"13 March 2020" Archive

Govt brings masks and hand sanitizers under Essential Commodities Act

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

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

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

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

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 |

ICAI to review general purpose financial statements of Yes Bank

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

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 |

GST PMT 08 – An Overview

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 |

HC dismiss 100% Budgetary support for area based exemption in post GST regime

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 […]...

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Posted Under: Corporate Law |

Quoting of PAN in various transactions (Rules 114B to 114E)

In order to achieve a two-pronged target of curbing the circulation of black money and widening tax base, the government has recently notified changes in the monetary limits that will require mandatory quoting of PAN. The finance ministry has also rationalized the monetary limits for certain transactions requiring mandatory quoting of PAN...

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Posted Under: Corporate Law |

Some Important Aspects of HUF Under Income Tax, 1961

Article covers Some Important Aspects of HUF Under Income Tax, 1961 which includes Partition of HUF under Income Tax Act, 1961 and its assessment after Partition, Residential Status of HUF, Taxability of Income from house property in the name of HUF, Proprietorship and Partnership by HUF, Capital Gain Exemption available to HUF, Deduction...

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Filing of Form 15G/15H for rental payments

The provision of sub-section 194-I of the Act, inter alia, provides for tax deduction at source (TDS) for payments in the nature of rent beyond a threshold limit. The existing provisions provide threshold of Rs. 1,80,000 per financial year for deduction of tax under this section. ...

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Posted Under: Corporate Law |

Section 80JJAA: Tax incentive for employment generation

The existing provisions of Section 80JJAA provide for a deduction of thirty percent of additional wages paid to new regular workmen in a factory for three years. The provisions apply to the business of manufacture of goods in a factory where 'workmen' are employed for not less than three hundred days in a previous year. ...

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Posted Under: Corporate Law |

CBI Arrests Two Income Tax Officials And A CA In A Bribery Case

The Central Bureau of Investigation has arrested an Income Tax Officer; an Inspector, both posted at Nagaur (Rajasthan) and a Chartered Accountant in a bribery case of Rs. 4 lakh....

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Posted Under: Corporate Law |

Mere B.Com cannot be registered as valuer for asset class of “Securities or Financial Assets”

The application for registration as valuer of the applicant was received by the Authority only on 19th March 2019. There can be no doubt that the applicant must satisfy the eligibility conditions in accordance with the relevant laws prevalent at the time of grant of registration. When the application of the applicant was received by [&hel...

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SEBI statement on market movement relating to COVID-19 pandemic

Press Release No. 16/2020-SEBI (13/03/2020)

Over the last few days the Indian Stock Market has been moving in tandem with other global markets owing to concerns relating to COVID-19 pandemic, resultant fear of economic slowdown, recent fall in global crude prices, etc. As can be seen from the following table giving a comparative market movement of global indices, it indicates that ...

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Notification No. 17/2020-Income Tax, Dated: 13.03.2020

Notification No. 17/2020-Income Tax [S.O. 1057(E)] (13/03/2020)

Central Government hereby specifies that a non-­resident being an Eligible Foreign Investor which operates in accordance with the Securities and Exchange Board of India, circular IMD/HO/FPIC/CIR/P/2017/003 dated 04th January, 2017, shall be deemed as Foreign Institutional Investor (FII) for the purposes of transactions in securities made...

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Reopening invalid if reasons for same not speaks of escapement of income

DCIT Vs. Aryan Mining & Trading Corporation Ltd. (ITAT Kolkata)

As there was no whisper about escapement of income, i.e., loss created by misusing client’s code modification, in the reasons for reopening conveyed to the assessee, therefore, no addition in respect of this could be made without making any addition in respect of the item shown to have escaped assessment in the reasons recorded....

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Production of Books not Relevant in Cheque Bounce Cases | Section 138 | NI Act

D. K. Chandel Vs Wockhardt Ltd. & Anr. (Supreme Court)

D. K. Chandel Vs Wockhardt Ltd. & Anr. (Supreme Court) The Supreme Court has observed that the production of the account books/cash book may not be relevant in a criminal case filed under Section 138 of the Negotiable Instruments Act. As held by the Trial Court as well as by the High Court that the […]...

