This explains the whole anatomy of the declining interests of exporters in investing in Special Economic Zone (SEZ). Let's have a glimpse on the current situation of SEZ....
Read More
Jagadamba Hardware Stores Vs Union of India (Chhattisgarh High Court) -
In the given case the relief sought for by the petitioner in the present writ petition is for issuance of a writ to the respondents granting permission to the petitioner to submit TRAN-1 form electronically by opening electronic portal or in the alternative allow the petitioner to tender the form manually and thereafter the petitioner's c...
Read More
1. In many industries (e.g. automobiles, FMCG, etc.) various kinds of discounts/incentives are given to the distributors on achieving certain sales targets. Issue therefore for discussion and analysis is whether such discounts/incentives can be considered as a separate consideration against any services supplied by such distributors. 2. A...
Read More
IGST refund allowed even if CG imported under EPCG Scheme for the period of July 1, 2017 to October 12, 2017 The Hon’ble HC, Gujarat in the matter of M/S Prince Spintex Pvt Ltd v. Union of India [R/Special Civil Application No. 20756 of 2018 dated February 3, 2020] allowed refund of IGST paid on […]...
Read More
In this article, I have tried to cover important questions relating to Non Banking Financial Company (NBFC) in question and answer mode. I hope you grab and increase your knowledge by reading this article. Article explains What is a Non Banking Financial Company (NBFC), Are there different types of Non Banking Financial Company (NBFC), ...
Read More
Place of Effective management means a place where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole are, in substance, made....
Read More
Article contains Significant Features of SPICe+, SPICe+ Procedure To Incorporate A New Company W.E.F. 23rd February, 2020, Forms Linked To SPICe+ and Steps To Upload SPICe+. Pursuant to Companies (Incorporation) Amendment Rules, 2020 MCA has taken another initiative for the speedy incorporation of the Company in order to promote the eas...
Read More
Ms. Pepsico India Holdings Pvt. Ltd. Vs Commissioner of Central Excise (CESTAT Chennai) -
The appellant is engaged in the manufacture of aerated water and beverages which are sold under the brand 'Nimbooz' from March 2009 onwards. The issue under consideration is classification of 'Nimbooz'....
Read More
Neville Nadir Mistry Vs Board of Discipline (Appellate Authority of ICAI) -
Neville Nadir Mistry Vs Board of Discipline (Appellate Authority) only a member of the Institute can file an appeal before the Appellate Authority if he is aggrieved by any order as provided under Section 21 A(3) or Section 21B(3) of the Chartered Accountants Act, 1949. During the course of arguments, the complainant conceded that under [...
Read More
PCIT Vs Nitin Spinners Ltd. (Rajasthan High Court) -
In the given case the issue under consideration is that the amount claimed as capital receipts, by the assessee are taxable and have to be treated as income or not?...
Read More
Anuj Jain Interim Resolution Professional for Jaypee Infratech Limited Vs Axis Bank Limited Etc. (Supreme Court) -
Anuj Jain Interim Resolution Professional for Jaypee Infratech Limited Vs Axis Bank Limited Etc. Etc (Supreme Court) While setting aside the judgment dated 1st August, 2019 of the NCLAT on avoidance of certain transactions under section 43, 45 and 66 of the Code whereby CD had mortgaged its properties for the financial assistance to JAL [...
Read More
A.C.I.T. Vs Neptune Industries Ltd. (ITAT Ahmedabad) -
Where the existing company acquired all the assets and liabilities of the partnership firms in the manner as provided under section 47(xiii) then the same would not be considered as transfer and there was no requirement under the provisions of section 47(xiii) that the firms should be converted into the company....
Read More
Commissioner of Central Excise And Service Tax Vs Pipavav Shipyard Limited (Gujarat High Court) -
Commissioner of Central Excise And Service Tax Vs Pipavav Shipyard Limited (Gujarat High Court) Conclusion: Fabrication of various cranes which were embedded to earth could be treated as excisable goods within the meaning of Capital Goods defined in Cenvat Credit Rules, 2004 and the Cenvat Credit availed of Inputs/Capital Goods like HR ...
