"08 March 2020" Archive

GST TDS not applies on supply to Howrah Municipal Corporation

In re Dolphin Techno Waste Management Private Limited (GST AAR West Bengal)

In re Dolphin Techno Waste Management Private Limited (GST AAR West Bengal) The TDS Notifications bring into force section 51 of the GST Act, specifying the persons under section 51(1)(d) of the Act and have mandated and laid down the mechanism for deduction of TDS. These notifications, therefore, are applicable only if TDS is deductible ...

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GST TDS Notifications not applies to exempt supply

In re Dipak Kanti Mazumder Dynamic Engineers (GST AAR West Bengal)

In re Dipak Kanti Mazumder Dynamic Engineers (GST AAR West Bengal) The TDS Notifications bring into force section 51 of the GST Act, specifying the persons under section 51(1)(d) of the Act and have mandated and laid down the mechanism for deduction of TDS. These notifications, therefore, are applicable only if TDS is deductible on [&hell...

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Issue clarification for Direct Tax Vivad se Vishwas Bill, 2020

Direct Tax, Vivad se Vishwas scheme covers the case where the writ petition has been filed by the taxpayer before appellate forum i.e. High Court or Supreme Court....

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Latthmar Holi of GST!! &, Floral Holi of Income tax

This year the tax department is also ready to play different types of holi with the taxpayers, of which the Income Tax department will be playing the Floral holi (Foolonki holi) and the GST department will be playing Latthmar Holi. Lets discuss about it in detail....

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Companies Auditors Reports Order, 2020 (CARO 2020) – Clause by Clause Comparison

Introduction: The Ministry of Corporate Affairs (MCA), after consultation with the National Financial Reporting Authority (NFRA) constituted under section 132 of the Companies Act, 2013, has published in the Gazette of India an Order in supersession of the Companies (Auditor’s Report) Order, 2016, which may be called the Companies (...

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Impact of Ind AS on Non-Banking Financial Companies (NBFCs)

Impact of Ind AS on Non-Banking Financial Companies (NBFCs) 1. Applicability of Ind AS to NBFCs: Coverage: As per the Companies Ind AS Rules, “Non-Banking Financial Company” means a Non-Banking Financial Company as defined in clause (f) of section 45-I of the Reserve Bank of India Act, 1934 and includes: – Housing Finance Companies,...

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Suggestions on draft Scheme of reconstruction of Yes Bank Ltd

Scheme of reconstruction of Yes Bank Ltd: some suggestions on the draft scheme. Executive Summary: I have carefully gone through the scheme of merger and as hardcore banker, I feel RBI may look at Sec 19(2) of Banking Regulation Act which cover aspects like applicability of SEBI take-over code and Pricing of the shares of […]...

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Ind AS 116 – Leases- Detailed Analysis

The objective of the Ind AS 116 is to ensure that lessees and lessors provide relevant information in a manner that faithfully represents those transactions. To achieve this objective, the Standard sets out the principles for the recognition, measurement, presentation and disclosure of leases....

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Back to classical way to tax dividend income

As dividend become proposed to be taxable, litigation u/s 14A (Expenses incurred in relation to exempt income)  now will be reduced. However, deduction of interest as proposed u/s 57 may lead to kind of litigation as was there u/s 14A....

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Taxability of employer’s contribution towards retirement benefit scheme (Impact of Finance Bill 2020)

As we know that employers use to contribute to the retirement benefit schemes of employees to enable them to maintain a quality life after retirement. Generally these contribution by employer can be in any one or in combination of following three forms: 1. Contribution to PF (Provident Fund) of the employees (Recognised PF, Unrecognised P...

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