"28 February 2020" Archive

Differences Between CARO 2020 and CARO 2016

Companies (Auditor’s Report) Order, 2020 (CARO 2020) v/s Companies (Auditor’s Report) Order, 2016 (CARO 2016) Salient Differences Between Companies (Auditor’s Report) Order, 2020 & Companies (Auditor’s Report) Order, 2016 :- Clause Companies (Auditor’s Report) Order, 2020 Companies (Auditor’s Report) Order, 2016 (i...

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Posted Under: Company Law |

Format of reply to Notices for Interest on Gross GST Liability

Kindly note that we have been issued a demand notice stating that there was a delay in filing of GSTR 3B for the period of July’2017 to Dec’2019 and accordingly we are liable to pay interest under section 50 of the CGST Act, 2017....

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Posted Under: Company Law |

Recent Development in respect of Independent Director

Ministry of Corporate Affairs amended the Companies (Appointment and Qualification of Directors) Rules, 2014. As per the amended Rule 6(1) every individual who has been appointed as an independent director in a company, on the date of commencement of the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019, s...

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Posted Under: Company Law |

Whether NCLT Moratorium Order covers pending GST proceedings

National Plywood Industries Ltd. Vs Union of India And Anr. (Gauhati High Court)

National Plywood Industries Ltd. Vs Union of India And Anr. (Gauhati High Court) In the given case the issue under consideration is whether the order of moratorium of the National Company Law Tribunal also covers the proceeding pending before the GST authorities under the GST Act 2017? The Hon’ble National Company Law Tribunal, Guwahati...

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Loan Waiver due to one time settlement cannot be termed as revenue receipt

PCIT Vs Vibhadeep Investment & Trading Ltd. (Bombay High Court)

In the given case, Revenue has challenged the order passed by the ITAT. Here issue under consideration is that, whether, waiver off loan on account by the lender on account of one time settlement of loan can be termed as revenue receipt or not?...

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Draft Format of Co-Working Membership Agreement

SAMPLE CO-WORKING MEMBERSHIP AGREEMENT 1. General In consideration for the mutual benefits exchanged by the The Pillar (the ‘Company’) and the undersigned (‘You’, the ‘Member’, collectively the ‘Parties’), the Parties hereby agree, warrant, consent and covenant to the following terms, condit...

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Posted Under: Company Law |

Implementation of Customs automated clearance on All-India basis

Circular No. 15/2020-Customs (28/02/2020)

It has now been decided to extend the facility of automated clearance of Bills of Entry to all customs formations where the Customs EDI system is operational, with effect from 05.03.2020....

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Companies (Appointment and Qualification of Directors) Amendment Rules, 2020

Notification No. G.S.R. 145(E) (28/02/2020)

Companies (Appointment and Qualification of Directors) Amendment Rules, 2020. Provided that an individual shall not be required to pass the online proficiency self-assessment test, when he has served as a director or key managerial personnel, for a total period of not less than ten years, as on the date of inclusion of his name in the dat...

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Govt extends term of appointment of SEBI Chairman Ajay Tyagi

Notification No. S.O. 911(E) (28/02/2020)

Central Government hereby extends the term of appointment of Shri Ajay Tyagi as Chairman of the Securities and Exchange Board of India for a period of six months beyond 29.02.2020 or until further orders, whichever is earlier....

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Much-awaited SBI Cards IPO to open on March 02; here’s everything you need to know

Payment solutions provider SBI Cards and Payments Services Ltd., a subsidiary of India’s largest public lender State Bank of India (SBI), is set to launch its Rs10,352cr IPO on March 02, 2020. The much-awaited SBI Cards IPO will be open for four days, unlike most other IPOs that usually remain open for 3 days. What’s […]...

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Posted Under: Company Law |

Goods Transport Agency (GTA) under Goods & Services Tax (GST) 

1. Who is GTA?  GTA means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called. 2. What are the rates of GST for GTA? GTA have the option to charge GST at the rate of 2.5% or 6% CGST (equivalent SGST and 5%, […]...

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Posted Under: Company Law |

Why Qualified Actuary needed to compute Gratuity Liability of School / University

Why Actuarial Services of A Qualified Actuary is needed for computation of Gratuity Liability by Private Schools & Private Universities at Financial year end ? This article is in continuation with my earlier article “Payment of Gratuity Act is fully applicable to Teachers in Schools“. This article is attempt to give th...