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Assessee not required to explain sources of money provided by creditor

Gaurav Triyugi Singh Vs ITO (Bombay High Court)

The assessee is only required to explain the source of the credit. There is no requirement under the law to explain the source of the source. The fact that the source of the source is suspect and that the creditor had no regular source of income to justify the advancement of the credit to the assessee does not mean that an addition can be...

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HC clarifies on Section 254(2) limitation period for filing rectification application

PCIT Vs ITAT (Bombay High Court)

PCIT Vs ITAT (Bombay High Court) From a careful reading of the provision, it is seen that Tribunal is vested with the power to rectify any mistake apparent from the record to amend any order passed by it under sub-section (1) of Section 254 at any time within six months from the end of the […]...

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Validity of Order passed by ITAT and Reliance on decisions

Bhavya Construction Co Vs ACIT (Bombay High Court)

Bhavya Construction Co Vs ACIT (Bombay High Court) Section 254(1): The basic grievance of the Appellant is that the impugned order of the Tribunal has been passed in breach of principles of natural justice. This for two reasons, one the decisions relied upon by the Tribunal of its own (not cited at the bar) in […]...

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Credit worthiness cannot be doubted merely for meager income | Section 68 | Bogus share capital

PCIT Vs Ami Industries (India) P Ltd (Bombay High Court)

The assessee had furnished PAN, copies of the income tax returns of the investors as well as copy of the bank accounts in which the share application money was deposited in order to prove genuineness of the transactions. In so far credit worthiness of the creditors were concerned, the bank accounts of the investors showed that they had fu...

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All About Direct Tax Vivad Se Vishwas Scheme, 2020

(I) Introduction: In recent time, Government has taken several measures to reduce tax litigations. In Finance Act (No. 2) of 2019, a dispute resolution cum amnesty scheme called “the Sabka Vishwas Legacy Dispute Resolution Scheme, 2019” has been introduced for resolution and settlement of legacy cases of Central Excise and Service Tax...

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Posted Under: Corporate Law |

Landlord not precluded from making application for determination of fair rent during currency of contractual tenancy: SC

N. Motilal & Ors. Vs Faisal Bin Ali & Anr. (Supreme Court)

N. Motilal & Ors. Vs. Faisal Bin Ali (Supreme Court) The moot question to be answered in this appeal is as to whether during currency of contractual tenancy i.e. during the currency of agreed rent between the landlord and the tenant whether landlord is precluded from making an application for determination of fair rent. Section [&hell...

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Penalty not leviable for non deduction of TDS due to reasonable cause

Santur Infrastructure Pvt. Ltd. Vs ACIT (ITAT Delhi)

Santur Infrastructure Pvt. Ltd. Vs ACIT (ITAT Delhi) We are of the considered view that firstly, the assessee was not required to deduct TDS as the payment of EDC was not made out of any statutory and contractual liability to HUDA with whom the assessee has no privity of contract; secondly, the assessee has reasonable […]...

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Undue haste in recovery of disputed demands by issue of Section 226(3) garnishee notices

Cleared Secured Services Pvt Ltd Vs DCIT (ITAT Mumbai)

Cleared Secured Services Pvt Ltd Vs DCIT (ITAT Mumbai) We have noted that the hearing of stay petition was concluded, as per information available to us, on 17th January 2020, but the order thereon has not been passed as yet since one of the Members constituting coram of the bench has gone on tour to Delhi […]...

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IBC: Immovable property Lease rent dues are not Operational Debt

Mr. M. Ravindranath Reddy Vs Mr G. Kishan & Ors. (NCLAT)

Mr. M. Ravindranath Reddy Vs Mr G. Kishan & Ors. (NCLAT) Whether a landlord by providing lease, will be treated as providing services to the corporate debtor, and hence, an operational creditor within the meaning of Section 5(20) read with Section 5(21) of the ‘Insolvency and Bankruptcy Code, 2016? For an amount to be classified...

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Posted Under: Corporate Law | |

Mineral Laws (Amendment) Act, 2020

No. 2 of 2020 (13/03/2020)

(1) This Act may be called the Mineral Laws (Amendment) Act, 2020. (2) It shall be deemed to have come into force on the 10th day of January, 2020....

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Yes Bank Limited Reconstruction Scheme, 2020

G.S.R. 174(E). (13/03/2020)

Reserve Bank of India has considered it necessary in the public interest and in the interest of the depositors and also to secure the management of the Yes Bank, to prepare a scheme for the reconstruction of the concerned banking company;...

