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Archive: February, 2020

Posts in February, 2020

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

February 28, 2020 3684 Views 0 comment Print

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 databank, in one or more of the following, namely:-

Govt extends term of appointment of SEBI Chairman Ajay Tyagi

February 28, 2020 477 Views 0 comment Print

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.

No Penalty for TDS Default due to reasonable cause on Foreign LTC Paid to Staff

February 28, 2020 1296 Views 0 comment Print

State Bank of India Vs ACIT (ITAT Bangalore) The assessee is a banking institution. A survey u/s 133A of the Act was conducted in the hands of the assessee in order to verify compliance of TDS provisions. It was noticed that the assessee has provided LTC facility to its employees and some of the employees […]

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

February 28, 2020 2934 Views 0 comment Print

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 […]

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

February 28, 2020 106908 Views 6 comments Print

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%, […]

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

February 28, 2020 2619 Views 0 comment Print

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 the briefing about “Need […]

Transfer of Share in Unlisted company- Companies Act, 2013

February 28, 2020 9723 Views 0 comment Print

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 […]

Recent Changes in Forms for Company Incorporation

February 28, 2020 1662 Views 0 comment Print

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 […]

Section 80D deduction on GST on health insurance premium

February 28, 2020 48321 Views 2 comments Print

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 […]

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

February 28, 2020 3813 Views 2 comments Print

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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