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Posted Under: Company Law |

Transfer of Share in Unlisted company- Companies Act, 2013

Section 56 – Companies Act, 2013– Transfer and Transmission of Securities A company shall not register a transfer of securities of the company, or the interest of a member in the company in the case of a company having no share capital, other than the transfer between persons both of whose names are entered as […]...

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Posted Under: Company Law |

Recent Changes in Forms for Company Incorporation

As many of you may be aware of New Incorporation E Web Form to Ease of Doing Business (EODB) initiatives, introduced by Ministry of Affairs (MCA) for all new incorporation as on 23rd February 2020. In that SPICE+, AGILE PRO, SPICE+ AOA, SPICE+ MOA, URC-1 are there. We are here to support on all the […]...

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Posted Under: Company Law |

Section 80D deduction on GST on health insurance premium

Mr X has paid a health insurance premium amounting to INR 11,800 which included GST of INR 1800.Whether, Mr X be eligible for a deduction under section 80 D of the Income Tax Act,1961 of entire INR 10000/-(i.e., health insurance premium excluding GST) or for entire amount of INR 11800. Ans: Section 80 D of […]...

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Posted Under: Company Law |

Practical Discussion on Ind AS 16, Ind AS 105 & Ind AS 8

Ind AS 16 – Property Plant and Equipment, Ind AS 105 – Non –current Assets held for sale and Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors....

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Posted Under: Company Law |

Good Governance in Corporate

If the corporate sector in India has to experience wide spread success on a sustained basis it is imperative for a change in the mind set of all the concerned players....

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Posted Under: Company Law |

Validity of interest under GST Law for delay in Filing of Return

Whether Levy Of Interest Under GST Act 2017 Is Valid And Whether The Levy Of Interest Should Be Levied For The Delay In Filing The Return, Is There Any Provision?...

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Posted Under: Company Law |

बड़े धोखे हैं इस (जीएसटी) की राह में

देश के निर्माण एवं विकास में प्रत्येक वर्ग और नागरिक की बराबर का भागीदारी और दायित्व रहता है। देश के विकास में वैज्ञानिक नये-नये अ...

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Posted Under: Company Law |

GST Problems which Requires Immediate Solution

The GST is at vital stage at present.The Department is concerned about revenue and the Taxpayers are anxious about actions to be initiated against them for technical and innocent Mistakes done by them while trying to follow the back to back stringent GST procedures without any intension of evasion of tax. Number of Notices is […]...

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FAQs on e-invoice under GST

Frequently Asked Questions on e-Invoice Q 1. What is an e-invoice? Ans: Issue of a tax invoice in an electronic format to the recipient and validated/authenticated by the tax administration before it is transmitted to the receiver. Q 2. Is it mandatory to issue e-invoice from the designated government portal? Ans: No, the tax invoice [&he...

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Posted Under: Company Law |

Comparison of Reporting CARO 2020 vis a vis CARO 2016

Comparison of the Reporting Companies (Auditor’s Report) Order 2020 (CARO 2020) vis a vis Companies (Auditor’s Report) Order 2016 (CARO 2016) Applicability of Companies (Auditor’s Report) Order 2020 It shall apply to every company including a foreign company as defined in clause (42) of section 2 of the Companies Act, 2013 (18 o...

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Posted Under: Company Law |

Existing recognized entities in IFSC can apply for IA registration without forming separate company or LLP

SEBI/HO/IMD/DF1/CIR/P/2020/31 (28/02/2020)

It is clarified that existing recognized entities in IFSC can also apply for Investment Adviser (IA) registration without forming a separate company or LLP....

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Important CBDT instructions on Issue of Section 147 & Section 133(6) Notice

F. No. System/ITBA/AIMS/2019-20/1942 (28/02/2020)

Field formation should not carry out any enquiry u/s 133(6) or issue notice u/s 148 of the Act on the basis of the data presently available in either AIMS Module of the ITBA or the AIR information earlier shown in the ITD till further directions are issued....

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Taxation of joint development agreement

The taxability of capital gains arising on transfer of title to land from the land owner to the developer in a Joint Development Agreement (JDA) has always been a heated issue. The taxation of Joint Development Agreement was never jointly agreed by the A.O. and the Assessee. There were a few hiccups in the law that were driving a way for ...

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Posted Under: Company Law |

Get HRA rebate till you move into Your own house

If you have receipts of house rent allowance and if you are paying rent, exemption u/s 10(13A) will be available. Section 24, which allows a deduction in respect of interest on capital borrowed for purchase/construction of a house property, permits this deduction for the interest that relates to the previous year in which the property is ...

