"18 February 2020" Archive

Companies (Incorporation) Amendment Rules, 2020

Notification No. G.S.R 128(E) (18/02/2020)

(1) These rules may be called the Companies (Incorporation) Amendment Rules, 2020. (2) They shall come into force with effect from the 23rd February, 2020....

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GST Version 2.0-New GST Returns

The Modi Government is coming up with the various new changes in the GST Regime including the New GST Returns and the concept of E-Invoicing. Both the E-invoicing and the new GST returns have direct linked with each other. Successful of both depend on each other how they perform after there final roll out in […]...

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Posted Under: Company Law |

GST Professional k Mann Ki Baat….!!!

GST was Introduced as a Good and Simple Tax but for whom??? It was expected to be Good and Simple for the public at large but now it has become Good source of Revenue by way of late fees, interest and penalty for the Government. Today’s hot topic for every professional is interest on GST […]...

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Posted Under: Company Law |

Whether reduction in share capital amounts to a transfer if consideration is paid

Carestream Health Inc. Vs DCIT (ITAT Mumbai)

Mumbai ITAT Ruling: Whether reduction in share capital amounts to a transfer and thereby gives rise to capital gains, if consideration is paid for such reduction?...

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Significant Amendments in Budget 2020

Finance Bill, 2020 has been presented on 1st Feb, 2020 in the Parliament. Provisions of Finance Bill, 2020 relating to direct tax seek to amend the Income-Tax Act, 1961. The various proposals for amendments are placed before parliament. Let’s have a look what is there as income tax aspects for every person. Analysis of Budget 2020 1. ...

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Posted Under: Company Law |

Whether GST Dues Are Operational Creditors

WHETHER GST, VAT, TDS, TCS ETC WHICH ARE COLLECTED ON BEHALF OF THE GOVERNMENTS ARE OPERATIONAL CREDITORS UNDER IBC   NATURE OF GST AND DUTY OF TAXABLE PERSON  Article 366 Article 366 of the Constitutional Amendment Bill refers to Goods and Service tax as any tax on supply of goods or services or both except taxes […]...

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Posted Under: Company Law |

Subvention Scheme: A Scam or A Boom!

These are some of the examples of subvention schemes offered by developers of real estate with tie-ups with banks and financial institutions. The discounts, freebies are extensively promoted by the builders to lure prospective homebuyers who obviously find these schemes irresistible....

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Posted Under: Company Law |

Major amendments for Indepenedent Director

The Ministry of Corporate Affairs (MCA) has come with the following new notifications dated 22nd October, 2019 (effective from 31st December, 2019) for introduction of databank of Independent Directors (IDs) in accordance with the provisions of Section 150 of the Companies Act, 2013. A brief detail of the said notifications is detailed be...

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Posted Under: Company Law |

Tax Collection At Source Under Section 206C(1H)

TCS has to be collected in the following scenario w .e.f. 01 .04.2020. 1. If the sales, turnover or gross receipts of the person selling goods is more than Rs. 10 crores during the financial year 2019 2020. 2. The seller sells goods of value Rs. 50 lakhs or more either in single transaction of in aggregate during the financial year ...

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Posted Under: Company Law |

Tax Collected at Sources (TCS) on Tour Operator

Tax Collected at Sources (TCS) on Tour Operator √ Do you know that Budget 2020 casted additional burden on Tour operator to collect additional Tax from the person who buys “Overseas tour program” package from Tour Operator from 01st April,2020. √ Whether all person will be required to collect TCS or only specified person? > [&h...

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Posted Under: Company Law |

Compliance under RERA

With the advent of The Real Estate (Regulation & Development) Act, 2016, which came into effect from May 1, 2017, there began a norm for strict compliances that have to be adhered by each and every developer, builder and construction giant in different parts of the country. Most of the states have established their own […]...

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Posted Under: Company Law |

Budget 2020 – A Mixed Bag of Proposals for Corporates

Finance Minister presented the Finance Bill, 2020 in the Lok Sabha on 1 February 2020, accompanied by the longest ever budget speech. On an overall basis, the government’s focus appeared to provide ease of living and to promote investments in to India....

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Posted Under: Company Law |

Budget booster for Fast Developing India

The Government of India (GoI) is leaving no stone unturned to make India an attractive destination for Foreign Direct Investments (FDI), which will be a significant contributor to the country’s journey of becoming a US$ 5 Trillion economy by year 2025. Few months back, the GoI had taken the historic decision to reduce headline corporate...