Read More
NAA Vs Hardcastle Restaurants Pvt. Ltd. & Ors. (Supreme Court) -
In the given case, a batch of writ petitions are pending before the High Courts of Delhi, Bombay and Punjab and Haryana in which the constitutional validity of Section 171 of the Central Goods and Services Tax Act 2017 read with Rule 126 of the Central Goods and Services Tax Rules 2017 and other cognate provisions, is under challenge. ...
Read More
Sureshbhai Gadhecha Vs State of Gujarat (Gujarat High Court) -
As per clause (b) of sub-section (2) of section 6 of the Goods and Services Tax Act, it was provides that where a proper officer under Central Goods and Services Tax Act has initiated any proceedings on a subject matter, no proceedings shall be initiated by the proper officer under that Act on the same subject matter....
Read More
Summary of Important Circulars for Bank Branch Audit (FY 2019-20-PSB/SCB Bank Branch) Brief Background: The Reserve Bank of India (RBI) at frequent interval issues various circulars/notifications/guidelines applicable to all the regulated entities viz. Scheduled Commercial Bank’s (SCB’s), Regional Rural Banks (RRB’s), Non-Banking Fi...
Read More
Annual GST Return – 9 for Financial Year 2018-19 – Errors – Rectification Required Hope you might be aware of the due date to file GSTR-9 (Annual Return) & GSTR-9C (Reconciliation Statement) for the financial year 18-19 is 31/03/2020 via Order No. 08/2019-Central Tax dated 14.11.2019. However few registered persons &...
Read More
We know that among all the means of transportation of liquid products (like oil, Gas, water etc) pipeline is the most economical and efficient means of transportation. A common question arises whether the Input Tax Credit (ITC) is available on pipeline cost. Pipeline cost are of two types 1. Erection cost of pipeline (Capital Expenditure)...
Read More
The Indian regulators of the financial market have changed the landscape of investments, advisory and management fee structure of financial products. Well, I am speaking to that segment of the BFSI industry which is called Mutual Funds and AMC. The way the regulators have brought down the expense ratio and brought transparency in product ...
Read More
Article contains Comparative Analysis of Companies (Auditor’s Report) Order, 2003 (CARO 2003), Companies (Auditor’s Report) Order, 2015 (CARO, 2015), Companies (Auditor’s Report) Order, 2016 (CARO, 2016) and Companies (Auditor’s Report) Order, 2020 (CARO 2020). Download – CARO 2020 – Comparative Insight...
Read More
1. What is Pension? Pension is described in Section 60 of the CPC and Section 11 of the Pension Act as a periodical allowance or stipend granted on account of past service, particular merits, etc. It involves three essential features. Firstly, pension is a compensation for the past service, secondly, it owes its relationship to a past emp...
Read More
Whether an assessing officer is required to entertain and consider a fresh claim or a modification in a claim made at any time before the completion of assessment u/s 143(3) of the income-tax act....
Read More
In case of a business of trading in shares assessee may transfer some of his stock in trade into his capital asset by deciding to hold it as an investment or on discontinue of delivery based trading of shares, convert the stock of shares into investments and sell the same at a later stage and pay tax on the profit as capital gain instead ...
Read More
Government has mandated reporting in statement of financial transaction commonly known as AIR Return of Cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregates to ̶ (i) twelve lakh fifty thousand rupees or more, in one or more current account of a person; or (ii) two lakh fifty thousand rupees or more, in on...
Read More
In the Companies Act 2013, the procedure for the increase in the Authorised share capital has been governed in sections 61 and 64 of the Companies Act 2013. In any case related with the share capital in the process of increasing the paid-up share capital of the company by issuing the fresh equity shares, the […]...
Read More
MINISTRY OF CORPORATE AFFAIRS (MCA) vide its Order dated February 25, 2020 substituted the Companies (Auditor’s Report) Order, 2016 by Companies (Auditor’s Report) Order, 2020 after consultation with the National Financial Reporting Authority (NFRA) constituted under section 132 of the Companies Act, 2013. It shall come into f...
