

Article explains Cross charge related concept and its applicability including valuation related aspects along with the industry wide practice,  Need for ISD registration,  A comparison between Cross charge and ISD and  GST implications relating to the fund transfer outside India. (1)  Cross charge related concept and its applicability including valuation related aspects along with the industry wide practice Page Contents (1) Cross charge related concept and its applicability including valuation related aspects along with the industry wide practice (2) Need for ISD registration (3) A comparison between Cross charge and ISD (4) GST implications relating to the fund transfer outside India Whether the activities performed by the employees at the Corporate Office in the course of or in relation to employment, such as accounting, other administrative and IT System Maintenance for the units located in the other locations/ states is liable to GST? Under the...