What is Section 72 of the VAT?

72 Offences. (1)If any person is knowingly concerned in, or in the taking of steps with a view to, the fraudulent evasion of VAT by him or any other person, he shall be liable—

What is Section 72 of the VAT Act?

It is an offence under section 72(1) of the Value Added Tax Act 1994 (VATA 1994) if any person is knowingly concerned in the taking of steps with a view to the fraudulent evasion of Value Added Tax (VAT) by themselves or any other person. The offence is Triable either way.

What is Section 72 of the GST Act?

(1) All officers of Police, Railways, Customs, and those officers engaged in thecollection of land revenue, including village officers, officers of State tax and officers ofUnion territory tax shall assist the proper officers in the implementation of this Act. [1] This Section was made effective by Notification No.

What is section 72 of the Consumer Rights Act?

(1)This section applies if a term of a contract (“the secondary contract”) reduces the rights or remedies or increases the obligations of a person under another contract (“the main contract”). (2)The term is subject to the provisions of this Part that would apply to the term if it were in the main contract.

What is the s77 VAT Act?

The law on assessing for VAT due where a trader has died is contained in Section 77(5) VAT Act 1994. The legislation states that an assessment cannot be made on a trader under any circumstances more than four years after the death of the trader.

VAT collection weak from large payers in FY22 despite business recovery | The Business Standard

What is Section 73 of the VAT Act 1994?

(1)Where a person has failed to make any returns required under this Act (or under any provision repealed by this Act) or to keep any documents and afford the facilities necessary to verify such returns or where it appears to the Commissioners that such returns are incomplete or incorrect, they may assess the amount of ...

What is relief from stamp duty s77?

Under section 77(3) of FA 1986, the relief applies where the transaction is undertaken for bona fide commercial reasons and not as part of a tax avoidance scheme. The legislation does not explicitly require the acquiring company's share structure to be identical to the target company's.

What is section 72?

Liability of person to whom money is paid, or thing delivered, by mistake or under coercion. Previous Next. A person to whom money has been paid, or anything delivered, by mistake or under coercion, must repay or return it.

What is pursuant to Section 72 of the Companies Act 2013?

(1) Every holder of securities of a company may, at any time, nominate, in the prescribed manner, any person to whom his securities shall vest in the event of his death.

What is section 72 of the National Consumer Credit Protection Act?

Under section 72 of the National Credit Code, a debtor may give the credit provider notice, either verbally or in writing, of their inability to meet their obligations under a credit contract (a hardship notice). See the FAQs below for information about how to respond to a hardship notice.

What is the Division 72 of the GST Act?

Division 72 ensures that supplies to and acquisitions from your associates for inadequate consideration are properly valued for GST purposes. Associate is a defined term for the purposes of the GST Act and has the meaning given by section 318 of the Income Tax Assessment Act 1936 (ITAA).

What is the difference between Section 73 and 74 under GST?

What is the difference between Section 73 and Section 74 of the CGST Act? Section 73 applies to any tax liability when there is no suspicion of fraud, wilful misstatement or suppression of facts. Section 74 applies to a tax liability only when there is a suspicion of fraud, wilful misstatement or suppression of facts.

Which country has the highest tax slab under GST?

The maximum GST rate slab of 28% introduced by India is the highest among more than 140 countries across the world that have implemented GST. Argentina has the second-highest GST rate of 27%, whereas the rate stands at 20% in the UK, 20% in France and 7% in Singapore. Indian GST tax slabs are 0%, 5%, 12%, 18% and 28%.

What is Section 72 set off?

- [(1) Where for any assessment year, the net result of the computation under the head "Profits and gains of business or profession" is a loss to the assessee, not being a loss sustained in a speculation business, and such loss cannot be or is not wholly set off against income under any head of income in accordance ...

What is the law on VAT?

VAT (Value Added Tax) is a tax added to most products and services sold by VAT -registered businesses. Businesses have to register for VAT if their VAT taxable turnover is more than £90,000. They can also choose to register if their turnover is less than £90,000.

What is Section 72 of the Companies Act 2016?

3.Section 72: Preference Shares

Section 72(5) of the CA 2016 is now amended whereby in the event of redemption of preference shares out of profits which would otherwise have been available for dividend, a sum equal to the amounts of shares redeemed shall be transferred into the share capital accounts of the company.

What is Section 72 of the Companies Act 2006?

72Decision of adjudicator to be made available to public

(1)A company names adjudicator must, within 90 days of determining an application under section 69, make his decision and his reasons for it available to the public. (2)He may do so by means of a website or by such other means as appear to him to be appropriate.

What is Section 73 to 76 of the Companies Act 2013 applicability?

1. Companies accepting deposits u/s 73 and 76 shall deposit not less than 15% of the amount of deposit maturing during the current and next financial year in a deposit repayment reserve account maintained with a scheduled bank, which shall be kept free from charge or lien.

What is Section 72 of the Companies Act 2013?

Section 72 of Companies Act, 2013 deals with the right of a Shareholders' power to nominate any person to whom his securities shall vest in the event of his death. This is analogous to Section 109A of the repealed Companies Act, 1956.

What is the Section 72 relief?

Formally known as Section 60 insurance in Ireland, Section 72 insurance is a Revenue approved, whole of life policy, the proceeds of which are tax-free if used to pay an inheritance tax bill. A Section 72 policy allows people to plan for the payment of inheritance tax in Ireland efficiently and in advance.

What is meant by article 72?

Article 72, Constitution of India 1950

(1) The President shall have the power to grant pardons, reprieves, respites or remissions of punishment or to suspend, remit or commute the sentence of any person convicted of any offence—

Who is eligible for stamp duty relief?

You may be eligible for Stamp Duty Land Tax ( SDLT ) reliefs if you're buying your first home and in certain other situations. These reliefs can reduce the amount of tax you pay. You must complete an SDLT return to claim relief, even if no tax is due.

What is a S77?

Section 77 provides relief from transfer on sale duty for documents transferring shares in one company (the target company) to another company (the acquiring company).

How to not pay stamp duty?