"13 March 2020" Archive

Govt brings masks and hand sanitizers under Essential Commodities Act

01/01/1970

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 dif...

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Posted Under: Corporate Law |

Excel Utility for GSTR – 2A Reconciliation with Books

01/01/1970

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 ...

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Posted Under: Corporate Law |

Procedure for Appointment of Management Director

01/01/1970

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 [&helli...

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Posted Under: Corporate Law |

Decoding of FAQs on Vivad Se Vishwas

01/01/1970

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....

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Posted Under: Corporate Law |

Shrinking Circles – Non-Audit Services Prohibition

01/01/1970

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 indep...

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Posted Under: Corporate Law |

If Goods Component in Photography Service can be separated then No Service Tax levied on Goods Component

Agrawal Colour Advance Photo System Vs Commissioner of Central Excise and Another (Madhya Pradesh High Court at Jabalpur)01/01/1970

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 ser...

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ICAI to review general purpose financial statements of Yes Bank

01/01/1970

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....

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Posted Under: Corporate Law |

Union Budget- 2020: New Compliances for Charitable Trust & Institutions

01/01/1970

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...

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Posted Under: Corporate Law |

Books cannot be Rejected for mere Non-Presentation during Survey

Mahesh Coal Traders Vs Commissioner Commercial Tax (Allahabad High Court)01/01/1970

Bbooks of accounts were duly presented when the show cause notice was given to the assessee, and no discrepancy was found in the same, but non-presentation of the books of accounts at the time of survey cannot be the sole reason for rejection of the books of accounts....

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GST PMT 08 – An Overview

01/01/1970

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 […]...

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Posted Under: Corporate Law |

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