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IBBI warns RP to be extremely careful & diligent in performing duties under IBC

No. IBBI/DC/19/2020 (13/03/2020)

In this matter, the DC observes that Mr. Arun Kumar Gupta displayed a casual approach during the conduct of CIRP. When a CD is admitted into CIRP, the Code shifts the control of a CD to creditors represented by a CoC for resolving its insolvency. The CoC holds the key to the fate of the […]...

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Section 54EC Exemption available on investment in certain specified bonds

Provisions of section 54EC provide exemption towards long term capital gain arisen on the transfer of land or building or both when the amount is invested into the specified bonds. The present article briefly explains the provisions of section 54EC of the Income Tax Act. Understanding basic provisions of section 54EC of the Income Tax [&h...

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Posted Under: Corporate Law |

Clausewise Comparison of CARO 2016 and CARO 2020

Comparison of CARO 2016 and 2020 Clause 1: Reporting on Property, Plant and Equipments and Intangible Assets: CARO 2020 CARO 2016 (a) (A) whether the company is maintaining proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment; (B) whether the company is maintaining proper r...

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Posted Under: Corporate Law |

Incorporation of Companies Through Spice+

Reservation of Name or Change of Name –An Application for reservation of Name or change of Name shall be made through the web service RUN (Reserve Unique Name) along with fee as provided in the Companies (Registration Offices and Fees) Rules, 2014....

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Posted Under: Corporate Law |

Insolvency and Bankruptcy Code (Amendment) Act, 2020

Notification No. 1 of 2020 (13/03/2020)

(1) This Act may be called the Insolvency and Bankruptcy Code (Amendment) Act, 2020. (2) It shall be deemed to have come in force on the 28th day of December, 2019....

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GST Council Meeting–Expectations–14th March 2020

1. Letter Undertaking (LUT) for FY 2020-21 – The GSTN portal has enabled application of Letter Undertaking (LUT) for ZERO rated Supplies (Supplies to SEZ or Exports) without payment of IGST. You may apply for LUT on GST Portal for the FY 2020-21 so as to enable the taxpayers to supply Zero Rated (without payment […]...

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Posted Under: Corporate Law |

Extension of Dates for Annual Returns GSTR 9, GSTR 9C & GSTR-3B due to Banking issues

EXTENSION OF ANNUAL RETURN 9 & 9C for Y 2018 - 19 : With great difficulties, taxpayers have filed Yearly return 9 and 9C for Y 2017 -18. GSTN did not solve problems which taxpayers have faced while filing Y 2017-18 returns. While filing Y 2018 -19 returns, many of AUTO POPULATED fields not displayed. Multiple error relating to Offline uti...

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Posted Under: Corporate Law |

ROC Forms, Its Applicability & Due Dates of Filing| Companies Act, 2013

As per the Companies Act, 2013 and Rules made there under, the various Forms are required to be filed with the Ministry of Corporate Affairs (MCA-21) as per the applicability on the Company. Here are the list of ROC forms required to be filed, its applicability and due dates. Sr. No. Form No. Description Applicability […]...

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Posted Under: Corporate Law |

‘विश्वास से विवाद’ की ओर बढ़ता जीएसटी

आपको याद होगा कि मोदी सरकार-2 ने चुनाव के बाद प्रस्तुत बजट 2019 में एक केन्द्रीय उत्पाद शुल्क एवं सेवाकर में बकायेदारों की सुविधा के ल...

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Posted Under: Corporate Law |

Constitution of NCLAT Bench at Chennai

Notification No. S.O. 1060(E) (13/03/2020)

Central Government hereby constitutes another Bench of the National Company Law Appellate Tribunal (NCLAT) at Chennai to hear the appeals against the orders of the Benches of the National Company Law Tribunal (NCLT) having jurisdiction of Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Telangana, Lakshadweep and Puducherry....

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Decoding of Section 115BAB

It is said that a person feels joyous and happy when something unexpected positively happened in one’s life but on other hand unexpected kindness showered on them by almighty God also frightened one’s inner soul simultaneously from an unexpected fear that what will happen if this happiness is taken away back. The same situation is [&h...