Read More
AIFTP has an 'Indirect Tax (GST) Representation Committee' as well as 'Direct Tax Representation Committee' to monitor and suggest the right path for a well-designed and ideal Indirect & Direct Tax Regime as well as to educate the tax fraternity about the finer aspects of the Tax Law implemented in our country....
Read More
A series of events overtook me few months back in such a way that I felt left alone amidst people. I know not why but when the feeling of loneliness comes, its effect is sometimes devastating leading to depression. Is it because I smile when I actually want to cry, I talk but I want […]...
Read More
Accounting and Billing Software Providers can enrol with GSTN to receive regular updates on e-invoice. An e-invoice standard has been finalized after consultation with trade/industry bodies as well as ICAI. Adoption of this new standard ensures complete inter-operability of e-invoices across the entire GST eco-system. The new system elimi...
Read More
What is an FLA Return As per Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017, an Annual Return on Foreign Liabilities and Assets (FLA) is required to be filed by Indian company which has received FDI or made ODI abroad or an LLP which has received investment […]...
Read More
Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018 27th February 2020 The Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to t...
Read More
NA -
(29/02/2020) -
The highlight of the search is the discovery of hidden cloud servers other than the servers regularly used by the group for accounting, containing unaccounted transaction details often referred by the group as kaccha accounts....
Read More
Companies (Auditor’s Report) Order, 2020 (CARO 2020) v/s Companies (Auditor’s Report) Order, 2016 (CARO 2016) Salient Differences Between Companies (Auditor’s Report) Order, 2020 & Companies (Auditor’s Report) Order, 2016 :- Clause Companies (Auditor’s Report) Order, 2020 Companies (Auditor’s Report) Order, 2016 (i...
Read More
Kindly note that we have been issued a demand notice stating that there was a delay in filing of GSTR 3B for the period of July’2017 to Dec’2019 and accordingly we are liable to pay interest under section 50 of the CGST Act, 2017....
Read More
Ministry of Corporate Affairs amended the Companies (Appointment and Qualification of Directors) Rules, 2014. As per the amended Rule 6(1) every individual who has been appointed as an independent director in a company, on the date of commencement of the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019, s...
Read More
National Plywood Industries Ltd. Vs Union of India And Anr. (Gauhati High Court) -
National Plywood Industries Ltd. Vs Union of India And Anr. (Gauhati High Court) In the given case the issue under consideration is whether the order of moratorium of the National Company Law Tribunal also covers the proceeding pending before the GST authorities under the GST Act 2017? The Hon’ble National Company Law Tribunal, Guwahati...
Read More
PCIT Vs Vibhadeep Investment & Trading Ltd. (Bombay High Court) -
In the given case, Revenue has challenged the order passed by the ITAT. Here issue under consideration is that, whether, waiver off loan on account by the lender on account of one time settlement of loan can be termed as revenue receipt or not?...
Read More
SAMPLE CO-WORKING MEMBERSHIP AGREEMENT 1. General In consideration for the mutual benefits exchanged by the The Pillar (the ‘Company’) and the undersigned (‘You’, the ‘Member’, collectively the ‘Parties’), the Parties hereby agree, warrant, consent and covenant to the following terms, condit...
Read More
Circular No. 15/2020-Customs -
(28/02/2020) -
It has now been decided to extend the facility of automated clearance of Bills of Entry to all customs formations where the Customs EDI system is operational, with effect from 05.03.2020....
Read More
Notification No. G.S.R. 145(E) -
(28/02/2020) -
Companies (Appointment and Qualification of Directors) Amendment Rules, 2020. Provided that an individual shall not be required to pass the online proficiency self-assessment test, when he has served as a director or key managerial personnel, for a total period of not less than ten years, as on the date of inclusion of his name in the dat...
Read More
Notification No. S.O. 911(E) -
(28/02/2020) -
Central Government hereby extends the term of appointment of Shri Ajay Tyagi as Chairman of the Securities and Exchange Board of India for a period of six months beyond 29.02.2020 or until further orders, whichever is earlier....
Read More
Payment solutions provider SBI Cards and Payments Services Ltd., a subsidiary of India’s largest public lender State Bank of India (SBI), is set to launch its Rs10,352cr IPO on March 02, 2020. The much-awaited SBI Cards IPO will be open for four days, unlike most other IPOs that usually remain open for 3 days. What’s […]...
