"19 December 2018" Archive

CPA Cover For Vehicle Owners Increased; What It Means For You?

CPA, Compulsory Personal Accident insurance is the new mandate as per the insurance regulator, IRDAI (Insurance Regulatory Authority of India). All the vehicles should be covered by a motor insurance plan as per the Motor Vehicles Act, 1988. It is an offense to ride a bike without a valid driving license and a valid insurance […]...

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Posted Under: Finance |

Applicability of IBC proceedings in Struck off Companies

Can Corporate Insolvency Resolution Process be initiated against a company which has been struck off under Section 248 of the Companies Act, 2013?...

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Posted Under: Finance |

Ind AS Technical Facilitation Group Clarification Bulletin 17

Ind AS 20, Accounting for Government Grants and Disclosure of Government Assistance, has recently been amended in certain respects and consequential amendments have been made to certain other Ind ASs vide notification dated 20th September, 2018 (‘the notification’) issued by the Ministry of Corporate Affairs, Government of India....

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Posted Under: Finance |

Draft Agenda of First Audit Committee & Board committee Meeting for every Financial Year including Directors Disclosures

Draft Agenda of First Audit Committee & Board committee Meeting for every Financial Year including Directors Disclosures Draft AGENDA (For Audit Meeting) Agenda for the 1st Meeting for FY 201…………….. of Audit Committee of ……………………………….. (name of the co.)  Limited to be held on ………….(day), …...

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Posted Under: Finance |

CPA Cover For Vehicle Owners Increased; What It Means For You?

CPA, Compulsory Personal Accident insurance is the new mandate as per the insurance regulator, IRDAI (Insurance Regulatory Authority of India). All the vehicles should be covered by a motor insurance plan as per the Motor Vehicles Act, 1988. It is an offense to ride a bike without a valid driving license and a valid insurance […]...

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Posted Under: Finance |

Section 54F benefit allowable in case of part performance of contract

Smt. Sabita Devi Agarwal Vs ITO (ITAT Kolkata)

section 2(47) laid down that transfer would include a transaction allowing possession of an immovable property in part performance of a contract of a nature referred to in Section 53A of the transfer of Property Act. In the case on hand, part performance of a contract had taken place and possession had been handed over. Thus, the claim of...

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Clarification on Intra-State E-way Bill limit of Rs. One lac in Maharashtra

Corrigendum to Trade Circular No. 36T of 2018 19/12/2018

It is hereby clarified that, there is no change in the monetary limit for the intra-State movement of the goods as provided under the Notification cited at Ref. (1) above. In other words, with effect from 1st July 2018, no e-way bill is required to be generated for the intra-State movement in the State of Maharashtra...

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Transaction under MSA between NES India & NES Abu Dhabi is a Zero rated supply

In re Nes Global Specialist Engineering Services Private Limited (GST AAR Maharashtra)

In re Nes Global Specialist Engineering Services Private Limited (GST AAR Maharashtra) Question :- Whether the transaction in question is a Zero Rated Supply or a Normal Supply under GST ACT? Answer :- In view of the discussions we hold that the transaction covered under the MSA dated between the applicant and NES Abu Dhabi […]...

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GST on installation of Comprehensive ‘CCTV based City Surveillance System’ for Maharashtra Govt.

In re Allied Digital Services Ltd. (GST AAR Maharashtra)

In re Allied Digital Services Ltd. (GST AAR Maharashtra) Comprehensive ‘CCTV based City Surveillance System’ can be termed as immovable property for following reasons: 1) CCTV based Surveillance System have permanently been fastened to the things attached to the earth. 2) The CCTV based Surveillance System cannot not be shifte...

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Benefit of Concessional GST Rate of 12% not available on Contract for business purpose

In re Vijai Electricals Limited (GST AAR Andhra Pradesh)

Now the works under discussion have been undertaken to execute/implement various schemes for constructing sub stations, erection of distribution transformers, implementation of World Bank Projects etc.. Moreover, the above works undertaken by APEPDCL are for business purpose and the benefit of Concessional Rate of 12% (6% under Central ta...

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