"22 March 2020" Archive - Page 2

COVID-19 -Cancellation of all train Services by Indian Railways

Cancellation of all train Services by Indian Railways in the wake of COVID-19 1. In continuation of the measures taken in the wake of COVID-19, it has been decided that all passenger train services on Indian Railways including Premium trains, Mail/Express trains, Passenger trains, Suburban Trains, Kolkata Metro Rail, Konkan Railway etc sh...

Read More
Posted Under: Corporate Law |

Responsibility of an Enterprise Under Transfer Pricing

Section 92D provides that every person who has entered into an international transaction or specified domestic transaction, during a previous year, shall keep and maintain such information and documents, prescribed by the Board, as will assist the Assessing Officer/ Transfer Pricing Officer to compute the income arising from that transact...

Read More
Posted Under: Corporate Law |

FAQs on filing of Form CAR by Companies and LLPs

As all of you are aware that Ministry of Corporate Affairs (MCA) issued advisory on preventive measures to contain spread of COVID-19 to all Chairman, Managing Director and Chief Executive Officer. With respect of it, they will deploy “Company Affirmation of Readiness towards COVID-19 (CAR) web-based form on 23rd March, 2020 to ensure t...

Read More
Posted Under: Corporate Law |

Income accrues only when due and on corresponding liability of other party to pay

Pr. CIT Vs. Rohan Projects (Bombay High Court)

This order of ITAT Mumbai, upheld by the Bombay High Court further establishes the principle that for an income to accrue to a person, corresponding liability to pay should also arise to the other party....

Read More
Posted Under: Corporate Law |

Direct Selling Business Compliances in Maharashtra

This article encompasses the compliances to be undertaken by an entity located in the State of Maharashtra, which is engaged in the business of direct selling and multi-level marketing (Direct Selling) to sell and distribute its products/ services throughout India. Direct Selling: Direct Selling means marketing, distribution and sale of g...

Read More
Posted Under: Corporate Law |

CARO 2020-Key Clauses

Applicability of The Companies (Auditor’s Report) Order, 2020. This order shall come into force from  the date of issuing of this Order i.e. 25th February 2020. Hence the Audit Report under section 143 ,made for the year ended on 31.03.2020, will be prepared as per CARO 2020.  Matters to be included in auditor’s report made ...

Read More
Posted Under: Corporate Law |

Event Management & short term accommodation Service falls under inclusive definition of input service

DBOI Global Services P Ltd Vs C.C.G.ST. (CESTAT Mumbai)

The issue under consideration is that whether Event Management Service, short term accommodation, storage and packing, Management, Maintenance & Repair, Business Auxiliary Service and Business Support Services these are considered as Input Service or not?...

Read More

Property tax reimbursed to licensor cannot be treated as tax for Section 43B

Areva India Pvt. Ltd. Vs ACIT (ITAT Mumbai)

Property tax levied by the Municipal Authority is a charge on the property. Undisputedly, the licensor is the owner of the property, hence, liable to pay the property tax. That being the case, the amount equivalent to the property tax reimbursed to the licensor cannot be treated as rate, tax, fee, cess, etc., as provided under section 43B...

Read More

GST Input Reconciliation on monthly basis

In my previous article , I have mentioned a method to reconcile GST Input of Books with GSTR 2A. But there are some limitation of that method. First of all I would like to discuss about previous method . In previous method the Data of 2A and Books has to keep in on sheet and […]...

Read More
Posted Under: Corporate Law |