Read More
1. Who is GTA? GTA means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called. 2. What are the rates of GST for GTA? GTA have the option to charge GST at the rate of 2.5% or 6% CGST (equivalent SGST and 5%, […]...
Read More
Why Actuarial Services of A Qualified Actuary is needed for computation of Gratuity Liability by Private Schools & Private Universities at Financial year end ? This article is in continuation with my earlier article “Payment of Gratuity Act is fully applicable to Teachers in Schools“. This article is attempt to give th...
Read More
Section 56 – Companies Act, 2013– Transfer and Transmission of Securities A company shall not register a transfer of securities of the company, or the interest of a member in the company in the case of a company having no share capital, other than the transfer between persons both of whose names are entered as […]...
Read More
As many of you may be aware of New Incorporation E Web Form to Ease of Doing Business (EODB) initiatives, introduced by Ministry of Affairs (MCA) for all new incorporation as on 23rd February 2020. In that SPICE+, AGILE PRO, SPICE+ AOA, SPICE+ MOA, URC-1 are there. We are here to support on all the […]...
Read More
Mr X has paid a health insurance premium amounting to INR 11,800 which included GST of INR 1800.Whether, Mr X be eligible for a deduction under section 80 D of the Income Tax Act,1961 of entire INR 10000/-(i.e., health insurance premium excluding GST) or for entire amount of INR 11800. Ans: Section 80 D of […]...
Read More
Ind AS 16 – Property Plant and Equipment, Ind AS 105 – Non –current Assets held for sale and Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors....
Read More
If the corporate sector in India has to experience wide spread success on a sustained basis it is imperative for a change in the mind set of all the concerned players....
Read More
Whether Levy Of Interest Under GST Act 2017 Is Valid And Whether The Levy Of Interest Should Be Levied For The Delay In Filing The Return, Is There Any Provision?...
Read More
देश के निर्माण एवं विकास में प्रत्येक वर्ग और नागरिक की बराबर का भागीदारी और दायित्व रहता है। देश के विकास में वैज्ञानिक नये-नये अ...
Read More
The GST is at vital stage at present.The Department is concerned about revenue and the Taxpayers are anxious about actions to be initiated against them for technical and innocent Mistakes done by them while trying to follow the back to back stringent GST procedures without any intension of evasion of tax. Number of Notices is […]...
Read More
Frequently Asked Questions on e-Invoice Q 1. What is an e-invoice? Ans: Issue of a tax invoice in an electronic format to the recipient and validated/authenticated by the tax administration before it is transmitted to the receiver. Q 2. Is it mandatory to issue e-invoice from the designated government portal? Ans: No, the tax invoice [&he...
Read More
Comparison of the Reporting Companies (Auditor’s Report) Order 2020 (CARO 2020) vis a vis Companies (Auditor’s Report) Order 2016 (CARO 2016) Applicability of Companies (Auditor’s Report) Order 2020 It shall apply to every company including a foreign company as defined in clause (42) of section 2 of the Companies Act, 2013 (18 o...
Read More
SEBI/HO/IMD/DF1/CIR/P/2020/31 -
(28/02/2020) -
It is clarified that existing recognized entities in IFSC can also apply for Investment Adviser (IA) registration without forming a separate company or LLP....
Read More
F. No. System/ITBA/AIMS/2019-20/1942 -
(28/02/2020) -
Field formation should not carry out any enquiry u/s 133(6) or issue notice u/s 148 of the Act on the basis of the data presently available in either AIMS Module of the ITBA or the AIR information earlier shown in the ITD till further directions are issued....
Read More
The taxability of capital gains arising on transfer of title to land from the land owner to the developer in a Joint Development Agreement (JDA) has always been a heated issue. The taxation of Joint Development Agreement was never jointly agreed by the A.O. and the Assessee. There were a few hiccups in the law that were driving a way for ...
Read More
If you have receipts of house rent allowance and if you are paying rent, exemption u/s 10(13A) will be available. Section 24, which allows a deduction in respect of interest on capital borrowed for purchase/construction of a house property, permits this deduction for the interest that relates to the previous year in which the property is ...
