"06 February 2020" Archive

Section 271DB | Penalty for contravening provisions of section 269SU

The present article covers the penalty provisions of section 271DB of the Income Tax Act. It also explains the connecting provisions of section 269SU of the Income Tax Act and also provides a list of the prescribed mode of electronic payments referred to under section 269SU. It is pertinent to note here that Section 269SU […]...

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Posted Under: Income Tax |

Madras HC: No service tax on payment received from employees for Notice Period

Hon’ble HC, Madras in the matter of GE T & D India Limited v. Deputy Commissioner of Central Excise held that service tax is not leviable on the payment received by the Petitioner in lieu of notice period paid by the outgoing employees....

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Posted Under: Income Tax |

Analysis of Direct Tax Vivad Se Vishwas Bill, 2020

Hon’ble Finance Minister while rendering the Budget 2020 on 1st February 2020 made an important announcement of reducing the pending litigation matters substantially, by introducing 'Vivad se Vishwas Scheme'. Accordingly, on 5th February 2020, The Direct Tax Vivad Se Vishwas Bill, 2020 was introduced in the Lok Sabha...

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Posted Under: Income Tax | ,

Competition Commission of India (General) Amendment Regulations, 2020

No. L-3(2)/Regln-Gen.(Amdt.)/2020/CCI (06/02/2020)

1. (1) These regulations may be called the Competition Commission of India (General) Amendment Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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Process of empanelment of Independent Directors in the Data Bank

Indian Institute of Corporate Affairs (IICA) have introduced an online databank for all existing and aspiring Independent Directors. The databank has been originated from the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019 issued by the Ministry of Corporate Affairs on 22/10/2019. As per the said rules, ...

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Posted Under: Income Tax |

Exemptions from paying LTCG on sale of Residential House Property

Article explains Exemptions from paying Long term capital gain (LTCG) from sale of Residential House Property under Section 54 on Residential House Property sold by an individual or a HUF, Under Section 54EC on Any Land or building sold by any person and under Section 54GB on Residential House Property sold by an individual or […]...

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Posted Under: Income Tax |

Letter to CBDT on Direct Tax Vivad Se Vishwas Bill, 2020

Govt of India has been very kind enough in introducing the bill The Direct Tax Vivad Se Vishwas Bill, 2020. We have gone through the bill and sought the clarification for better understanding and interest in public at large....

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Posted Under: Income Tax |

Accounting requirement for Employee Benefit Plans- AS 15 & IndAS 19

Key Differences and Accounting requirement for Employee Benefit Plans in compliance of AS 15 (Revised 2005) and IndAS 19 by Companies at the end of each Financial Year. This post is an attempt to make awareness about Key Differences & Accounting Requirement for Employee Benefit Plans (i.e Gratuity, Leave Encashment, Pension & Post...

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Posted Under: Income Tax |

Condition of delay u/s 460 Companies act is now applicable to LLP

Condition of delay u/s 460 Companies act is now applicable to Limited Liability Partnership The Ministry of Corporate Affairs (MCA) vide notification dated January 30, 2020, has directed that the provisions of Section 460 of the Companies Act, 2013 shall apply to a limited liability partnership (LLP). This Section 460 of the Companies Act...

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Posted Under: Income Tax |

Income Tax search on prominent persons in Film Industry in Tamil Nadu

The Income Tax Department conducted a search in the case of 4 major players in the Film Industry including a Producer, a prominent Actor, his Distributor and Financier based in Tamil Nadu on 05-02-2020....

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Posted Under: Income Tax |