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Goods and Services Tax - Since inception of GST there are various contrary views and ambiguity on numerous provisions of GST law and practical difficulty is being faced by taxpayer in figuring out the exact mechanism to be followed. One such ambiguous provision in with respect to sale of Capital goods within five years of its procurement and reversal of […...
Read MoreIncome Tax - Major Change in Schedule CG (Capital Gain) for returns of Assessment Year (AY) 2020-2021 Long term Capital Gain on Listed Securities on which STT has been paid was exempt under section 10 (38) of Income Tax Act (Up to Assessment Year 2018-2019) W.E.F. Assessment Year 2019-2020, Long term Capital Gain on Listed Securities on which [&hellip...
Read MoreCompany Law - Section 129(2) of the Companies Act, 2013 (‘the Act, 2013’) makes it mandatory, on the part of the Board of Directors of the Company, to lay the financial statements of the Company for the financial year before at every Annual General Meeting (AGM). These financial statements should be adopted in that AGM. Section 137(1) of […]...
Read MoreCompany Law - We all have heard about the Mr. Manager of a company. A Manager is a person who manages or is in charge of something. Managers can control departments in companies, or guide the people who work for them. Managers must often make decisions about things. The manager is responsible for overseeing and leading the work of a group of peo...
Read MoreGoods and Services Tax - In this particular write up, I would like to discuss and to cover all the relevant aspect of ITC under GST to the best of my understanding and per the present legal scenario, ITC is one of the most important and most debatable topic under new tax regime i.e. GOODS and SERVICE TAX, it plays […]...
Read MoreGoods and Services Tax - GST updates: ITC Invoice wise detail in Excel zip format available in Table 8A of GSTR-9 on GST Portal A New Tab has been enabled in GST Portal ‘Download Table 8A Document Details’ while filing GST Annual Return. A list of invoices appearing in GSTR-2A auto-populated by the GST Portal in Table 8A of GSTR-9 […]...
Read MoreGoods and Services Tax - Revocation of Registration Applications: Taxpayers can now file application for revocation of cancellation of registration, again, if previous revocation application is rejected. This is in pursuance of ROD Order no. 01/2020, dated 25.06.2020. GSTR-4 (Offline Utility): Offline utility to prepare Form GSTR-4, Annual Return by the compositi...
Read MoreCorporate Law - i. All travelers should submit self-declaration form on the online portal (www.newdelhiairport.in) at least 72 hours before the scheduled travel. ii. They should also give an undertaking on the portal that they would undergo mandatory quarantine for 14 days i.e. 7 days paid institutional quarantine at their own cost, followed by 7 days...
Read MoreCA, CS, CMA - THE INSTITUTION OF Company Secretaries of India IN PURSUIT OF PROFESSIONAL EXCELLENCE Statutory body under an Act of Parliament (Under the jurisdiction of Ministry of corporate Affairs) ICSI/ID/10/2020 5th August, 2020 Important decisions taken by the Council of the ICSI at its meeting held on 30th July, 2020 1. Partial revision for condu...
Read MoreCA, CS, CMA - CSEET shall be conducted through REMOTE Proctored mode instead of conducting the same from Test Centers. Candidates are allowed to appear for the test through laptop/ desktop from home/ such other convenient place. Candidates shall not be allowed to appear through smart phone (mobile)/ tablet etc....
Read MoreEdenred Pte Ltd Vs DDIT (International Taxation) (ITAT Delhi) - The issue under consideration is whether income tax levied on revenue received from IDC agreement, management agreement, and referral agreement as per the India-Singapore DTAA?...
Read MoreTata Steel Ltd. Vs CCEx. & S.Tax (CESTAT Kolkata) - The issue under consideration is whether the appellant, Tata Steel, was entitled to avail option under Rule 6(3)(ii) of the Cenvat Credit Rules?...
Read MoreV3S Infratech Ltd. Vs DCIT (ITAT Delhi) - Impugned penalty order passed by the AO in the name of erstwhile dissolved company is a substantive illegality and not a procedural violation of the nature adverted to in Section 292B;...
