"08 October 2019" Archive

FM’s Corporate Tax Sop- MSME & Common Man Dismayed

The Finance Minister announced certain bold measures to give boost to the ailing Economy of the country, a fortnight ago. New Sections 115 BAA & 115 BAB were introduced in the Income Tax Act with the aim of reducing Income Tax on the Corporate Sector to enable the Companies to boost production, bring in new […]...

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Posted Under: Income Tax |

GST system is still in a trial and error phase: Delhi High Court

The Tyre Plaza Vs Union of India & Ors. (Delhi High Court)

The Tyre Plaza Vs Union of India & Ors. (Delhi High Court) Learned counsel for the Petitioner points out that in the present case, the eligibility of the Petitioner to claim the input tax credit (ITC) has not been doubted by the Respondents. However, for no fault of the Petitioner, despite repeated attempts, it could […]...

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Company Law vis-à-vis the IBC Code

The transformation of the Indian economy from being a license-raj regime to the present business-friendly destination of foreign investment has been an arduous one. Central to this success story is the sweeping changes made in the regulatory space with the new Goods and Services Tax and the Insolvency and Bankruptcy Code, 2016 (Code) as t...

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Posted Under: Income Tax |

Frontiers of Corporate Governance – an Aid to Insolvency Framework

Multiple examples have come to light in the last two decades where mis-governance in corporations has led to significant market wide impact across jurisdictions. The remedial measures have resulted in enactment of strong corporate governance laws....

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Posted Under: Income Tax |

Safe Harbours in Insolvency Proceedings

Mr. Umiikrishnan A. * What is a ‘safe harbour’ in insolvency proceedings and what is its impact? How do we justify the existence of such carve-outs in insolvency laws, which apparently do violence to the very fabric and object of insolvency proceedings? Does India require such safe harbours? If so, to what extent? Time and [&h...

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Posted Under: Income Tax |

Institutional framework for regulation and development of Valuation Professionals

Press Release No. IBBI/PR/2019/28 08/10/2019

Invitation of public views / suggestions on the Institutional framework for regulation and development of Valuation Professionals The Ministry of Corporate Affairs, vide its Order dated 30th August 2019, has constituted a Committee of Experts to examine the need for an Institutional framework for regulation and development of valuation...

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4 Big Mistake People makes in GSTR 3B & then in GSTR 9

Mistakes People makes in GSTR- 3B which may leads to wrong reporting in GSTR 9 After filling some Annual return GSTR 9, WE have found that, many people are making following 4 mistakes in day-to-day accounting. That leads to wrong reporting in GSTR 3B & then leads to wrong reporting in GSTR 9. Mind well, […]...

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Posted Under: Income Tax |

Income Tax Amendments August & September 2019

THE TAXATION LAWS (AMENDMENT) ORDINANCE, 2019 1. Tax on income of certain domestic companies- Option for Domestic Company for concessional tax rate of 22% (excluding surcharge & cess) subject to the condition that they will not avail any exemption/incentive. Exemptions / benefits that cannot be availed are listed below: Additional Dep...

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Posted Under: Income Tax | ,

Steps to Register A Private Limited Company in India & Compliance

The government of India has taken some major steps to keep in pace, the growth rate of India and to overcome the situation of recession. For increasing employment and manufacturing activities in India 2 New Income Tax section has been introduced Sec-115BAA and Sec-115BAB in which corporate tax rate has been reduced to 22% & […]...

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Posted Under: Income Tax |

Deemed Export and It’s Refund Under GST

Related Provisions 1. Section 2(39), 147, 54(1), Explanation 1, 2(b) of CGST act, 2. 2nd Proviso to Rule 89(1) 3. Notification 47/2017-CGST, 48/2017-CGST, 49/2017-CGST, 01/2019-CGST What is Deemed Export 1. Definition of Deemed export 2(39) “deemed exports” means such supplies of goods as may be notified under section 147; 2. Section ...

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Posted Under: Income Tax |

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