In view the ongoing outbreak of COVID-19 (Corona Virus) and concern of the logistics for COVID-19 management particularly during last couple of weeks and that masks (2 ply & 3 ply surgical masks, N95 masks) and hand sanitizers have been noted to be either not available with most of the vendors in the market or are available with great difficulty at exorbitant prices, Government has notified an Order under the Essential Commodities Act to declare these items as Essential Commodities up to 30th June, 2020 by amending the Schedule of the Essential Commodities Act, 1955.
Matching & Reconciliation under GST Following Mismatches can be noticed by taking up following Matching and Reconciliation exercises: -Differences between the amount of credit shown in GSTR- 3B and the GSTR 2A or/and -Discrepancies between GSTR-3B and GSTR-1 or/and -Differences in the provisional credit claimed and actual credit that is claimable. This situation arises usually […]
What is Managing Director under Companies Act, 2013? Section 2(54) of the Companies Act, 2013 provides that “managing director” means a director who, by virtue of the articles of a company or an agreement with the company or a resolution passed in its general meeting, or by its Board of Directors, is entrusted with substantial […]
The ‘Vivad se Vishwas’ Scheme was announced during the Union Budget, 2020, to provide for dispute resolution in respect of pending income tax litigation. Pursuant to the Budget announcement, the Direct Tax Vivad se Vishwas Bill, 2020 was introduced in the Lok Sabha on 5th of February, 2020 and passed by it on 4th of March, 2020.
In corporate governance parlance, auditors are considered to be key ‘gatekeepers’. However, governance failures both in India and around the world have pointed fingers towards the role of auditors. This has led to a series of reforms that impose greater stringency on auditors and the audit process. The concept of Auditor independence requires the auditor […]
Agrawal Colour Advance Photo System Vs Commissioner of Central Excise and Another (Madhya Pradesh High Court at Jabalpur) The issue under consideration is whether while providing photography service whether the use of the paper upon which an image is printed using certain consumables and chemicals, being incidental to the provision of service, amount to sale […]
In view of the recent media reports as regards certain systemic issues with respect to Yes Bank, Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) has decided to take up the review of general purpose financial statements of Yes Bank for Financial Year 2017 – 18 and 2018 – 19.
Impact of Budget 2020 Finance Bill on charitable institutions:- 1) Re-validation of existing registrations All the existing charitable and religious institutions already registered under Section 12A (trusts and institutions registered prior to 1996), Section 12AA (trusts and institutions registered after 1996), Section 10(23C) and Section 80G will be required to re-apply to the income tax authorities […]
Under the New GST Return Form, taxpayers are given an option to file returns on a monthly or quarterly basis. For quarterly return filing, the taxpayer may opt for Form GST RET-01 (Normal), Form GST RET-02 (Sahaj), or Form GST RET-03. Even though the taxpayer opts to file a return on a quarterly basis, he has to […]
The Hon’ble HC, Delhi in the matter of M/s Hero Motocorp Ltd. v. Union of India & Ors. [W.P.(C) 505/2020 & CM APPL. 1328/2020 dated March 2, 2020] dismissed the writ petition seeking complete exemption by way of reimbursement of the amount of Central Goods and Service Tax (CGST) and/or Integrated Goods and Service Tax […]
