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Archive: 12 March 2020

Posts in 12 March 2020

Need for frequent GSTR-2A reconciliation after 9th October 2019 for optimum utilisation of Working Capital

March 12, 2020 4404 Views 6 comments Print

Need for frequent GSTR-2A reconciliation after 9th October 2019 for optimum utilisation of Working Capital GST was implemented in our country from 1st of July 2017, by passing the GST Act in the parliament on 29th of March 2017. The main object of GST was to implement a simple tax structure with the concept of […]

Bonus Issue Under Companies Act, 2013

March 12, 2020 13977 Views 0 comment Print

Bonus Issue: What is a Bonus Issue: Bonus Issue is an issue of shares at free of cost. Bonus shares are issued in the form like 1:1 means- 1 extra share for 1 holding shares or 1:2 means 1 extra share for 2 holding shares, etc. As per Companies Act, 2013 As per Companies Act, […]

CARO 2020: Additional Responsibilities on Statutory Auditors – A Detailed Analysis

March 12, 2020 19494 Views 0 comment Print

Ministry of Corporate Affairs (MCA) after consultation with National Financial Reporting Authority (NFRA) notified Companies (Auditor’s Report) Order (“CARO”) 2020 in suppression of CARO 2016. CARO 2020, in comparison of earlier CAROs, emphasis more on Proprietary Elements so that the users of Audit Reports will be well aware of Company’s business and activities. This article […]

Service tax is applicable on clubs or associations incorporated prior to 1st July, 2012

March 12, 2020 1410 Views 0 comment Print

Principal Commissioner of Central Tax Vs Indian Medical Association (Delhi High Court) The issue under consideration is that whether service tax is applicable on clubs or associations incorporated prior to 1st July, 2012? The definition of “club or association” contained in Section 65(25a) makes it plain that any person or body of persons providing services […]

Appointment of Managing Director under Companies Act, 2013

March 12, 2020 69720 Views 0 comment Print

APPOINTMENT OF DIRECTORS: As per Section 152 sub-section 2 of the Companies Act, 2013 every director shall be appointed by the company in the general meeting. Furthermore, every individual who has been appointed as a director on or before the appointment furnish to the company a consent in writing to act as a director in […]

Wrongful availment of ITC beyond Rs. 5 crores – Gujarat HC Grants bail

March 12, 2020 792 Views 0 comment Print

The applicant is facing charge under Section 132(1)(c) of the Central Goods and Services Tax Act, 2017, which is punishable maximum for a period of 5 years. As in the present case, wrongful availment of the Input Tax Credit is beyond Rs.5 crores

RBI vs IMAI – SC Judgement dated 4-Mar-2020

March 12, 2020 6048 Views 0 comment Print

RBI vs IMAI – SC Judgement dated 4-Mar-2020 The Supreme Court of India (SC) came out with its awaited judgement on virtual currency ruling the case in the favour of Internet and Mobile Association of India (IMAI) whereby declaring the Reserve Bank of India (RBI) circular no.  RBI/2017-18/154DBR.No.BP.BC.104/08.13.102/2017-18 dated April 6, 2019 imposing a prohibition […]

PAN-Aadhaar Linking Possible after 31st March 2020

March 12, 2020 2154 Views 0 comment Print

According to the income tax department, PAN and aadhaar linking is possible even after 31st March 2020. Though there’s a twist here, this linking is possible on condition that the PAN will remain inoperative post the deadline till the date they link the 2 cards. New notification The central board of direct tax has issued a new notification […]

How to Make Terms And Conditions of Food Delivery Platform?

March 12, 2020 22431 Views 2 comments Print

Recently, the news regarding the acquisition of Uber eats by Zomato has been quite popular. Zomato has acquired the Indian operations of its competitor Uber Eats, the food delivery business run by Uber, for around $350 million with which the transaction marks the first big consolidation move in the cash-intensive online food-delivery market, led by Swiggy and […]

Alignment of DTAAs With Multilateral Instrument (MLI)

March 12, 2020 7464 Views 0 comment Print

Alignment of Double Taxation Avoidance Agreements (DTAAs) With Multilateral Instrument (MLI) Background [Section 90 and 90A] Section 90 of the Act empowers the Central Government to enter into DTAAs with foreign countries or specified territories inter alia for avoidance of double taxation of income under the laws of both, India and that foreign country or […]

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