Manish Gupta is the Founder of Manish Anil Gupta & Co. He is a qualified Chartered Accountant and Fellow member of Institute of Chartered Accountants of India with more than 11 years of experience in the industry. During his professional journey, he has gained in-depth experience in the areas of International Taxation, Expatriate Taxation, Transfer Pricing matters, and Corporate Taxation. His other core areas of expertise also include Auditing, Assurance, Corporate compliances and litigation matters.
A well-known professional for his skills in delivering innovative ideas and efficient tax planning to clients in growing their businesses. He carries expertise in successfully providing a roadmap and financial strategies to new Indian startups and new entrants from international borders who want to set up their business in India.
He is a future- oriented leader who looks forward to fulfilling his Corporate social responsibilities by imparting the skill among the youth and providing them livelihood opportunities.
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Showing 1 to 14 of 14 Results
Director compliance: mandatory identification, disqualification gates and ongoing fiduciary and disclosure obligations govern corporate governance.
Directorships are governed by structured classes of directors and statutory gatekeeping rules: eligibility requires age, DSC and written consent, while disqualification arises from insolvency, specified convictions, judicial orders, failure to obtain a Director Identification Number, defaults in company filings or payments and limits on concurrent directorships. The Director Identification Number is mandatory and subject to prescribed application, surrender and intimation procedures. Appointments occur at incorporation, by shareholders, by the board for specified vacancies and by small shareholders or tribunal; resignation, removal, rotation, vacation of office, disclosure obligations and a defined set of statutory forms and filings impose continuing compliance duties. (AI Summary)
Corporate Laws / IBC / SEBI
E-commerce operator registration required irrespective of turnover; operators must collect TCS and meet GST reporting and compliance obligations.
The article sets out that an electronic commerce operator must register for GST irrespective of turnover, is excluded from the composition scheme, and is required to collect and report TCS for supplies routed through its platform. Sellers of goods must register regardless of turnover; certain services notified shift tax liability to the operator when the supplier is unregistered, while registered suppliers remain separately taxable. Place of supply is the destination/consumer state, and operators must file dedicated returns and reconcile TCS, COD, returns and interstate stock transfers. (AI Summary)
Goods and Services Tax - GST
Higher TDS for return defaulters triggers elevated withholding when two-year ITR non-filing is identified by payers.
Section 206AB mandates enhanced TDS where a payee has not filed income tax returns for the two immediately preceding assessment years, provided filing deadlines have expired and aggregate TDS in each year meets the threshold; non residents without a permanent establishment are excluded. It operates with Section 206AA (PAN non furnishing) and requires deductors to apply the higher of rates determined under the two provisions. CBDT has provided a PAN based Compliance Check tool to assist deductors, and non compliance exposes deductors to default treatment, disallowances, interest and penalties. (AI Summary)
Income Tax
Virtual meetings: Companies may use electronic board meetings with specified notice, quorum, attendance and recordkeeping requirements.
Virtual board meetings are permitted under Section 173 read with the Companies (Meetings of Board and its Powers) Rules, allowing directors participating electronically to be counted for quorum and to discuss items previously restricted; electronic notices are valid, directors must notify the chairperson or company secretary of virtual participation, and attendance must be recorded and authenticated with a roll call stating name, location, agenda receipt and exclusivity of access. Hybrid general meetings remain the permitted form for shareholders, subject to procedural safeguards and temporary regulatory relaxations; e voting is authorised under Section 108 with mandatory provisions under Rule 20 for certain companies. (AI Summary)
Corporate Laws / IBC / SEBI
Reverse charge on ocean freight: importer typically liable for foreign shipping, but CIF transactions may not attract GST.
Transportation of goods by vessel from outside India is an import of service; where a foreign shipping line supplies the service, GST can be shifted to the domestic party under the reverse charge mechanism. Under FOB the importer typically qualifies as recipient and bears GST under RCM; under CIF the exporter contracts for and pays freight, and a judicial finding holds the importer is not the recipient and thus should not be liable to pay IGST under RCM. The government has not issued further clarification. (AI Summary)
Goods and Services Tax - GST
Lower deduction certificate for TDS on immovable property enables reduced withholding for NRIs to avoid fund blockage.
TDS on immovable property requires buyers to deduct tax at source and deposit it with authorities; NRIs face a higher withholding rate. Where TDS would exceed actual liability, taxpayers may apply for a Lower Deduction Certificate permitting lower or nil deduction; applications are filed online in the prescribed form with documentary proof and reviewed by the assessing officer. A granted certificate fixes the TDS rate for the relevant financial year, is downloadable from the tax portal, and prevents fund blockage and the need to file returns solely to claim refunds. (AI Summary)
Income Tax
Corporate tax structure: reduced-rate options and deduction rules shape taxable income planning for companies effectively.
