"06 November 2019" Archive

Cabinet approves Special Window for funding of stalled housing projects

Cabinet approves Special Window for funding of stalled Affordable and Middle-Income housing projects The Union Cabinet chaired by Prime Minister Shri Narendra Modi today approved the establishment of a ‘Special Window’ fund to provide priority debt financing for the completion of stalled housing projects that are in the Afford...

Read More
Posted Under: Corporate Law |

Cabinet approves amendment of DTAA between India and Brazil

Cabinet approves protocol amending the Convention between India and Brazil for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income he Union Cabinet Chaired by the Prime Minister Shri Narendra Modi approved the signing of the Protocol amending the Convention between the Government of the Republ...

Read More
Posted Under: Corporate Law |

Accounting of Compensatory Absences (Leave Encashment Obligations)

This note is an attempt in the matter of accounting provisions to be made in financial reporting of enterprises for Compensatory Absences (Leave Encashment Obligations) in compliance of Accounting Standard AS -15 (Revised 2005) issued by Accounting Standard Board of the Institute of Chartered Accountant of India....

Read More
Posted Under: Corporate Law |

Methodology for computation of provisional input tax credit (20%) under rule 36 of GST

Whether the new rules (imposing the restriction of 20% on input tax credit (‘ITC’)) could be implemented without notifying Section 43(A) of the CGST Act? Whether amendment in Rule 36 of the CGST Rules, 2017 could be brought about, leaving the recipient at the whims of the supplier, thereby violating a person of its substantive right ...

Read More
Posted Under: Corporate Law |

Goods & Service Tax Input Tax Credit

Any registered person can avail credit of Input tax paid on the inward supply of goods or services or both which is used or intended to be used in the course or furtherance of business. He is in possession of tax invoice or any other specified tax paying document....

Read More
Posted Under: Corporate Law |

Nitty Gritty of Online Proficiency Test for Independent Director

Presently, every listed Company and other prescribed unlisted Public Company required to appoint independent Director are not obliged to pick them from any data bank. It can appoint any person satisfying the pre-requisites under the Companies Act, 2013 (‘the Act’) and the Listing Regulations as applicable mainly having no relation to ...

Read More
Posted Under: Corporate Law |

Annual GST return made non-mandatory for small business…Should we file or not?

G.S.T. council after its 37th Meeting recommended that the Annual Return (GSTR 9 and 9A) under the G.S.T. should be made optional considering the fact, it is a new regime and there are problems faced by the tax payers in filling it for those registered persons whose aggregate turnover in a financial year does not […]...

Read More

Concessional GST Rate not applicable on Civil work for Kerala State Electricity Board

In re M/s. R.S. Development & Constructions India Pvt. Ltd. (GST AAR Kerala)

The predominant nature of supply is construction of part of Dam ie, construction of various structures of dam like tunnels etc. Such structures are covered by the definition of Dam as per The Dam Safety Bill, 2019 which was placed in the Lok Sabha....

Read More

J&K HC dismisses plea challenging alleged house arrest of Farooq Abdullah

Muzaffar Ahmad Shah & ors. Vs  State of J&K & ors (Jammu & Kashmir High Court)

The Jammu and Kashmir High Court declined to entertain pleas filed by the kin of former Chief Minister Farooq Abdullah challenging their alleged house arrest by the State. High Court held that In writ proceedings, a fact is to be supported and proved by authentic documentary evidence. Press cuttings cannot be relied upon as authentic docu...

Read More

Guidance Note on Division III – Schedule III to Companies Act, 2013

Guidance Note on Division III to Schedule III to the Companies Act 2013 provides guidance on each of the items of the Balance Sheet & Statement of Profit and Loss. Few illustrations have also been included on application of the principles provided in the Guidance Note....

Read More
Posted Under: Corporate Law |