"February, 2020" Archive - Page 20

SPICe+ to offer 10 services in a single web form- Read Features

As a part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs has notified and deployed a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the old SPICe form. SPICe+ has come into force from 23.02.2020. SPICe+ is an integrated Web Form which would offer ten se...

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Posted Under: Company Law |

Mauritius included in FATF list of jurisdictions under increased monitoring

Press Release No. 10/2020-SEBI (25/02/2020)

The Financial Action Task Force on February 21, 2020, has placed Mauritius in the list of 'jurisdictions under increased monitoring', commonly referred to as the 'grey list'....

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Official amendments to Direct Tax Vivad se Vishwas Bill 2020

The Direct Tax Vivad se Vishwas Bill, 2020 (‘the Bill’) was introduced in the Parliament on 5th Feb, 2020. After introduction of the Bill, a notice for moving the following amendments to the provisions of the Bill has been given to the Parliament on 14th Feb, 2020, which is subject to the approval of and […]...

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Posted Under: Company Law |

Section 272B Penalty for failure to comply with provisions of PAN

Penalty for failure to comply with various provisions of Permanent Account Number (PAN) – Section 272B The penalty provisions of section 272B of the Income Tax Act gets attracted in case the person fails to comply with various provisions of the Permanent Account Number as prescribed under section 139A of the Income Tax Act. Most [&helli...

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Posted Under: Company Law |

Delegation of authority for blocking of credits in Maharashtra

No. D.C.(A&R)-2/GST/PWR/Section/2017-18/ADM-8 (24/01/2020)

State commissioner of  Maharashtra issues a Notification for Delegation of authority for blocking of credits  as per CGST Rule 86A.  Notification Authorises Deputy Commissioners, Assistant Commissioners and All state tax officers for blocking of credit. COMMISSIONER OF STATE TAX, MAHARASHTRA STATE GST Bhavan, Mazgaon, Mumbai 400 010, d...

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Kolkata high court stays service tax audit

Magma Housing Finance Ltd. and Magma ITL Finance Ltd. Vs Union of India & Ors. (Kolkata High Court)

Considering the submissions made by all the parties, and the orders placed before me in relation to stay of similar notices of Service Tax audit by the different High Courts,  I am of the prima facie view that the impugned notices dated December 13, 2018 and April 25, 2019 should be stayed till June 12, 2020 or until further orders which...

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Draft Employees’ State Insurance (General) Amendment Regulations, 2020

Notification No. N-12/13/01/2019-P&D (27/01/2020)

Employees State Insurance Corporation vide notification No. N-12/13/1/2016-P&D dated 24.01.2020 released the draft regulation on Employees’ State Insurance (General) Amendment Regulations, 2020 to further amend Employees’ State Insurance (General) Regulation, 1950. The Employees State Insurance Corporation proposes to make in exer...

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Interest on FD received at pre-operative stage is capital receipt

Solarfield Energy Pvt Ltd Vs ITO (ITAT Mumbai)

Interest income generated during pre-operative period was correctly reduced by assessee-company from WIP  as the same was inextricably linked with the power project and would be considered as capital receipt...

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Format of Draft reply against Section 50(1) GST Interest demand

Article compiles Format of Draft Letter / reply against Section 50(1) GST Interest demand in respect of the Delayed payment of the Tax amount on account of Late filing of the GSTR 3B Return. Dear Sir, R: M/s. _____________  GSTN : Your Letter No.———- dated——- in respect of Interest Due U/s 50(1) received thr...

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Posted Under: Company Law |

Tax Audit Applicability – After Budget 2020

A minor amendment in section can change the whole situation and scenario. The same was happened in sec 44AB in 2016 and now in 2020 budget. Before 2016, the turnover limit for sec 44AB and Sec 44AD were identical. Thereafter, in Budget 2016, the turnover limit for Sec 44AD has been raised to INR 2 […]...

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Posted Under: Company Law |