"12 February 2020" Archive

Section 194O TDS on payment by e-commerce operators & aggregators

Central Government in order to widen and deepen the tax net by bringing participants of e-commerce within the ambit of tax, through the Union Budget 2020-21 has proposed to insert a new section ‘194O - Payment of certain sums by e-commerce operator to e-commerce participant’ with effect from Assessment Year beginning from April 1, 202...

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Posted Under: Income Tax |

Union Budget 2020: Dividend Taxation- Reopens old wounds!

Elimination of dividend distribution tax and returning to the classical system of dividend taxation was the one of the key highlights of this Union Budget 2020. We will discuss the proposed scheme of the taxation and impact thereon forthwith: The Need: The old system had created a hurdle and DDT was considered as extra cost […]...

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Posted Under: Income Tax |

IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2020

Notification No. No. IBBI/2019-20/GN/REG055 (12/02/2020)

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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Banning of Unregulated Deposit Schemes Rules, 2020

Notification No. S.O. 663 (E) (12/02/2020)

(1) These rules may be called the Banning of Unregulated Deposit Schemes Rules, 2020. (2) These rules shall come into force on the date of their publication in the Official Gazette....

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No GST exemption to RWA if per member monthly contribution exceeds Rs. 7500

In re Vaishnavi Splendour Homeowners Welfare Association (GST AAAR Karnataka)

In re Vaishnavi Splendour Homeowners Welfare Association (GST AAAR Karnataka) The contention of the Appellant is that contributions upto an amount of Rs 7500/- per member per month are exempted from GST by virtue of the above entry and for contributions above Rs 7500/- per member per month, the difference amount alone is liable to [&helli...

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Disqualification of Director – Whether Right or Wrong

Section 164 (2) of Companies Act, 2013 enumerates two conditions for the disqualification of directors i.e. non filing of annual returns and financial statements and the non return of deposits or the non payment of dividends. Section 164 (2) is successor to the erstwhile provisions of Section 274(g) under Companies Act, 1956 which also ha...

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Posted Under: Income Tax |

Budget 2020- Personal Taxation / Income Tax Rates (Individual/HUF)

♠ Section 115BAC is introduced to provide an option to individuals or HUFs to pay tax at reduced slab rates subject to foregoing of certain exemptions / deductions and satisfaction of certain conditions. ♠The option shall be exercised for every financial year where the individual or the HUF has no business income and in other [&hellip...

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Posted Under: Income Tax |

Rectification of Name of Company | Section 16 | Companies Act, 2013

Section 16: Rectification of Name of the company If through inadvertence or otherwise, on company registration or on its registration by a new name, is registered by a name which is:- By Central Government: In the opinion of CG The Name of the company is identical with or too nearly resembles the name of existing […]...

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Posted Under: Income Tax |

New GST Returns – Amendments Applicable From April 2020

Q.1 New GST Return System Ans: In 37th GST Council Meet it was decided that new returns for GST will be implemented from April 2020, and the format was earlier decided by 31st GST Meet. In the 31st GST Council Meet (Dec 2018), it was decided that a New Return System under GST would be […]...

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Posted Under: Income Tax |

Constitution (Amendment) Bill, 2020-two child policy-small family norms

The Constitution (Amendment) Bill, 2020 — introduced in Rajya Sabha; Bill to encourage — ‘two child policy-small family norms‘- The Constitution (Amendment) Bill, 2020 as a private member bill was introduced in the Rajya Sabha on February 7 seeking to introduce a Directive Principle in the Constitution with respect to pop...

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Posted Under: Income Tax |

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