"19 September 2019" Archive

XBRL-eXtensible Business Reporting Language

INTRODUCTION eXtensible Business Reporting Language (XBRL) is an emerging technology standard, which promises to bring “better, faster, cheaper” data to organizational decision-making, and specifically to business and financial reporting. XBRL provides a computer-readable tag to identify each individual item of data, whereby, a busine...

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Posted Under: Company Law |

Subsidy under TUFS scheme was capital receipt and not taxable

PCIT Vs Nitin Spinners Ltd. (Rajasthan High Court)

In the given case the issue under consideration is that the amount claimed as capital receipts, by the assessee are taxable and have to be treated as income or not?...

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Extend due date for filing audited Income tax reports / Returns

The Punjab Accountants Association requested to extend due date for uploading and filing audited tax reports by Assesses till 30th November, 2019. They have submitted the representation to Ms. Nirmala Sitharaman, Honorable Union Finance Minister, Government of India. Text of the Representation is as follows:- THE PUNJAB ACCOUNTANTS ASSOCI...

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Posted Under: Company Law | ,

Latest Update in GST including New Return System and road ahead

SCHEME OF PRESENTATION > Present System of Filing – GSTR 1 & GSTR 3B > Simplified New Return System √ Key Features of Monthly Return √ Key Features of Quarterly Return √ Brief Overview Transition to New Return System Download PPT on Latest Update in GST including New Return System PRESENT SYSTEM OF FILING GSTR […]...

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Posted Under: Company Law |

Section 138 NI Act: Legal Heirs Can Challenge Conviction of deceased Convict

M. Abbas Haji Vs. T.N. Channakeshava (Supreme Court of India)

The legal heirs, in such a case, are neither liable to pay the fine or to undergo imprisonment. However, they have a right to challenge the conviction of their predecessor only for the purpose that he was not guilty of any offence....

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Executive order cannot curtail statutory tenure appointment

Ramji Bharti Vs State of Chhattisgarh (Chhattisgarh High Court)

Ramji Bharti Vs State of Chhattisgarh  (Chhattisgarh High Court) The constitution Bench of Supreme Court in Sant Ram Sharma v. State of Rajasthan and others AIR 1967 S.C. 1910 held that it is true that the Government cannot amend or supersede the statutory rules by administrative instruction, but if the rules are silent on any […]...

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Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS 2019)

In the Union Budget 2019-20, the Finance Minister announced the Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019. The Scheme has now been notified and will be operationalized from 1st September 2019 and it will continue till 31st December 2019....

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Posted Under: Company Law |

Does MGT-9 Forms a Part of Board’s Report?

Q.) DOES MGT-9 FORMS A PART OF BOARD’S REPORT? Biggest confusion facing by our professionals is whether MGT-9 will be part of the Board’s Report or not. According to Companies Amendment Act, 2017 w.e.f. 31.7.2018 i.e. read with notification dated 31st July, 2018 provision in relation to MGT-9 has been removed from Section 134 and a ...

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Posted Under: Company Law |

Different types of Audits /Reviews under GST

Introduction: In a conventional sense, audit means scrutiny, verification of documents, events and processes in order to verify facts and to draw conclusions regarding the correctness of recording of facts and the efficiency of system under study. Today, the concept of audit in general has under gone change from a transactional audit to a...

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Posted Under: Company Law |

IBC: Interim Resolution Professional-time to analyze his role & performance

As an Insolvency professional since 2018 and just requesting Adjudicating authority(one of the court judges of NCLT, New Delhi, in simpleton’s language) to relieve me of the duties as Interim Resolution Professional, after completion of task assigned, I am left with the thinking to analyze who is an interim resolution professional(IRP),...

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Posted Under: Company Law |

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