Read MoreAbhijit Mishra Vs Union of India & Ors (Delhi High Court) - Whether the public interest litigation (PIL) challenging non-inclusion of advocates in the definition of the word 'professionals' under the MSMED Act, 2006 will be entertained by High Court?...
Read MoreD.S. Brothers Vs Durga Marketing Pvt. Ltd. (NAA) - D.S. Brothers Vs Durga Marketing Pvt. Ltd. (NAA) The brief facts of the case are that an application was filed by the Applicant No. 1 before the Standing Committee on Anti-profiteering, under Rule 128 of the CGST Rules, 2017 alleging profiteering by the Respondent in respect of the supply of “...
Read MoreNotification No. G.S.R.490(E) - (05/08/2020) - Central Government may allow Aadhaar authentication by requesting entities in the interest of good governance, preventing leakage of public funds, promoting ease of living of residents and enabling better access to services for them, for the following purposes, namely:–...
Read MorePress Release No. 2020-2021/148, Press Release No. 2020-2021/149, Press Release No. 2020-2021/150, - (06/08/2020) - Monetary Policy Committee (MPC) at its meeting today (August 6, 2020) decided to: keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4.0 per cent. Consequently, the reverse repo rate under the LAF remains unchanged at 3.35 per cent and the marginal standing facility...
Read MoreNotification No. SEBI/LAD-NRO/GN/2020/25 - (05/08/2020) - 1. These regulations may be called the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette....
Read MoreRBI/2020-21/20 DOR.No.BP.BC/7/21.04.048/2020-21 - (06/08/2020) - The instructions on opening of current accounts by banks have been reviewed and the revised instructions are as under: i. No bank shall open current accounts for customers who have availed credit facilities in the form of cash credit (CC)/ overdraft (OD) from the banking system and all transactio...
Read MoreRBI/2020-21/19 DoR.No.BP.BC/6/21.04.048/2020-21 - (06/08/2020) - Under the extant guidelines, loans sanctioned by banks against pledge of gold ornaments and jewellery should not exceed 75 per cent of the value of gold ornaments and jewellery....
Read MoreConsidering the recent amendments in Income Tax Act, distribution to shareholder / promoter has become challenging, specifically post introduction of section 2(22)(e). The mos...
Read MoreMany people specially who do not file their income tax returns are not aware that they have to pay tax in respect of profits made on sale of a residential house. In certain ...
Read MoreIn McDowell it was held that if a transaction was carried with an intention to avoid taxes it was up to the judiciary to decide whether the same ought to be regarded. In other...
Read MoreSec 80EEA- Deduction in respect of Interest Payable on Loan taken for residential property Assessee is an Individual and taken a loan for purchase of a residential property, h...
Read MoreBudget 2016: In furtherance of the goal of the Government of providing 'housing for all', it is proposed to incentivise first-home buyers availing home loans, by providing add...
Read MoreSection 80DD: Deduction in respect of maintenance including medical treatment of a Dependent who is person with disability. 1. Eligible Assessee: Resident Individual & ...
Read MorePerpetual Depreciation Calculator with Fixed Asset Register. – Automated Fixed Schedule Preparation – Depreciation for entire useful life of assets –...
Read MoreGST Interest and Late Fee Auto Calculator for Extended Due Dates due to Covid 19 in Excel Format Due to Covid 19 pandemic in India, The Indian Government has extended the Due ...
Read MoreAuditors Tool on Depreciation as per Companies Act 2013- Version 2.3 updated upto FY 2019-20 (Released on 08.06.2020) WHAT IS NEW- in this updated Version 2.3 1. Consolidated ...
Read MoreDue to Covid-19, CBDT has reduced the TDS/TCS rate by 25% through press release dated 13/05/2020. However, No official notification is being released by CBDT till now for redu...
Read MoreSimple TDS Rate Chart for Financial Year 2020-21 – Applicable from 14th May 2020 Kindly Note amended rates are been given on the basis of PIB Notification dated 13.05....
Read MoreIn this Article we updates about the normal and Special Income tax rates applicable to different types of taxpayers for Financial Year 2019-20 and 2020-21 i.e. for assessment ...
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