"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....

Read More

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 […]...

Read More
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 […]...

Read More
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?...

Read More

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. ...

Read More
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 […]...

Read More
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....

Read More
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...

Read More
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 ...

Read More
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...

Read More
Posted Under: Company Law |