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Posted Under: Corporate Law |

RBI regulatory guidance on Ind AS implementing NBFCs and ARCs

RBI/2019-20/170 DOR (NBFC).CC.PD.No.109/22.10.106/2019-20 (13/03/2020)

Reserve Bank has framed regulatory guidance on Ind AS given in the Annex which will be applicable on Ind AS implementing NBFCs and Asset Reconstruction Companies (ARCs) for preparation of their financial statements from financial year 2019-20 onwards....

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Draft Companies (CSR Policy) Amendment Rules, 2020 for comments

Notification No. G.S.R...(E) (13/03/2020)

In order to operationalize the Companies (Amendment) Act, 2019, the Companies (Corporate Social Responsibility Policy) Amendment Rules , 2020 has been drafted for carrying out amendments in the Companies (CSR Policy) Rules, 2014....

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Information requirement for New GST Returns

As per the 31st GST Council meeting, it was decided that a new return system would be introduced introduced for taxpayers. In order to give ample opportunity to the taxpayers as well as the system to adapt the new returns, government of India has also release prototype of the new returns on the GST portal. […]...

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Posted Under: Corporate Law |

FDI India Entry Options : How Foreign Investors Can Enter India

The investment climate in India has improved considerably in the last five years. This is mainly attributed to ease in FDI norms across sectors of the economy. India, today is a part of the top 100 club on Ease of Doing Business (EoDB). India received the record FDI of $ 61.96 bn in 2017-18 which rose to to $64.375 billion […]...

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Posted Under: Corporate Law |

Areas of “Vivaad” in Vivaad Se Vishwas Scheme

Introduction Although Direct Tax Vivad Se Vishwas Scheme has been launched to end litigation but there are number of grey areas which require clarification or can become source of future litigation. Some of these areas are being highlighted as below: 1. Vivad Se Vishwas Scheme, except section 3 of the Scheme, does not override Income [&he...

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Posted Under: Corporate Law |

Corporate Mergers- Detailed Analysis

Article explains Meaning Of Corporate Mergers, What Do You Understand By Mergers, Difference between Merger and Acquisition, Reasons For Failures Of Mergers, Bank Mergers and Acquisitions: A Common Phenomenon, Amalgamations Provisions Income Tax Act 1961, Types of Corporate Mergers, Legal Procedure For Corporate Mergers and Benefits Of Co...

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Posted Under: Corporate Law |

Now Instant PAN Card through Aadhar Only 5 to 10 Minutes

Now Instant PAN Card through Aadhar in Only 5 to 10 Minutes Step 1: Go to your browser and type https://www.incometaxindiaefiling.gov.in/ Step 2: Go to Quick Links section and click on Instant PAN through Aadhaar Link and next screen open Step No 3. Click on Get New PAN Step No 4.  Then following screen should […]...

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Posted Under: Corporate Law |

GST on sprinklers systems for use in Drip irrigation system: AAR allows withdrawal of application

In re Arihant Plast (GST AAR Rajasthan)

In re Arihant Plast (GST AAR Rajasthan) Questions asked by Appellant 1. Whether parts of sprinklers systems sold by us like HDPE SPRINKLER FEMALE COUPLER, HDPE SPRINKLER MALE COUPLER, HDPE SPRINKLER BEND, HDPE SPRINKLER END CAP, HDPE PUMP CONNECTING NIPPLE,HDPE SPRINKLER REDUCER etc., exclusively meant for use in Sprinkler and Drip irriga...

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AAR cannot rule on documents required to prove receipt of proceeds in foreign currency

In re Thinklab Edusoft LLP (GST AAR Rajasthan)

In re Thinklab Edusoft LLP (GST AAR Rajasthan) In the instant case, we observe that the following question sought by the applicant are outside the scope of Section 97(2) of CGST Act 2017 therefore the application is liable for rejection without going in to the merit of the case under Section 98(2) of CGST Act […]...

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Tariff Notification No. 24/2020-Customs (N.T.) dated 13th March, 2020

Notification No. 24/2020-Customs (N.T.) (13/03/2020)

Tariff Notification No. 24/2020-CUSTOMS (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver....

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Applicability of Corporate Governance provisions for listed companies with examples and timelines for submission

Applicability of Corporate Governance provisions for listed companies with examples and timelines for submission Governing Regulation for applicability of Corporate Governance Provisions: Regulation 15 (2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) is the governing regulation which de...

