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Archive: February, 2020

Posts in February, 2020

GST Input Tax Credit (ITC) on pipeline cost

February 29, 2020 18156 Views 0 comment Print

We know that among all the means of transportation of liquid products (like oil, Gas, water etc) pipeline is the most economical and efficient means of transportation. A common question arises whether the Input Tax Credit (ITC) is available on pipeline cost. Pipeline cost are of two types 1. Erection cost of pipeline (Capital Expenditure) […]

Foreign Asset Management Will Turn Towards India

February 29, 2020 1194 Views 0 comment Print

The Indian regulators of the financial market have changed the landscape of investments, advisory and management fee structure of financial products. Well, I am speaking to that segment of the BFSI industry which is called Mutual Funds and AMC. The way the regulators have brought down the expense ratio and brought transparency in product pricing […]

CARO 2020 – Comparative Insight

February 29, 2020 2508 Views 0 comment Print

Article contains Comparative Analysis of Companies (Auditor’s Report) Order, 2003 (CARO 2003), Companies (Auditor’s Report) Order, 2015 (CARO, 2015), Companies (Auditor’s Report) Order, 2016 (CARO, 2016) and Companies (Auditor’s Report) Order, 2020 (CARO 2020). Download – CARO 2020 – Comparative Insight

TDS on Pension and Retirement Benefits

February 29, 2020 144256 Views 23 comments Print

1. What is Pension? Pension is described in Section 60 of the CPC and Section 11 of the Pension Act as a periodical allowance or stipend granted on account of past service, particular merits, etc. It involves three essential features. Firstly, pension is a compensation for the past service, secondly, it owes its relationship to a past employer-employee relationship or master servant relationship. Lastly, it is paid on the basis of earlier relationship of agreement of services as opposed to an agreement for service.

Treatment of fresh claim of assessee before completion of assessment

February 29, 2020 30639 Views 1 comment Print

Whether an assessing officer is required to entertain and consider a fresh claim or a modification in a claim made at any time before the completion of assessment u/s 143(3) of the income-tax act.

Taxability of Conversion of Stock in trade to Investment

February 29, 2020 38002 Views 0 comment Print

In case of a business of trading in shares assessee may transfer some of his stock in trade into his capital asset by deciding to hold it as an investment or on discontinue of delivery based trading of shares, convert the stock of shares into investments and sell the same at a later stage and pay tax on the profit as capital gain instead of business profit.

Updated list of Transactions to be reported in AIR

February 29, 2020 94912 Views 2 comments Print

Government has mandated reporting in statement of financial transaction commonly known as AIR Return of Cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregates to ̶ (i) twelve lakh fifty thousand rupees or more, in one or more current account of a person; or (ii) two lakh fifty thousand rupees or more, in one or more accounts (other than a current account)

How to Increase Authorized Share Capital of Company under Companies Act

February 29, 2020 7155 Views 0 comment Print

In the Companies Act 2013, the procedure for the increase in the Authorised share capital has been governed in sections 61 and 64 of the Companies Act 2013. In any case related with the share capital in the process of increasing the paid-up share capital of the company by issuing the fresh equity shares, the […]

Paragraph wise comparison of CARO, 2020 and CARO, 2016

February 29, 2020 4092 Views 0 comment Print

MINISTRY OF CORPORATE AFFAIRS (MCA) vide its Order dated February 25, 2020 substituted the Companies (Auditor’s Report) Order, 2016 by Companies (Auditor’s Report) Order, 2020 after consultation with the National Financial Reporting Authority (NFRA) constituted under section 132 of the Companies Act, 2013. It shall come into force on the date of its publication in […]

Post Budget Memorandum on Direct & Indirect Taxes Provisions

February 29, 2020 1563 Views 0 comment Print

AIFTP has an ‘Indirect Tax (GST) Representation Committee’ as well as ‘Direct Tax Representation Committee’ to monitor and suggest the right path for a well-designed and ideal Indirect & Direct Tax Regime as well as to educate the tax fraternity about the finer aspects of the Tax Law implemented in our country.

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