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Archive: 19 August 2019

Posts in 19 August 2019

Treatment of Farm-in expenditure incurred by Oil E&P Companies

August 19, 2019 2385 Views 0 comment Print

It is common international practice for the upstream companies to buy (farm-in) and sale (farm-out) their PI in the PSC or similar contracts with the Government and thereby to share risk, bring new and niche expertise and technologies.

Companies (Share Capital and Debentures) Amendment Rules, 2019- Analysis

August 19, 2019 16575 Views 0 comment Print

Recently, The Ministry of Corporate Affairs came up with a notification dated 16th August, 2019 pursuant to which the Central government notifies the Companies (Share Capital And Debentures) Amendment Rules, 2019 to further amend the Companies (Share Capital and Debentures) Rules, 2014:- 1. In Rule 4, in sub-rule (1) of Companies (Share Capital and Debentures) […]

Ind AS -116 Leases

August 19, 2019 167832 Views 5 comments Print

Overview of Ind AS-116 ♠ The Ministry of Corporate Affairs (MCA) notified Ind AS 116, the new leases accounting standard on 30th March 2019 with the effective date of its application from 1st April 2019. Ind AS -116 replaces the current guidance in Ind AS-17, ‘Leases’. ♠ Ind AS 116 defines a lease as a […]

Commission or brokerage [Section 194H]

August 19, 2019 29070 Views 2 comments Print

Any person who is responsible for paying any income by way of commission (other than insurance commission) or brokerage to a resident shall deduct income tax at the rate of 5% under Section 194H of Income Tax Act, 1961. However, an individual or HUF whose total sales, gross receipts or turnover from the business or […]

Registration for works contract under GST

August 19, 2019 75546 Views 7 comments Print

Registration under GST is state centric. As per Sec 22(1), every supplier shall be liable to be registered under GST,  in the State or Union territory, from where he makes taxable supply of goods or services or both, if his aggregate turnover in a F.Y exceeds threshold limit.  In case of inter-state supply of goods, […]

Comprehensive cases summary of Captive Service Providers Jan 19 to July 19

August 19, 2019 534 Views 0 comment Print

Download comprehensive cases summary of Captive Service Providers- January 2019 to July 2019 from the link given below-    

PML (Maintenance of Records) Third Amendment Rules, 2019

August 19, 2019 2859 Views 0 comment Print

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

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