"July, 2018" Archive - Page 20

Insolvency Code – Designer Haircuts

This article looks at the big picture on the quality of the Insolvency Process, that the Code has set rolling, in terms of the quality of results. The initial setbacks did not result in the authorities attempting quick fix solutions to the bane of Indian economy, the unscrupulous promoters who have used every reform to their benefit, faci...

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Posted Under: Corporate Law |

Form 16/16A v/s 26AS online annual statement

Form 16 or 16A are provided by employer to employee as a proof of tax deduction. At the end of the financial year, tax payers file their income tax returns (ITR) from the income tax details provided in form 16 or 16A. On the other side, as a part of e-governance, tax payer is provided 26AS annual statement showing his total TDS deducted d...

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Posted Under: Corporate Law |

Insolvency Code Series – The Need for Speed

The Insolvency and Bankruptcy Code was promulgated in late 2016, with Resolution being the soul of the Code. There are many pillars of the Code, but when it comes to implementation, the main pillar is time bound execution, which we look at in this part....

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Posted Under: Corporate Law |

A glance on Audit under GST Act

In terms of Section 2(13) of the CGST Act, 2017, GST audit means the examination of records, returns and other documents maintained or furnished by the registered person under this Act or the rules made thereunder or under any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claimed ...

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Posted Under: Corporate Law |

Removal of Disqualification of Director

In September, 2017, ROC barred or disqualified around 3,09,614 directors for the five years due to non-compliance of the provision of the Companies Act. After this action the DIN and DSC of all the disqualified directors can’t be used in filing of any document and such director need to resign from all the Companies....

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Posted Under: Corporate Law |

Reduction in GST rates on several goods – Anti-Profiteering alert!!!

The recently concluded 28th meeting of GST Council has recommended changes in the GST rates on several goods and brought down the GST rates on number of products bringing as many as 88 products in lower tax slab. ...

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Posted Under: Corporate Law |

Service Under GST – An analysis

Article 366(12) of Constitution defines goods to include all materials, commodities and articles. Constitution (101 Amendment) Act, 2016 inserted in clause 366(26A) definition of services to mean anything other than goods....

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Posted Under: Corporate Law |

Clarity On Pre-Deposit Before CESTAT

Pre-deposit means the deposit of amount of duty (service tax) and penalty pending the disposal of the appeal. According to Section 35F of the Central Excise Act, 1944, any person desirous of appealing against the order shall pending the appeal, deposit the duty demanded or penalty levied thereon....

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Posted Under: Corporate Law |

CBDT notifies authority U/s. 138 for furnishing information to CEIB

F.No. 225/245/2018/ITAJI (25/07/2018)

Order under section 138(1)(a) of Income-tax Act, 1961 dated 25.07.2018 issued by the Central Board of Direct Taxes (CBDT), specifying income-tax authorities for furnishing specified information to Director General, Central Economic Intelligence Bureau (CEIB), Department of Revenue, Government of India...

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CBDT notifies Central Economic Intelligence Bureau u/s 138 of Income-tax Act

Notification No. 34/2018- Income Tax (25/07/2018)

Central Government, hereby specifies Director General, Central Economic Intelligence Bureau (CEIB), Department of Revenue, Government of India under section 138(1)(a)(ii) of the Income-tax Act, 1961 vide Notification No. 34/2018- Income Tax dated: 25th of July, 2018...

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