"31 March 2020" Archive - Page 2

Impact of GST on Advances/Security Deposit Etc.

One of most important decisions taken by Central Government is the implementation of Goods and Services Act, 2017 all over India. Implementation of GST has been done to remove anomalies in previous VAT/Services Tax and other taxes. In previous tax regime, end users were enforced to pay tax on taxes. The Cascading Affect of taxes […...

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No Shortage of Medicines to combat Covid-19 outbreak

No Shortage of Medicines to combat Covid-19 outbreak; Department of Pharmaceuticals is regularly monitoring distribution and addressing issues of availability, supply & local issues with the help of other Departments and States/UTs...

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Medical Devices notified as Drugs w.e.f. 1st April 2020

Medical Devices notified as Drugs w.e.f. 1st April 2020 vide Notification dated 11th February 2020 issued by Ministry of Health & Family Welfare to be governed under the provisions of Drugs (Prices Control) Order, 2013 Government is regulating 24 class of medical devices which have been notified/regulated as drugs under Drugs & Co...

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Implications under section 79 of Income Tax in case of no change in beneficial ownership

Section 79 stipulates that in case of a Company, not being a company in which the public are substantially interested, shall not be allowed to carry forward and set-off the losses against the income of previous year, unless on the last day of the previous year, the shares of the company carrying not less than […]...

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Exemptions towards interest to non-residents | Section 10(4) & 10(4B)

As we know, section 10 of the Income Tax Act covers a list of income which do not form part of the total income. The present article highlights the following sections exempting interest to non-resident – 1. Section 10(4)(i) – Interest from notified bonds or securities; 2. Section 10(4)(ii) – Interest from the amount standing [&helli...

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FY is ending on 31st March – Know what is CORONA relief

Krishna, The government, considering the sufferings of businessmen throughout the country due to CORONA , has provided relief amidst such outbreak. What is the relief provided?...

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Best Judgement Assessment under Income Tax Act, 1961

SECTION 139(1) requires that every person; a) Being a Company or a firm or; b) Being a person other than a Company or a firm if (i) his /her total income or (ii) the total income of any other person in respect of which he is assess able under the Income Tax Act, during the […]...

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Interpretation issue w.r.t. disclosure of interest or concern of director | MBP-1 | section 184

Practically there has been different practice for disclosure of interest in MBP-1 due to interpretation issue w.r.t, disclosure of concern and interest of Directors in Section 184. For detail of shareholding in MBP-1 concerned different professionals taking different views and adopting different practices. I have tried of discuss the abov...

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Summary of Company Law Fresh Start Scheme, 2020

MCA issues General Circular No. 12/2020 dated 30.03.2020 to notifiy Company Law Fresh Start Scheme, 2020 which is  for the benefit of all Companies who have defaulted in filing of Statutory forms on MCA. This Scheme will comes into operation from 01st April, 2020 and will end on 30th September, 2020. Company Law Fresh Start […]...

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Valuation by Registered Valuers under IBC, SEBI & Company Law

Registered Valuer is a new concept introduced by Section 247 of the Companies Act, 2013 to regulate the valuation of the various assets and liabilities related to a Company and to standardized the procedure of Valuation in line with International Valuation Standards. Before introduction of the concept of Registered Valuer, the valuation o...

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