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Posted Under: Company Law |

Tonnage Tax Scheme – A simplified approach | Sec 115V to Sec 115VZC

Qualifying Company - Section 115 VC: (a) it is a Indian company; (b) the place of effective management of the company is in India; (c) its own at least one qualifying ship; and (d) the main object of the company is to carry on the business of operating ships....

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Posted Under: Company Law |

How to Activate Your PAN If It Has Been Deactivated

Persons to whom PAN under new series has already been allotted shall not apply for such number again. No person who has already been allotted a PAN under the new series shall apply, obtain or possess another PAN....

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Posted Under: Company Law |

TDS: Some Practical and Procedural Issues

Tax deduction at source is considered as a major tool to curb tax evasion and Governments have, wherever possible, introduced TDS provisions in tax laws both in direct taxation and indirect taxation. In this article the author is trying to throw light on some practical and procedural issues in Income Tax – TDS....

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Posted Under: Company Law |

FATCA & CRS Compliance: Rule 114F to 114H of Income-tax Rules,1962

Income-tax Rules, 1962 were amended vide Notification No. 62 of 2015 dated 7th August, 2015 by inserting Rules 114F to 114H and Form 61B to provide a legal basis for the Reporting Financial Institutions (RFIs) for maintaining and reporting information about the Reportable Accounts. ...

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Posted Under: Company Law |

Utility for compliance of CGST Rule 36(4)- Restriction on ITC Claim

Utility for compliance of Rule 36(4) – This utility is prepared in view of notification regarding new rule 36(4) and circular no. 123 to determined maximum ITC (B2B) that can be availed while filing GSTR 3B. As per the new rule 36(4) inserted vide Notification No. 49/2019 dated 09th October 2019,  a taxpayer can claim […]...

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Posted Under: Company Law |

Format of Draft Letter of Intent

The Letter of Intent (LOI) summarizes the Parties’ understanding regarding the contemplated formation of a jointly owned company to design, manufacture, market and sell [products] (Products) worldwide (Company)....

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Posted Under: Company Law |

Tariff Notification No. 18/2020-Customs (N.T.), Dated: 28.02.2020

Notification No. 18/2020-Customs (N.T.) [S.O. 900(E)] (28/02/2020)

Tariff Notification No. 18/2020-CUSTOMS (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 18/2020-CUSTOMS (N.T.) New Delhi, 28th February, 202...

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Phase 3 of IBBI Valuation Examinations w.e.f. 1st June 2020

Press Release No. IBBI/PR/2020/03 (28/02/2020)

IBBI publishes syllabus, format, frequency and other details of valuation examinations- Phase 3 of Valuation Examinations w.e.f. 1st June 2020 Insolvency and Bankruptcy Board of India Press Release No. IBBI/PR/2020/03 28th February 2020 Phase 3 of Valuation Examinations w.e.f. 1st June 2020 In pursuance of the rule 5 (3) of the Companies ...

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General Presentation and Disclosures- Draft IFRS Standards

General Presentation and Disclosures- Through this ED, the IASB has proposed improvements to the way information is communicated in the financial statements, with a focus on financial performance....

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Posted Under: Company Law |

Reopening of assessment justified if notice issued in the name of surviving entity only

Experion Developers Pvt. Ltd. Vs ACIT (Delhi High Court)

Reopening of assessment was justified in case of EDPL as there were sufficient 'reasons to believe' that income had escaped assessment and the bar to reopening of proceedings after expiry of four years from the date of final assessment order, under the proviso, did not apply in assessee's case and there was no requirement to issue two sep...

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Is Financial Planning Important for Millennials?

Fast changing lifestyles, technological advancements and economic growth have shaped millennials’ views and traits which has also impacted their outlook on financial planning. One such trait is the need to indulge in the moment which motivates them to work hard and party even harder ensuring that they live their life to the fullest. Mil...

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Posted Under: Company Law |

Why TRC is a must in non PAN foreign cases

Please read this article as a deductee to get more clarity. While making foreign remittance we deduct TDS whether as per Income Tax Act,1961 or as per DTAA or provide the benefit of DTAA, whichever is more beneficial to assessee. Case-1: If we are taking benefit of DTAA: 1. Section 90(4) of the Income Tax […]...

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Posted Under: Company Law |

New Income Tax Regime – Structural Shift in Taxation of Income

Budget 2020 was considered to be unique in many ways. It was the first budget of the decade 2020. Moreover it was the most anticipated budget in recent times as Indian economy was grappling from a slowdown in the growth rate for a couple of quarters. People were expecting significant rate cuts in personal income […]...

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Posted Under: Company Law |

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