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Posted Under: Company Law |

Secretarial Audit: Recent Amendment

Section 204 of Companies Act, 2013 provides for Secretarial audit for bigger companies. It was hailed as an important step in improving corporate governance and ensure effectives compliances of the rules and regulations applicable on the company....

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Posted Under: Company Law |

Preeminence of Financial Creditors under IBC, 2016

An ostentatious feature of the Insolvency and Bankruptcy Code, 2016 (‘Code’), is the classification of creditors on the basis of debt. It is highly applaudable as the classification is not restricted to   security [i.e. secured/unsecured creditors] but also covers Financial/ Operational creditors within its ambit....

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Posted Under: Company Law |

Vivad Se Vishwas Bill- 17 Key Points

Points to be considered related to Vivad Se Vishwas Bill 1. Aim: To provide resolution of disputed tax and for matters connected therewith or incidental thereto. 2. Who can file an declaration under Vivad Se Vishwas Scheme: Appellant will be any person or Income tax authority or both who has filed an appeal before appellate […]...

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Posted Under: Company Law |

#Changes in INCOTERMs ® 2020 : How to Use the Terms#

The Incoterm Rules or International Commercial Terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) (@iccwbo) widely used in international commercial transactions. With the Intension to institutionalize best Practice of using Uniform Set of Rules in the International Transactions, In...

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Posted Under: Company Law |

Budget 2020: Impact on NGO or Charitable Organisations

The Union Budget and Finance Bill 2020 has proposed major changes for charitable trusts and institutions like renewal of 12AA and 80G registration, furnishing a quarterly statement of donor wise donations, issue of a certificate to all the donors, etc. All such proposed changes are explained below: Section 10(23C): Every approved fund or ...

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Posted Under: Company Law |

Company Conversion into LLP

Article gives Overview of Limited Liability Partnership, Explains Benefits of LLP and also clarifies that Who can create the LLP and Procedure for conversion of Company into LLP. Overview of Limited Liability Partnership:- As per the LLP Act 2008 an “LLP is defined as that business entity where having two Designated Partners is mini...

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Posted Under: Company Law |

Budget Highlights for Trusts Registered under section 12AA

Impact of budget 2020 on Charitable trust U/S-12AA 1. Re-validation of Existing registrations -The process will be online and the new online form will particularly focus on whether the charitable activities of the trust or institution are genuine. -Once the online forms are ready there will be a window of three months within which applica...

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Posted Under: Company Law |

Stock-in-trade seized must be released within 120 days: Delhi HC

Khem Chand Mukim Vs Pr. Director of Income Tax (Delhi High Court)

Seized stock-in-trade under Section 132 within the custody of the Income Tax authority must be released within 120 days. Since the action of Officer to seize jewellery without pre-existing and pre-recorded good reasons to believe was found to be grossly arbitrary, and the entire action was vitiated, in order to discourage the Officer from...

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Implementation of Section 51A of UAPA, 1967-Addition of 1 entry in 1267 List

Press Releases No. 08/2020 (18/02/2020)

Clause 2.8 of the SEBI Master Circular Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) / Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed...

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No reassessment for breach of provisions of section 80IB If disclosed during Original assessment

Anand Developers Vs ACIT (Bombay to Goa High Court)

Anand Developers Vs ACIT (Bombay to Goa High Court) It is the case of the Petitioner that Petitioner, vide letter dated 20th February, 2015, in the course of Original assessment proceedings before the AO had itself submitted that a few flats may have been allotted to persons in violation of clause 10(f) of section 80IB of the […]...

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Foreign Exchange Management (Foreign Exchange Derivative Contracts) (First Amendment) Regulations, 2020

Notification No. FEMA.398/RB-2020 (18/02/2020)

i. These Regulations may be called the Foreign Exchange Management (Foreign Exchange Derivative Contracts) (First Amendment) Regulations, 2020. ii. These regulations shall come into force from the date of their publication in the Official Gazette....

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Recovery of export benefits given on re-import of exported goods

Public Notice No. 07/2020-DGFT (18/02/2020)

In this connection, issue regarding recovery of export benefits given under incentive and reward schemes under Chapter 3 of Foreign Trade Policy (FTP) on re-import of exported goods has been highlighted by C&AG of India....