Read More
Qualifying Company - Section 115 VC: (a) it is a Indian company; (b) the place of effective management of the company is in India; (c) its own at least one qualifying ship; and (d) the main object of the company is to carry on the business of operating ships....
Read More
Persons to whom PAN under new series has already been allotted shall not apply for such number again. No person who has already been allotted a PAN under the new series shall apply, obtain or possess another PAN....
Read More
Tax deduction at source is considered as a major tool to curb tax evasion and Governments have, wherever possible, introduced TDS provisions in tax laws both in direct taxation and indirect taxation. In this article the author is trying to throw light on some practical and procedural issues in Income Tax – TDS....
Read More
Income-tax Rules, 1962 were amended vide Notification No. 62 of 2015 dated 7th August, 2015 by inserting Rules 114F to 114H and Form 61B to provide a legal basis for the Reporting Financial Institutions (RFIs) for maintaining and reporting information about the Reportable Accounts. ...
Read More
Utility for compliance of Rule 36(4) – This utility is prepared in view of notification regarding new rule 36(4) and circular no. 123 to determined maximum ITC (B2B) that can be availed while filing GSTR 3B. As per the new rule 36(4) inserted vide Notification No. 49/2019 dated 09th October 2019, a taxpayer can claim […]...
Read More
The Letter of Intent (LOI) summarizes the Parties’ understanding regarding the contemplated formation of a jointly owned company to design, manufacture, market and sell [products] (Products) worldwide (Company)....
Read More
Notification No. 18/2020-Customs (N.T.) [S.O. 900(E)] -
(28/02/2020) -
Tariff Notification No. 18/2020-CUSTOMS (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 18/2020-CUSTOMS (N.T.) New Delhi, 28th February, 202...
Read More
Press Release No. IBBI/PR/2020/03 -
(28/02/2020) -
IBBI publishes syllabus, format, frequency and other details of valuation examinations- Phase 3 of Valuation Examinations w.e.f. 1st June 2020 Insolvency and Bankruptcy Board of India Press Release No. IBBI/PR/2020/03 28th February 2020 Phase 3 of Valuation Examinations w.e.f. 1st June 2020 In pursuance of the rule 5 (3) of the Companies ...
Read More
General Presentation and Disclosures- Through this ED, the IASB has proposed improvements to the way information is communicated in the financial statements, with a focus on financial performance....
Read More
Experion Developers Pvt. Ltd. Vs ACIT (Delhi High Court) -
Reopening of assessment was justified in case of EDPL as there were sufficient 'reasons to believe' that income had escaped assessment and the bar to reopening of proceedings after expiry of four years from the date of final assessment order, under the proviso, did not apply in assessee's case and there was no requirement to issue two sep...
Read More
Fast changing lifestyles, technological advancements and economic growth have shaped millennials’ views and traits which has also impacted their outlook on financial planning. One such trait is the need to indulge in the moment which motivates them to work hard and party even harder ensuring that they live their life to the fullest. Mil...
Read More
Please read this article as a deductee to get more clarity. While making foreign remittance we deduct TDS whether as per Income Tax Act,1961 or as per DTAA or provide the benefit of DTAA, whichever is more beneficial to assessee. Case-1: If we are taking benefit of DTAA: 1. Section 90(4) of the Income Tax […]...
Read More
Budget 2020 was considered to be unique in many ways. It was the first budget of the decade 2020. Moreover it was the most anticipated budget in recent times as Indian economy was grappling from a slowdown in the growth rate for a couple of quarters. People were expecting significant rate cuts in personal income […]...
Read More
Shri Sita Ram Swami Vs ITO (ITAT Jaipur) -
Addition made u/s 69 was liable to be quashed as the order passed by AO would be nullity as he couldn’t convert limited scrutiny into complete scrutiny in absence of requisite approval from the competent authority....
Read More
very report made by the auditor under section 143 of the Companies Act on the accounts of every company audited by him, to which this Order applies, for the financial years commencing on or after the 1st April, 2019, shall in addition, contain the matters specified in paragraphs 3 and 4, as may be applicable: -...
