The Ministry of Corporate Affairs (MCA) vide Notification dated 30th January, 2020 has amended Companies (Accounts) Rules, 2014 whereby sub-rule 1A has been inserted to the existing Rule 12. RULE 12(1A)* (yet to be published in the Official Gazette): Every Non-Banking Financial Company (NBFC) that is required to comply with Indian Accounting Standards (Ind AS) […]
Finance Minister presented the Union Budget 2020 in parliament on 01-02-2020. The budget proposed a new tax regime for the individuals and HUF’s. Under this regime , an option has been given to individuals and HUF to pay tax at lower rates, subject to fulfillment of certain condition wherein one of the condition is that […]
Article analyses Proposed Changes in income tax rates for Individuals & HUF (Section 115BAC) proposed by Budget 2020-21 which will be applicable from Financial Year 2020-21
Applicability of Section 460 of the Companies Act to LLP under section 67 of LLP Act, 2008 Government directs that provisions of section 460 of the Companies Act, 2013 (Condonation of Delay by Central Government in certain cases) shall apply to a limited liability partnership from the date of publication of this notification in the […]
in budget 2020, for widening the scope of section 206C following transactions has also been brought under the ambit of TCS provisions: On foreign remittance through LRS of RBI (Liberalised Remittance Scheme), On selling of overseas tour package, TCS on sale of goods over a limit where TDS has been not been deducted by buyer under any other provision of the Income Tax Act
Price Waterhouse & Co. Vs DCIT (ITAT Kolkata) Conclusion: Since the addition on basis for which AO reopened assessment had already been disclosed by assessee in the return of income filed by him u/s 139(1), AO having not carried out the scrutiny assessment within the prescribed statutory limit, could not be given another innings for […]
The Supreme Court vide its Order on January 20, 2020, accepted the proposal of the Centre to take over the management control of embattled realty firm Unitech Limited. A bench headed by Justice D Y Chandrachud gave two months to the new board of Unitech to prepare the resolution framework of the company and sought […]
With an aim to create take off thrust for sale of ailing Air India, the Government on 27th January, 2020 (re)invited bids for a 100% stake in the company. The deal has now been sweetened after taking experience from the 2018 preliminary information memorandum (PIM) for inviting expression of interest for strategic disinvestment of Air […]
In this case, the Hon’ble Tribunal decided in favour of the Appellant with respect to availability of the Cenvat Credit. Once it is admitted fact that the Appellant was eligible to avail Cenvat Credit of the duties i.e., CVD and SAD, the Appellant is eligible to claim refund of the said Cenvat Credit in terms of Section 142(6) of the CGST Act, 2017.
Once assessment gets abated, it is open for the assessee to lodge a new claim in a proceeding under Section 153A(1) which was not claimed in his regular return of income, because assessment was never made/finalised in the case of the assessee in such a situation. Thus, assessee was entitled to lodge a new claim for deduction etc. which remained to be claimed in his earlier/ regular return of income.
