"11 February 2020" Archive

Regulation of irregularities in GST claims

Regulation of irregularities in GST claims To identify cases of fraudulent claims under Goods & Services Tax (GST), the Government of India has taken measures to apply stringent risk parameters-based checks driven by rigorous data analytics and Artificial Intelligence (AI) tools based on which certain taxpayers are taken up for furthe...

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CBIC destroys large quantities of narcotics & psychotropic drugs

Central Board of Indirect Taxes and Customs (CBIC) destroys large quantities of narcotics and psychotropic drugs and substances across the country Dealing a debilitating blow to the smugglers of Prohibited narcotics and Psychotropic Drugs and Substances, the Customs formations under the CBIC carried out an all India destruction of huge qu...

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MCA initiatives to reduce cost of compliance by companies

MCA has been taking various initiatives on continuous basis to provide less stringent regulations, including measures with respect to filing requirements for small companies, One Person Companies (OPCs) and start-ups. This was stated by Shri Anurag Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a qu...

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E-Way Bill–Beneficial Provision of Reduced Penalty

In the matter of, Ideal Movers (P) Ltd Vs state tax Officer (High Court of Madras) it is held that the case would be covered under Para 10 of circular no.10 of 2019 dated 31.05.2019 issued by office of commissioner of commercial taxes , Chennai , where the Commissioner reduces the penalty payable in certain […]...

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India Budget 2020 – Key transfer pricing amendments

The Hon’ble Finance Minister, Ms. Nirmala Sitharaman, presented the Union Budget on 1 February 2020, introducing measures aimed at, inter-alia, reducing litigation, improving effectiveness of tax administration, providing tax certainty and simplifying compliance with the overall objective of enhancing the ease of doing business in India...

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Abolition of Dividend Distribution Tax – A happy ending?

The new corporate tax regime introduced vide Taxation Laws (Amendment) Act, 2019 expressed the government’s desire to provide relief to the corporate sector and industry bodies at large. Market participants were hopeful that Budget 2020 will address their woes of Dividend Distribution Tax (DDT) as well. The legislative intent behind the...

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Judicial Review of Direct Tax Vivad se Vishwas Bill, 2020

In the statement of objects and reasons in introducing the Direct Tax Vivad se Vishwas Act, 2020, the FM said that over the years, the pendency of appeals filed by taxpayers as well as Government has increased due to the fact that the number of appeals that are filed is much higher than the number of appeals that are disposed....

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Producer Company under Company Law In India

Introduction As per the Companies Act Minimum 10 individuals (Or More) or two or more producer institutions or by a combination of both (10 individuals and 2 institutions) can form a producer company with Minimum paid-up authorized capital is of Rs. 5 lakh. Members should be primary producers. Object Every Producer Company shall deal prim...

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Empanelment of CA firms as Technical Reviewers with NFRA

Online applications are invited from firms (Partnerships /Limited Liability Partnerships/Proprietary Concerns) of Practicing Chartered Accountants for empanelment as Technical Reviewers (TRs) with the National Financial Reporting Authority (NFRA)...

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5 habits that will Positively Impact Your Personal Loan Eligibility

Nowadays, in times of a financial crunch, getting access to funds has become more comfortable and convenient. One of the reason is the readily available instant personal loan from Banks and NBFCs. Unsecured personal loans have become a preferable mode of getting instant money in times of an emergency. Personal loan apps have reduced the [...

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