Read More
The Hon’ble HC, Jharkhand in the matter of Shree Nanak Ferro Alloys Pvt. Ltd. vs. Union of India [W.P.(T) No. 2246 of 2019 dated December 18, 2019] directed the Petitioner to deposit the amount of Rs. 41,98,642/-, under the Integrated Goods and Service Tax (“IGST”) head, towards the liability of September, 2017 and quashed the [&h...
Read More
All India Federation of Tax Practitioners has made a Representation on issues being faced by taxpayers and tax professionals related to GST Act, GST portal, network and glitches thereof. Text of the same is as follows-...
Read More
M/s Perfect Turners Vs Union of India (Rajasthan High Court) -
Perfect Turners Vs Union of India (Rajasthan High Court) In this case on the issue of Interest Payment under Section 50 of Central Goods and Services Tax Act, 2017 that whether it should be on Gross GST Liability or on Net GST Liability in the case of delayed Submission of form GSTR-3B, High Court has […]...
Read More
On 25th February, 2020, the Directorate General of GST Intelligence (DGGI), Kolkata Zonal Unit (KZU), arrested 02 (two) persons in a case of GST fraud involving Rs. 500 crores of bogus transaction with involvement of GST credit of more than Rs. 96 crores....
Read More
Exotica Housing Pvt. Ltd. Vs Commissioner, Central Excise, Customs, Goods and Service Tax (CESTAT Delhi) -
Exotica Housing Pvt. Ltd. Vs Commissioner, Central Excise, Customs, Goods and Service Tax (CESTAT Delhi) if Designated Committee has not issued SVLDRS 3 within 30 days it is a case of deemed discharge under SVLDRS- In that circumstances, SVLDRS-3 form has not been issued to the appellant, therefore, the designated authority was duty bound...
Read More
M C Punjwani Vs Commissioner of Custom (CESTAT Mumbai) -
The purpose of compounding of offences against payment of compounding amount is to prevent litigation and encourage early settlement of dispute. In the guidelines issued vide Circular No. 15/10/2009 no prohibition has been imposed against deciding the application for compounding...
Read More
Kerala Co Operative Deposit Guarantee Fund Board Vs Commissioner of Central Tax And Central Excise (CESTAT Bangalore) -
Deposit Insurance Contract is also a general insurance contract as defined in law and merely because they are statutorily prescribed, they do not cease to be contract of insurance. The insurer is the Corporation, the insured are the banks and the beneficiary is the depositor(s)...
Read More
ITO Vs Vijay Dwellers Pvt. Ltd. (ITAT Mumbai) -
In the given case, the appeal is filed by revenue against the order of Commissioner of Income Tax (Appeals). The issue here is that as per assessing officer there is requirement for assesse to prove the source of funds in the hands of the receipts received by assessee. ...
Read More
Matters to be included in auditor’s report as per Order called the Companies (Auditor’s Report) Order, 2020 (CARO, 2020) The Central Government, after consultation with the National Financial Reporting Authority constituted under section 132 of the Companies Act, 2013, hereby issued the Order called the Companies (Auditor̵...
Read More
INCOME WHICH DOES NOT PART OF TOTAL INCOME UNDER INCOME TAX ACT SECTION-10. INTRODUCTION: Various categories of income are exempt from income tax under section 10. however, the ones of showing the class of income is exempt from taxation lies on the assessee. To learn the assessee has to establish that his case clearly and […]...
Read More
MCA Notified the Companies (Auditor’s Report) Order, 2020 (CARO 2020) Applicability: The The CARO, 2020 is applicable for audit of financial statements of eligible companies for the financial years commencing on or after the 1st April, 2019. Changes in the CARO 2020. 1. There are no changes in the applicability of CARO, 2020. 2. There [...
Read More
Introduction of New GST Return- The GST department introduced new GST return system w.e.f. 01st April, 2020 i.e. F.Y. 2020-2021. Overview- In the proposed system of new GST Return filing, a normal taxpayer would have to file FORM GST RET-1 (Normal) or FORM GST RET-2 (Sahaj) or FORM GST RET-3 (Sugam), on either monthly (GST […]...
