"08 March 2020" Archive - Page 2

List of goods and services under reverse charge as on 01/03/2020

Article provides List of goods and services under Reverse Charge Mechanism (RCM) under GST Regime as on 01/03/2020 alongwith date from which the same is under RCM. For Goods S. No. Particular Effective date 1. Cashew nuts, not shelled or peeled 01/07/2017 2. Bidi wrapper leaves (tendu) 01/07/2017 3. Tobacco leaves 01/07/2017 4. Silk yarn ...

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Independent Director Registration

Ministry of Corporate Affairs (MCA) vide its Notification number G.S.R. 804(E) dated 22nd October, 2019 had amended the Companies (Appointment and Qualification of Directors) Rules for Registration of Independent Directors in the databank within 3 months effective from 1st December, 2019 by applying online to the Indian Institute of Corp...

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Indirect Tax Updates for the Month of February 2020

A. Updates Related to GST for the Month of February 2020. Finance Bill, 2020 Budget 2020 – Important changes proposed by the Finance Bill 2020 in GST regime: Budget 2020 was presented by the Finance Minister in the lower House of the Indian Parliament on 1st of February 2020. The Finance Bill, 2020 in this regard […]...

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Direct Taxes Updates- February 2020

A. Summary of Income Tax Notifications and Circulars for February 2020 1. Notification No. 11/2020 dated 13/02/2020– CBDT notifies (Rule 114AAA) prescribing that PAN will become inoperative if a person, who has been allotted PAN as on the 1st day of July, 2017 and is required to intimate his Aadhaar number under section 139AA(2), ha...

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LLP Settlement Scheme 2020 (16th March 2020 to 13th June 2020)

LLP Settlement Scheme as per the General Circular issued by the MCA dated 04.03.2020 via number 06/2020. LLP or Limited Liability Partnership is a form of business vehicle governed by the Limited Liability Partnership Act, 2008 or LLP Act, 2008 in short, combining the quality attributes of a Company and a Partnership Firm. It gives [&hell...

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Interest on delayed GST payment whether payable on gross or net amount?

Interest liability shall arise only in respect of that portion of output tax which is being paid by cash.It was very harsh and unreasonable to ask for the interest on that portion of output tax that is being paid from the Input tax credit....

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Budget 2020 – Residency Rule & Taxability

Residency Rule √ Generally residential status can be of two types: 1. Resident ⇒ ROR ⇒ NROR 2. Non resident Note: Condition of ROR and RNOR applies only to Individual and HUF Residential Status of an individual *NOTE: Here      PIO =Person of Indian Origin PY = Previous Year ROR = Resident and Ordinary Resident […]...

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Section 135 of Companies Act for Corporate Social Responsibility

Section 135 of the Companies Act, 2013 and The Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended from time to time provides for the provisions of Corporate Social Responsibility applicable on corporate entities in India. Applicability: Every Company which fulfils any of the following limits during the immediately p...

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CSR under Companies Act 2013- Concept, Applicability, Provisions, Penalty

Corporate Social Responsibility (CSR) under Companies Act 2013- Concept, Applicability, Provisions, Penalty The Companies Act  1956 replaced by the new Companies Act 2013. There are so many changes that came into force and several provisions inserted the first time in the corporate world of India. One of such new provisions is Corporate ...

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Comparison of CARO 2020 with CARO 2016

MCA has recently released notified Companies (Auditor’s Report) Order, 2020 (CARO 2020), which is is applicable for audit of financial statements of eligible companies for the financial years commencing on or after the 1st April, 2019. CARO 2020 replaces the erstwhile CARO 2016. Article Compares CARO 2016 with CARO 2020 and explains the...

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