"17 February 2020" Archive

Lifting of Corporate Veil of LLP – Recent Amendment -Section 460 – Companies Act, 2013

Limited Liability Partnerships (LLPs) can no longer escape from late filing of information with Registrar of Companies (ROC). As per the powers conferred upon the Central Government under Section 67 of the Limited Liability Partnership Act, 2008, Section 460 of the Companies Act, 2013 which provides for condonation of delay has now been e...

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Posted Under: Corporate Law |

Time Limit for Refund of Unutilised Input Tax Credit under GST

Accumulation of Input Tax Credit takes place when the tax paid on inputs is more than the output tax liability. Such accumulation will have to be carried over to the next financial year till such time as it can be utilised by the registered person for payment of output tax liability. However, the GST Law […]...

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Posted Under: Corporate Law |

Quick Heal Antivirus Software was goods not liable to service tax: CESTAT

Quick Heal Technologies Limited Vs Commissioner of Service Tax (CESTAT Delhi)

Quick Heal Antivirus software was held to be 'goods‘, but whether the transaction would be sale or service, would depend upon the terms of the agreement. Thus, the transaction in the present Appeal resulted in the right to use the software and would amount to 'deemed sale‘ not liable to service tax...

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New Rules of (Portfolio Management System) PMS and Its Impact

The rules of (Portfolio Management System) PMS make the industry more transparent but at the same time, it creates a problem for industry players.  IFA Industry has been under pressure from the day the expense ratio of MF starting coming down followed with Direct Plans. Well, I am speaking for the ones who are not […]...

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Posted Under: Corporate Law |

An Overview about limited review report

In this write up we will understand about Limited Review Report which is mainly applicable on listed entities and other entities whose accounts are to be consolidated with listed entities.  Listed companies are required to conduct limited review through statutory auditors before submitting it to SEBI and before publishing unaudited fin...

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Posted Under: Corporate Law |

Synopsis of 18 recent advance rulings under GST

Article contains synopsis of 18 recent advance rulings under GST pronounced by Advance Ruling Authorities of Various States ‘Advance ruling’ means a decision provided by the Authority or the Appellate Authority to an applicant on matters or on questions specified in sub-section (2) of section 97 or sub-section (1) of section 1...

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Posted Under: Corporate Law |

GST Implication for Printing Press

1. Meaning and definition of Job Work:  Job work is defined under section 2(68) of Central Goods and Services tax (CGST) Act, 2017 as “job work means any treatment or process undertaken by a person on goods belonging to another registered person and the expression job worker shall be construed accordingly.” 2. Rate of GST […]...

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Posted Under: Corporate Law |

Budget 2020- New Tax Slab or Old Tax Slab with benefits to my investment?

The new income tax slab provided is optional in nature. i.e a taxpayer can choose from any of the two slab options as beneficial to them. Opting for new slab maybe beneficial for a select group of people depending on your total income....

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Posted Under: Corporate Law |

GST on notice pay: Leave without pay?

The Court held that the recovery of notice pay by the employer from employee does not amount to any service by the former to latter. The department was seeking to tax the notice pay received by the employer under the category ‘agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act’....

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Posted Under: Corporate Law |

SEBI Alternative Investment Fund Guidelines– Enhances Transparency & Streamline Disclosure Standards

Alternative Investment Fund is defined and described in detail under Regulation 2(1)(b) of AIF Regulations. It states that AIF is a private investment vehicle, collecting funds from either domestic or foreign investor, for the purpose of making investments as per pre-defined investment policy for the benefits of the investors...

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Posted Under: Corporate Law |