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Archive: 16 March 2020

Posts in 16 March 2020

Govt exempts foreign airlines from furnishing Form GSTR-9C

March 16, 2020 2886 Views 1 comment Print

Govt exempts foreign airlines from furnishing reconciliation Statement in Form GSTR-9C if they  have complied with the sub-rule (2) of rule 4 of the Companies (Registration of Foreign Companies) Rules, 2014 vide Notification No. 09/2020– Central Tax dated-16th March, 2020. Exemption from furnishing GSTR-9C:– The said persons shall not be required to furnish reconciliation statement […]

GST impact on sale of old and used motor vehicle

March 16, 2020 15588 Views 1 comment Print

Brief Background GST on sale of old /used vehicles were taxed at the same rate as applicable on new vehicles which was 28% + applicable cess levied vide notification No 1/2017-Central Tax (Rate) dated 28.06.2017 and due to this, effective tax on sale of old vehicles was upto 43%. This higher rate of tax was […]

Income Tax on Land or Building or both in certain cases

March 16, 2020 5589 Views 0 comment Print

Taxation of land or building or both under income tax act, 1961 certain issues- 1) Normally, there are two types of transaction that prevailed in the transfer of land or building or both. One is transfer made for some consideration and other is without consideration which is generally termed as gift of assets. 2) Firstly, […]

Summary of 39th GST Council Meeting Decisions

March 16, 2020 14040 Views 2 comments Print

Summary of 39th GST Council Meeting Decisions taken on 14th March 2020 1. Related to Interest Liability: – Interest to be charged on Net Cash Liability (retrospective amendment from 01.07.2017) Earlier the department had issued Lacs of Notices involving the Penal Interest running in thousands of crores demanding Interest on Gross Amount. Now, this controversy […]

Are we ready to ‘Operate from Home’ in the wake of Coronavirus?

March 16, 2020 2790 Views 0 comment Print

With the wake of Coronavirus, there has been a huge disruption in daily operations. From schools to workplaces, malls to weekend getaways, things have been impacted. This article is an attempt to address the operational challenges for business owners, board of directors, employers, IT Departments, auditors, employees, parents and millennials. The article also gives a few technology tips and tools, to handle this challenge, towards the end.

Annual Compliances for Private Limited Company- Checklist

March 16, 2020 92448 Views 1 comment Print

Article contains Checklist for  Annual Compliances of Private Limited Company which includes First Board Meeting, Subsequent Board Meeting, First Annual General Meeting, Subsequent Annual General Meeting, Disclosures of Interest by Directors/Declaration, Appointment of First Auditor, Appointment of Subsequent Auditor, Filing of form ADT-1, Filing of Financial Statements i.e. form AOC-4, Filing of Annual Return i.e. […]

Vivas se Vishwas Scheme – Perspective of CBDT & released FAQ

March 16, 2020 3699 Views 0 comment Print

The Finance Bill 2020, presented the Vivaad se Vishwas scheme [VVS]. The government introduced this scheme because they are positive to receive Rs. 9 lacs crore’s sum, which is stuck into tax litigations. As per a recent conference of date, 6th March on ” VVS” between “The CBDT” officials and the multiple industries spoke persons […]

Levy of interest under GST – complexities involved

March 16, 2020 5196 Views 1 comment Print

Since its inception, GST Law has been a roller coaster ride for Government Departments, Practicing Professionals and various Tax Payers. GST Law has been amended number of times and in some cases with retrospective effect. Notifications and Circular are issued by the GST Department on almost daily basis for amendment and clarificatory purpose. A recent […]

Settlement Scheme For Late Filing by Limited Liability Partnership (LLPs)

March 16, 2020 6660 Views 1 comment Print

Central Government had decided to gift a Scheme LLP Settlement Scheme, 2020 to business owners who are operating the business in the form of Limited Liability Partnership structure. LLP Settlement Scheme, 2020 will remain open from 16th March, 2020 to 13thJune , 2020.

Limitation period under IBC will not be extended by part payment: NCLAT

March 16, 2020 4158 Views 0 comment Print

NCLAT in the recent judgment Bimalkumar Manubhai Savalia Vs. Bank of India held that part payment by guarantor will not extend limitation period of 3 Years under IBC

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