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Letter of confirmation & Legal Undertaking for Export/Re-export of SCOMET items

Public Notice No. 63/2015-20-DGFT (18/02/2020)

The proforma of Undertaking in the form of Legal Agreement is being notified to ensure the monitoring of return of SCOMET items allowed to be exported for the purpose of repair/replacement/demo/display/ exhibition/tender/RFP/RFQ/ NIT....

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The Saga of GST Interest on Gross Liability

The Saga of Interest on Gross Liability on delayed payment of GST liability This article details the roller coaster journey of interest liability under GST. Goods and Services Tax Act, 2017 has come into effect from 01.07.2017, it is the youngest indirect tax law in the basket of all existing and extinct indirect taxes laws […]...

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HC denies bail to Accused in 22 Crore GST ITC Fraud Case

Aditya Gupta Vs. Union of India (Rajasthan High Court, Jaipur Bench)

Aditya Gupta Vs. Union of India (Rajasthan High Court, Jaipur Bench) Petitioner has filed this petition under Section 439 Code of Criminal Procedure, 1973 seeking regular bail in File No. DGGI/JZU/INU/GST/02/18-19 filed by the Directorate General of GST Intelligence, Jaipur Zonal Unit for offences under Sections 132(1), (b), (c), (f), (h)...

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Steps to clear pendency of processing of Income Tax Returns transferred by CPC-ITR

ITBA-ITR Processing Instruction No - 10 (18/02/2020)

Steps to clear the pendency of processing of Paper Returns or E-returns transferred by CPC-ITR due to verification of relief claimed u/s 90/90A or 91 of the Income Tax Act, 1961. ITBA-ITR Processing Instruction No – 10 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 F...

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Penalty for failure in furnishing report or furnishing inaccurate report under section 286 – Section 271GB

Section 271GB Penalty for failure in furnishing report or furnishing inaccurate report under section 286 The provisions of section 286 mandate certain specified entities to furnish a report in respect of the international group. In case such reporting entities fail in providing the requisite report or furnishes the report with inaccurate ...

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Posted Under: Company Law |

E-FRRO compliance for foreign nationals in India

Under Indian law, the legal rights and the restrictions imposed on foreign nationals depend on whether they are categorized as residents or non-residents. Entry into India generally requires a valid visa granted by an Indian Mission (that is, consulate of the Indian embassy) abroad. Furthermore, foreign nationals who enter India must regi...

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Posted Under: Company Law |

Companies (Registration Offices and Fees) Amendment Rules, 2020

Notification No. G.S.R. 127(E) (18/02/2020)

MCA has released revised form No. GNL-2 vide Companies (Registration Offices and Fees) Amendment Rules, 2020. A Company can file certain documents with the Registrar of Companies by filing this e-Form GNL-2 and in case there is no e- Form prescribed for filing any document with Registrar, then company or liquidator can file such documents...

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CBIC starts capturing district-wise data or origin of export goods

Central Board of Indirect Taxes and Customs has now started capturing district-wise data or origin of export goods. The idea was also recently echoed by the Hon’ble Finance Minister in her Budget speech. This additional information from the export declarations will provide a key statistical input to policy makers on the importance of ea...

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Posted Under: Company Law |

Key Features of Proposed GST New Returns

Government intends to introduce GST New Return System from 01-04-2020. Explaining the key features a PPT is prepared and the same can be downloaded here. GST New Return System New Return or New System 2.0 ? > For implementing the new return system Section 43A is inserted in CGST Act in August, 2018. But the […]...

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Posted Under: Company Law |

Interest on delayed Payment on Gross Liability | Section 50(1) | CGST Act 2017

In past few days there has been lot of debate on which amount, interest under section 50 of the CGST Act shall be levied i.e on Net tax liability (tax paid by cash) or on Gross tax liability in case of delayed payment of tax. Before going head, let us read the section 50. Section […]...

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Posted Under: Company Law |

Suggest how to enhance audit independence & accountability: ICAI

ICAI invites suggestions/comments from members on Consultation paper to examine the existing provisions of law and make suitable amendments therein to enhance audit independence and accountability by 12.00 Noon on 21st February, 2020. Also Read Here –MCA proposes amendments to enhance Audit Independence & Accountability 18th Feb...

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Posted Under: Company Law |

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