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Posted Under: Corporate Law |

No sitting of benches of CESTAT this week, except urgent hearings, due to Corona Virus

NA (13/03/2020)

The Ministry of Health and Family Welfare, Government of India has issued an Office Memorandum dated 5 March 2020 as advisory cautioning against mass gathering due to global pandemic Novel Coronavirus (COVID 19). The Honourable Supreme Court of India and the Honourable High Court of Delhi have also restricted the functioning of the Courts...

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CBIC notifies Rate of Exchange of Foreign Currencies wef 14.03.2020

Notification No. 23/2020-Customs (N.T.) (13/03/2020)

Exchange Rates Notification No. 23/2020-Custom (NT) dated 13.03.2020 Notifying Customs Rate of Exchange of Foreign Currency Conversion w.e.f. 14th March, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 23/2020 – Customs (N.T.) New Delhi, dated...

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GST E-Invoices (Summary)

On the 35th GST Council meeting held on 21st June 2019, the council has decided to implement the concept of E-Invoice under GST but the council has approved the standard of E-invoicing on its 37th GST council meeting which was held on 20th September 2019. Introduction & Applicability of GST E-Invoices The introduction of E-Invoicing [...

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Posted Under: Corporate Law |

Every customer entitled to benefit of tax rate reduction by way of reduced prices: NAA

State of Officer Vs Cilantro Diners Pvt. Ltd. (NAA)

State of Officer Vs Cilantro Diners Pvt. Ltd. (NAA) The Respondent has further contended that the DGAP, while calculating the profiteered amount, had not considered the prices of products which had been reduced by him and that the DGAP has considered such impact as zero, ignoring the negative values. In this regard, we observe that [&hell...

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Benefit of Tax Reduction includes both Base Price and Tax Amount: NAA

State of officer Vs Bonne Sante (NAA)

State of officer Vs Bonne Sante (NAA) The Respondent has further contended that the DGAP, while calculating the profiteered amount, was wrongly added a 5% notional amount without explaining any reasons and hence, the profiteered amount be reduced appropriately. This contention of the Respondent is not correct because the provisions of Sec...

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Guidelines for rights/ preferential issue & institutional placement of units by a listed InvIT amended

Circular No. SEBI/HO/DDHS/DDHS/CIR/P/2020/36 (13/03/2020)

Provided if the InvIT has undertaken any acquisition or disposal of any material asset(s)after the latest period for which financial information is disclosed in the letter of offer but before the date of filing of the letter of offer, the financial information should be prepared on a pro forma basis certified by statutory auditors of the ...

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Govt increases custom cess (RIC) on petrol & diesel by Rs. 1 per litre

Notification No. 15/2020-Customs [G.S.R. 173(E)] (13/03/2020)

Seeks to amend notification No. 18/2019-Customs dated 6th July, 2019 so as to increase effective rate of Road and Infrastructure Cess (RIC) collected as additional duty of customs on petrol and diesel by Rs. 1 per litre. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 15/2020-Customs New Delhi, the 13th Ma...

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Guidelines for institutional placement of units by a listed REIT and rights / preferential issue amended

SEBI/HO/DDHS/DDHS/CIR/P/2020/35 (13/03/2020)

The REIT shall file the letter of offer with the Board in accordance with sub-clause 3.9 and shall pay fees to the Board as specified in Schedule II of REIT Regulations for issuing units through fast track rights issue route....

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HC imposes Cost of Rs. 5 Lakh on Assessee for Misleading the Court

Indus Towers Ltd. Vs ACIT (Delhi High Court)

Indus Towers Ltd. Vs ACIT (Delhi High Court) The issue raised is that of gross suppression and misstatement by the petitioner, which led to a false projection of the outstanding liability/ refund due from/ to the petitioner.  It is pointed out by Mr. Raghvendra Singh that the petitioner was required to file a consolidated return [&hellip...

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Govt increases Excise duty cess on petrol & diesel by Rs. 1 per litre

Notification No. 04/2020-Central Excise [G.S.R. 172(E)] (13/03/2020)

Notification No. 04/2020-Central Excise – Seeks to amend notification No. 04/2019-Central Excise dated 6th July, 2019 so as to increase effective rate of Road and Infrastructure Cess (RIC) collected as additional duty of excise on petrol and diesel by Rs. 1 per litre. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) N...

