"15 February 2020" Archive

Food Registration Under FSSAI

First of all, FSSAI stands for stands for Food Safety and Standards Authority of India is an organization which is responsible for monitoring and governing the food business in India. Food is major and an emerging industry in India and is consumed by all, our health depends on it that’s why a regulator like FSSAI […]...

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Posted Under: Corporate Law |

Analysis of Section 44AD with Section 44AB

Dear Tax professionals and students, many times you might have faced this question- Whether a particular case is covered under tax audit under Section 44AB of the Income Tax Act or can we claim the benefit of Section 44AD and file the income tax return on presumptive taxation method without conducting tax audit? To answer […]...

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Posted Under: Corporate Law |

Abolishment of DDT & other significant amendments for Dividend income -Part I

In Finance Bill, 2020 (Bill) , one of the Biggest move of the government was abolishing the DDT charged u/s 115-O of the Income Tax Act , 1961 (the Act). However government has inserted/ amended certain sections to make the Dividend income taxable in the hands of receiver by removing Section 10(34) of the Act. […]...

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Posted Under: Corporate Law |

Free PAN Allotment Instantly Through AADHAR Data

1. Apply Free PAN on the basis of Aadhaar: Central Board of Direct Taxes (CBDT) inserted new facility of PAN allotment on the basis of Aadhaar card. Finance Minister Nirmala Sitharaman announced this new facility apply for instant PAN in her speech of Union Budget 2020. Now, Instant PAN allotment in near to real time is […]...

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Posted Under: Corporate Law |

Budget 2020: A move towards Simplification & Landmark Changes

1. The Income Tax Act is riddled with various exemptions and deductions which make compliance by the taxpayer and administration of the Income Tax Act by the tax authorities a burdensome process. In order to provide significant relief to the individual taxpayers and to simplify the Income-tax law, this Budget propose to bring a new [&hell...

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Posted Under: Corporate Law |

9 Reasons Why SMEs Must Seek Listing on Stock Exchanges

Benefits of Listing on stock Exchange to companies and investors. Stock exchanges permit businesses access to capital and the chance to boost their reflectivity and public image. Knowledgeable businesses can harness the control of stock exchanges to develop and heighten their companies....

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Posted Under: Corporate Law |

Procedure for obtaining DEMAT connectivity from Depositories

-Every unlisted public Company shall issue securities only in dematerialized form and facilitate dematerialization of all its existing securities. [Rule 9A(1) of the companies (Prospectus and Allotment of Securities) Rules, 2014]. -A Private Company can also obtain DEMAT connectivity for the purpose of dematerialization of shares, with on...

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Posted Under: Corporate Law |

Partly paid-up Shares

I) Introduction: 1. In order to understand the topic of partly paid shares, we need to understand the base of its formation or rather from where it is derived. 2. As per section 2(20) of the Companies Act, 2013, A Company is defined as “an incorporated association which is an artificial person, having a separate […]...

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Posted Under: Corporate Law |

Interest cannot be levied on Gross GST Liability before adjusting ITC: Madras HC

Refex Industries Ltd. Vs Assistant Commissioner of CGST & Central Excise (Madras High Court)

According to the petitioners, Section 50 that provides for levy of interest on belated payments would apply only to payments of tax by cash, belatedly, and would not stand triggered in the case of available ITC, since such ITC represents credit due to an assessee by the Department held as such....

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Filing of GST refund for tax periods spread across two financial years cannot be restricted

Pitambra Books Pvt. Ltd. Vs Union of India & Ors. (Delhi High Court)

Pitambra Books Pvt. Ltd. Vs Union of India & Ors. (Delhi High Court) The present petition inter-alia impugns Circular No. 37/11/2018-GST dated 15.03. 2018 and Circular No. 125/44/19-GST dated 18.11.2019. Mr. Puneet Agrawal, learned counsel for the petitioner submits that owing to the restrictions imposed in the aforenoted circulars, P...

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