"07 January 2020" Archive

Reverse Charge Mechanism in GST Regime with Chart – Updated till date

The concept of reverse charge mechanism was introduced in erstwhile Service Tax laws. Generally, tax is payable by the person who provides Services but under reverse charge mechanism the liability to pay tax has shifted to recipient of Services. ...

Read More

SEBI revised existing Annual System Audit Framework

SEBI/HO/MRD1/ICC1/CIR/P/2020/03 (07/01/2020)

For the Annual System Audit, the following broad areas shall be considered in order to ensure that the audit is comprehensive and effective: a. The Audit shall be conducted according to the Norms, Terms of Reference (TOR) and Guidelines issued by SEBI....

Read More

2nd National GST Conference held for streamlining GST system

Ministry of Finance 2nd National GST Conference held for streamlining GST system Posted On: 07 JAN 2020 6:19PM by PIB Delhi The 2nd National GST Conference of the Commissioners of State Tax and Chief Commissioners of Central Tax was held here today under the chairmanship of Dr Ajay Bhushan Pandey, Revenue Secretary, Ministry of Finance. ...

Read More

Is limitation is applicable to IBC ?

Before discussing the subject, first understand what limitation is. According to section 2 (j) of limitation act 1963 , it is defined as ““period of limitation” means the period of limitation prescribed for any suit, appeal or application by the Schedule, and “prescribed period” means the period of limitation computed in accorda...

Read More

Removal of Difficulties Orders under GST – Upto December 2019

Article compiles Removal of Difficulties Orders issued by CBIC between 01.07.2017 to 31.12.2019. Article Contains Order Number, date of Order, Subject on which orders been passed and Description of order. Orders also been hyperlinked for ready reference of our readers. THE CENTRAL GOODS AND SERVICES TAX (REMOVAL OF DIFFICULTIES) ORDER, 20...

Read More

SAT imposes Penalty for Non-Appointment of CS & Independent Directors

Advance Lifestyles Ltd. Vs BSE Ltd. (Securities Appellate Tribunal)

Advance Lifestyles Ltd. Vs BSE Ltd. (Securities Appellate Tribunal) Appellant made a representation to the authorities requesting for waiver / reduction of the penalty contending that for not appointing the Company Secretary and two independent directors on the Board / audit committee, the penalty may be waived under the exceptional circu...

Read More

Delhi High Court Judgement On ITAT Members Appointments

Union of India & Anr. Vs. Ashok Kumar Saroha and Ors. (Delhi High Court)

In this case two respondents had approached the Tribunal since their applications for selection to the post of Member, Income Tax Appellate Tribunal (‘ITAT’) were not considered as valid since all their APARs were not received before the stipulated date i.e. 30.08.2018....

Read More

Transfer of Physical Shares of Private Limited Company

Before understanding Transfer of Shares of Private Limited Company, we need to understand what is a share??? Shares Shares are units of ownership interest in a corporation. These are Moveable property which can be transferred from one person to another. Transfer of shares 1. Transfer of shares means transferring the Title of shares volunt...

Read More

Additions in Scrutiny Assessments under CASS on ground(s) not in notice

In scrutiny assessments, as a part of the regular procedure, a notice is served u/s 143(2) of the Income Tax Act & the AO proceeds to ask for some information by issuing notice u/s 142(1) & after getting replies from the assessee, proceeds to frame the assessment u/s 143(2). These days, the initial notices served […]...

Read More

Be a Tax Saving Ninja by Equipping Yourself with Right Knowledge

Taxes are an integral part of our economy. They are unavoidable for all individuals who fall in the tax bracket. However, the Income Tax Act offers various exemptions and benefits, which if used smartly can help you save a large portion of your income. However, what you need most for saving tax the right way […]...

Read More