"13 December 2019" Archive

Maharashtra State Finance Audit Report of Comptroller and Auditor

Chapter I is based on the audit of Finance Accounts and makes an assessment of the Maharashtra Government’s fiscal position as on 31 March 2018. It provides an insight into trends of committed expenditure and the borrowings made by the State Government....

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Posted Under: Finance |

Independent Director Proficiency Test Amendments 2019

Independent Director Amendments On October 22, the Ministry brought the notification on the appointment and qualification of independent directors. The amended rules Companies (Appointment and Qualification of Director) Fifth Amendment Rules, 2019, – Companies (Creation and Maintenance of databank of Independent Directors) Rules, 20...

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Posted Under: Finance |

Liquidity Support (LS) Facility – NEFT 24 x 7

RBI/2019-20/115 FMOD.MAOG.No.138/01.01.001/2019-20 (13/12/2019)

In order to facilitate smooth settlement of NEFT transactions in the accounts of the member banks maintained with the Reserve Bank in a 24x7 environment, it has been decided to provide an additional collateralised intra-day liquidity facility, to be called Liquidity Support (LS)....

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Tax Havens and Developing Countries: Policy Challenges in post BEPS Regime

Tax havens create huge challenges before countries in terms of shifting of profits, flight of capital, hiding of unaccounted wealth & other assets of tax residents of countries and providing a safe haven for parking corruption proceeds from where it is ultimately laundered back into source countries....

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Posted Under: Finance |

First GST AA Decision- Section 129 proceeding cannot be initiated for Minor mistake(s) in e-way bill

M/s K.B Enterprises Vs Asst. Commissioner State Taxes & Excise (Appellate Authority, Himachal Pradesh)

In case a consignment of goods is accompanied with an invoice or any other specified document and also an e-way bill, proceedings under section 129 of the CGST Act may not be initiated in case of minor mistakes like error in one or two digits/characters of the vehicle number....

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NAA found builder Guilty of Not passing ITC benefit of 4.36 Crore to Customers

Smt. Mamta Aggarwal Vs GLS Infratech Pvt. Ltd. (National Anti-Profiteering Authority)

Smt. Mamta Aggarwal Vs GLS Infratech Pvt. Ltd. (National Anti-Profiteering Authority) Authority determines the profiteered amount as Rs. 4,35,53,927/- (inclusive of applicable GST @ 12% or 8%) for the 1075 residential units for the period from 01.07.2017 to 31.08.2018 as per the details furnished by the DGAP vide Annexure-20 of his above ...

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Transfer Pricing Audits in the Case of a Service Provider

Two issues are important for determining the arm’s length price of the services provided to foreign affiliate by an Indian service provider. These are proper determination of cost base on which arm’s lengthy mark- up will apply and the mark-up. The article deals with the issue of constituents of cost base. Hopefully, the proper determ...

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Posted Under: Finance |

Analysis of Section 115BAA of Income Tax Act,1961

Section 115BAA so inserted, provides that,- (a) A domestic company shall at its option, pay tax at a lower rate of 22 per cent for any previous year relevant to the Assessment Year beginning on or after 1st April 2020, subject to certain conditions, including that the total income should be computed without claiming any […]...

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Posted Under: Finance |

All about One Person Companies (OPC)

A One Person Company (OPC) is the latest variety of business in India projected by the companies Act, 2013. A forward-thinking plan was launched that promotes the incorporation of micro-businesses and persons with entrepreneurial concepts and to provide uplift to entrepreneurs who have high potential to start their venture by allowing the...

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Posted Under: Finance |

Interest on delayed payment of GST A Critical Analysis

Many articles and webinars are prepared for interest levy and mainly focus is kept on interest on gross liability or net liability, however my concern is with regard to duration of tax unpaid for which interest is to be paid and manner of calculation of interest. When you go through the provisions of Section 50 […]...

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Posted Under: Finance |

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