Corporate taxable income management requires selecting eligible tax-rate options that may limit entitlement to certain deductions and carryforwards; ensuring expenditures meet the wholly and exclusively business test for deductibility; claiming specific statutory deductions (including additional depreciation, R&D and targeted Chapter VI A incentives) subject to prescribed conditions; and complying with TDS, non-cash payment norms and timely filing to preserve deductions and loss carryforwards. Capital gains carry distinct rates by asset type and holding period, with conditional reinvestment exemptions for industrial property and prescribed bonds. (AI Summary)
Income Tax
Foreign exchange transaction risk can be hedged using forwards, options and near time contracts to manage currency exposure.
Foreign exchange instruments-spot, forward, futures, options and swaps-differ by settlement timing, standardisation and obligations. Currency exposure, particularly transaction risk, arises from the delay between contract agreement and settlement and grows with longer settlement lags. Principal mitigation strategies include using forward contracts to lock rates, buying options to retain execution choice, and preferring near-time contracts to minimise the period of exposure. (AI Summary)
FEMA - Foreign Exchange Management
Higher TDS/TCS rates for non-filers require increased withholding and new TDS obligations on purchases and returns filing.
Amendments introduce higher withholding obligations: withholding at original rates on non-salary payments, an elevated withholding regime for payments to specified non filers, and withholding on purchase of goods by specified buyers. Provident fund interest on employee contributions above prescribed thresholds is taxable; employer must timely deposit employee contributions to claim deductions. Goodwill is not depreciable and its purchase price is treated as cost for capital gains with prior depreciation adjustments. Filing windows, audit thresholds, tax regime election filing, exclusions from presumptive taxation, ULIP equity conditions, notice timelines, equalisation levy scope, and assessment time limits are also modified. (AI Summary)
Income Tax
Tax Collected at Source on forex remittances applies beyond the exempt threshold, with special rates for education and tour packages.
W.e.f. October 1, 2020, remittances by resident individuals beyond the exempt threshold in a financial year attract TCS: a standard rate on amounts exceeding the exemption, a concessional rate for education-related remittances, and a higher collection rate where PAN is unavailable; TCS on international tour packages is collectible on the entire package amount regardless of the exempt threshold, GST on conversion/remittance charges is excluded from the TCS base, and individuals may claim refund or adjust collected TCS by filing their income-tax returns. (AI Summary)
Income Tax
CSR eligibility expanded to include COVID care facilities; excess contributions may be set off against future CSR obligations with conditions.
Spending CSR funds on COVID health infrastructure and equipment is eligible CSR activity; specified company and LLP filing forms due in April-May 2021 are exempted from additional fees until end of July 2021 with temporary relaxations for certain charge filings; board meeting gap extended to 180 days for the first two quarters of fiscal 2021-22; excess contributions to the national COVID relief fund made on 31 March 2020 may be set off against the following year's CSR obligation subject to non duplication with prior unspent CSR, CFO and statutory auditor certification, and disclosure in CSR and Board reports. (AI Summary)
Corporate Laws / IBC / SEBI
Input tax credit restriction limits eligible credit claiming and faces challenge for lack of statutory authority.
The article explains that a subordinate rule introduced a cap on input tax credit claimable in GSTR-3B where supplier-uploaded details in GSTR-2A/2B are absent, and that successive notifications reduced that cap. It argues the rule was made without explicit statutory authority since the enabling statutory provision prescribes only the manner of availing credit, and observes a legislative provision linking ITC to supplier furnishing of outward details exists but is not yet in force; taxpayers should ensure supplier compliance. (AI Summary)
Goods and Services Tax - GST
Re-registration under Section 12AB mandates electronic time limited registrations with renewal and separate 80G donor deduction filings.
The Finance Act, 2020 replaces the prior registration regime with Section 12AB, requiring all previously registered or approved non-profit entities to reapply electronically to retain tax-exempt status; registrations are time-limited, provisional registration is available for non-operational entities, the tax authority issues a Unique Registration Number upon approval, and separate filings are required to secure donor-deduction eligibility under 80G. (AI Summary)
Income Tax
GST classification of cryptocurrency affects taxability of transactions, with supply, barter, commission and reverse charge implications.
The article analyses GST treatment of cryptocurrencies by focusing on their classification as goods, money, or services. If treated as goods/property, transfers (including barter and exchange) are taxable supplies under Section 7 and attract GST on transaction value; if treated as money, pure monetary transactions are excluded. Exchanges' commissions and margins are taxable. Intermediary arrangements yield separate taxable transactions, and the reverse charge mechanism applies where suppliers are unregistered. Mining yields service taxation only when miners receive reward as consideration. (AI Summary)
Goods and Services Tax - GST
TaxTMI 
TaxTMI 
03 Aug 2021 
1 Reply 
