"13 February 2019" Archive

What is CERTIFICATE OF COMMENCEMENT OF BUSINESS ?

Under the newly introduced Companies (Amendment) Ordinance 2018, all companies registered in India after the commencement of the Companies (Amendment) Ordinance, 2018 and having a share capital is required to obtain commencement of business certificate before commencing any business or exercising any borrowing powers. Since The Companie...

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Posted Under: Company Law |

Amendment in Debit Note or Credit Note Under GST wef 01.02.2019

Understanding the requirement of issuance of a debit note or credit note, in simple terms, means when the goods being supplied are returned back or when there is any revision in the invoice value, the debit note or credit note is being issued by the supplier and the receiver of the goods / services. The provisions […]...

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Posted Under: Company Law |

Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2019

Notification No. G.S.R. 108(E) 13/02/2019

1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2019. (2) They shall come into force on the date of their publication in the Official Gazette....

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Specified Goods and Services under GST Reverse Charge Mechanism

Specified Reverse Charge Under GST (As Updated Till 31-Jan-2019 )- Under Reverse charge  mechanism  recipient of the goods and/or services is liable to pay GST instead of the supplier. As per the provisions of section 9(3) of CGST / SGST (UTGST) Act, 2017 / section 5(3)of IGST Act, 2017, the Government may, on the recommendations [&hell...

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Posted Under: Company Law |

Use of robotics and Optical character reader for accounting & return filing

As we are progressing  towards a world full of process automation, the use of new technology to make the accounting and return filing process integrated, accurate and less time consuming is becoming a reality much faster. This does not mean that it will do away the need of humans in processing, but will surely automate […]...

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Posted Under: Company Law |

Issues Relating To Determining And Disclosing Outward Supply In Annual GST Return

Goods and Service Tax revolves around the occurrence of the event supply, the whole concept of indirect taxation in the new GST regime have changed from the point of ‘manufacture’ under erstwhile central excise law or providing of ‘service’ under erstwhile service tax law or point of ‘sale’ under erstwhile Sales Tax/ VAT law t...

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Posted Under: Company Law |

Taxability of Lump sum Payments or Monthly Financial Assistance

Lump sum Payments or Monthly Financial Assistance made gratuitously or by way of compensation or otherwise to window / other legal heirs of employee after his death is taxable or not...

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Posted Under: Company Law |

Selection of Most Appropriate Method – whether mandatory under transfer pricing regime?

M/s. CLSA India Private Limited Vs DCIT (ITAT Mumbai)

M/s. CLSA India Private Limited Vs DCIT (ITAT Mumbai) Facts of the case: The assessee company, i.e. CLSA India Private Limited is a subsidiary of Credit Lyonnais Securities Asia (CLSA) incorporated in Netherlands. The assessee is primarily engaged in the business of equity broking. The assessee’s customers comprise of foreign institutio...

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Interim budget has good news for property owners as well

This interim budget as expected intends to harvest good votes in the election season and has therefore proposed various beneficial proposals for small tax payers It  proposes various provisions which are beneficial for the owners of property. Let us discuss. Enhancement for limit on TDS on rent The Finance Minister (FM) has proposed to e...

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Posted Under: Company Law |

GST on Manpower Supply services to Panchayats for operation of tube well & booster of drinking & irrigation water supply

In re R. R. Enterprises (GST AAR Haryana)

In re R. R. Enterprises (GST AAR Haryana) Whether the provision of services (Manpower Supply) of tube well operator for operation of tube well and booster of drinking and irrigation water supply in various villages covered under Panchayat are exempt or taxable? It is case of the applicant that services supplied by it are exempted, [&helli...

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