"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 |

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 |

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 |

Nuances of Schedule III transactions of CGST Act which not treated as supply

Schedule III of the CGST Act, deals with those areas which can be neither treated as supply of goods nor treated as supply of services. This schedule deals with those goods/services other than that which has been kept constitutionally out of the ambit of GST being alcoholic liquor of human consumption and the items for […]...

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Posted Under: Company Law |

Taxation of Reimbursement Expenses in GST

Reimbursement involves being repaid of what has been spent and restoring to an equivalent of something which has been paid. ‘Reimbursement expenses‘  have always been a point of debate in indirect tax laws. It is associated with the consideration flowing from one person to another and whether it forms a part of consideration ...

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Posted Under: Company Law |

11 Initiatives taken by MCA towards Ease of Doing Business

Initiatives taken by the Ministry towards Ease of Doing Business 1. Ministry of Corporate Affairs has provided exemption to private companies through Companies (Amendment) Act, 2015, wherein the requirement for minimum paid up capital was removed. 2. Central Registration Centre(CRC) was established by MCA under Section 396 of the Companie...

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Posted Under: Company Law |