Read More
Penal Provisions Under Sections 84 To 86 of Employee State Insurance Act, 1948 INTRODUCTION: The employee state insurance act, 1948 is the first major legislation on social security for the employees in India. It is devised to provide social protection to employee in contingencies such as illness, long term sickness or any other health ri...
Read More
Sec. 24: the following categories of persons shall be required to be registered under GST: i. Person making any inter-state taxable supply; If a person makes a single inter-state supply, he will be liable to obtain registration and pay GST ii. Causal taxable persons making taxable supply; Causal taxable person meansa person who occasional...
Read More
In this article, An attempt has been made to simplify GST liability on services related to Intellectual Property rights. What is Intellectual Property Right:- The term ‘Intellectual Property Right’ (IPR) has not been defined in GST Law. MF(DR) circular No. B2/8/2004-TRU dated 10-9-2004 states as follows – Intellectual pr...
Read More
Dear Professional Colleagues and Friends, well in advance of preparing Audit Plan and Audit Programme for Statutory Audit for the F.Y. 2019-20, MCA has come up CARO, 2020. Thus, Auditors and respective stakeholders, take a note of changes brought in by MCA in CARO Reporting and also the Management and those charged with Governance, be [&h...
Read More
Article explains What is the Political Party, What is the Electoral Trust, Who eligible to contribute or donate to the Electoral Trust or Political Parties, What is the Donation to Political Parties, What is Section 80GGC of Income Tax Act, 1961, What is the Eligibility Criteria for Claiming Tax Benefits under Section 80GGC, What is [&hel...
Read More
Article explains Steps for Conversion of LLP into Company limited by shares, List of Documents required filing with ROC for conversion of LLP into Company in Form URC-1, Company required to file e-form for Conversion of LLP into Company limited by shares and FAQs on Conversion of LLP into Company limited by shares. List of […]...
Read More
Section 76 of the Customs Act, 1962 contains the provisions in respect of prohibition and regulation of drawback and no drawback shall be allowed in the following circumstances: (a) In respect of any goods, the market price of which is less than the amount of drawback due thereon, (b) If the Central Government is of […]...
Read More
Since GST has been Implemented Every Day a New hurdle is taking place in GST compliances Government is trying to do various experiment. As from several months the government Revenue from GST is constantly Decreasing the government changed the Rules & Conditions for claiming the Input Tax Credit (ITC) in GSTR-3B CBIC has inserted the...
Read More
As another emerging issue under GST for a Taxpayer is Whether he need to Generate an E-Invoicing from 01-04-2020 & if Yes then – What is an E- Invoicing? – Does E-Invoicing mean preparation or generation of tax payer’s invoice on Government portal? – Who shall generate IRN & QR Code? – What types of ...
Read More
Many of the registered persons are receiving notices to pay interest on GROSS liability for delay in filing of GSTR 3B returns in case of failure to pay so the department may initiate recovery proceedings under sec 79, because of which there is as huge confusion among the registered tax payers regarding calculation of interest. […]...
Read More
MCA has notified new CARO 2020 wherein all the existing clauses are there. Some new clauses are added and some are amended. There are various reporting requirements on the auditor now....
Read More
As per Section 2(62) of Companies Act, 2013 read with Rule 3 of Companies (Incorporation) Rules, 2014, “One Person Company” means a company which has only one person as a member, and that person should be a natural person who is an Indian citizen and resident in India*- (a) shall be eligible to incorporate a […]...
Read More
GST law do not require a business to get registered under GST if it is exclusively engaged in export of goods or services. so legally speaking, if you are exclusively engaged in international drop-shipping with no domestic business in India, you aren’t required to register under GST....
Read More
COMPANIES AUDITOR REPORT ORDER (CARO) RULES, 2020 – Analyses The MCA has issued the Companies (Auditor’s Report) Order, 2020 (CARO 2020), on 25th February 2020. This order has been issued in supersession of the Companies (Auditor’s Report) Order, 2016, and is applicable for reporting on financial statements of companies whose fi...
Read More