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Govt increases SAED on petrol and diesel by Rs. 2 per litre

Notification No. 03/2020-Central Excise [G.S.R. 171(E)] (13/03/2020)

Notification No. 03/2020-Central Excise- Seeks to amend notification No. 05/2019-Central Excise dated 6th July, 2019 so as to increase effective rate of Special Additional Excise Duty (SAED) on petrol and diesel by Rs. 2 per litre GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 03/2020-Central Excise New D...

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Abolishment of DDT – Practical challenges for companies & shareholders

With a view to boost investors’ confidence in the Indian market and put India in a competitive position in terms of taxing rights as compared to other countries in APAC region, the Government of India proposed to abolish Dividend Distribution Tax (also known as DDT) with effect from 01 April 2020....

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Posted Under: Corporate Law |

Procedure for payment of Stamp Duty on Share Certificates in Haryana

Various Timelines to be kept in mind: -As per the Companies Act, 2013 every Company shall allot equity shares to the subscribers within 60 days of receipt of Share Application Money. -The Company shall thereafter issue share certificates to the aforesaid allottees within 2 months from the date of allotment. -As per the Indian Stamp [&hell...

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Posted Under: Corporate Law |

SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/08 (13/03/2020)

1. These regulations may be called the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette....

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No Section 271B Penalty if Tax Audit Report not submitted due to misinterpretation of CBDT Circular

Mudassir Rashid Ahmed Bakhla Makker & Co. Vs ITO (ITAT Mumbai)

Undisputedly, the assessee has obtained the tax audit report on 10th September 2013, i.e., much before the due date of filing of return of income. However, as stated by the assessee, due to lack of clarity and misinterpretation of the Circular issued by the Board, the assessee did not filed tax audit report before the due date of return o...

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Reduction of Share Capital / E-filing / FAQs

The National Company Law Tribunal (NCLT) made mandatory to file the application/petition/appeal/reply etc. online through NCLT e-filing portal via notice dated 31st January 2020, w.e.f. 03rd February 2020. And has also requested to file two complete sets in hard copies before the filing counter NCLT. The Company need to make an applicatio...

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Posted Under: Corporate Law |

Recent updates in GST till 12th March 2020

A major controversy these days is on payment of interest for delayed GST on gross or net amount (net of ITC). Department is now demanding interest on gross amount and has sent numerous recovery notices throughout the country. However, there are few high court judgments to the contrary....

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Posted Under: Corporate Law |

Transfer of title in goods is liable to GST

Schedule II of CGST Act 2017 determines the list of activities to be considered as supply of goods/Services and as per entry at Sl No. 1 of schedule II , any transfer of the title in goods is a supply of goods and liable to GST. In response of query by M/s. Automative Components Technolory […]...

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Posted Under: Corporate Law |

Partition of Hindu Undivided Family and Its Taxation

As we know HUF (Hindu Undivided Family) is assessed as a separate person under provisions of Income Tax Act, 1961. It has its own identity and right to own property but not a juristic person. It can sue and be sued as a person. It is governed by Karta of the family and consists of coparceners of a single family. ...

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Posted Under: Corporate Law |

Decoding 80IBA: 100% tax deduction for affordable housing project

To make purchase of house affordable and give tax incentives to Real Estate Developers Government in the current Union Budget 2016, have announced 100% deduction of the profits and gains derived from construction business, by insertion of new section 80 IBA of Income Tax Act, 1961. Following are the conditions under the scheme: ...

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Time for Filing Belated Income Tax Return

As we are coming towards end of the financial year i.e. March, 2020, various things are going on simultaneously such as last month for investment pertaining to FY 2019-20 for tax savings, various due dates, etc. Most importantly, everyone has to keep in mind that the last date for filing of belated return is coming […]...

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Provisions relating to EQUALISATION LEVY

Considering the potential of new digital economy and the rapidly evolving nature of business operations it is found essential to address the challenges in terms of taxation of digital transactions as the typical direct tax issues relating to e-commerce are the difficulties of characterizing the nature of payment and establishing a nexus o...

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Posted Under: Corporate Law |

Acceptance of PAN applications – Initials in Middle Name

Attention of all TIN-Facilitation Centers (TIN-FCs) is hereby invited to the procedure prescribed for accepting PAN applications. As you are aware, PAN applicants (individuals) are required to provide names (first name, middle name & last name) in expanded form in PAN applications submitted. Also, the supporting documents submitted as pro...

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Posted Under: Corporate Law |

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M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30