Section 115BAA – New tax rate for domestic companies The Government of India has introduced the Taxation (Amendment) Ordinance 2019 on the 20th of September 2019. Several amendments are made to the Income Tax Act,1961 through this ordinance. Changes such as corporate tax rate cut for domestic companies and as well as for manufacturing companies […]
Ministry of Shipping issues direction to all Major Ports not to levy any penalties/charges/fees on any Port user for any delay caused due to COVID-19
Many things about Novel Coronavirus are spreading rapidly through social media, WhatsApp and the Internet. Some of these could be true, but many of those informations are baseless. At a time when the coronavirus epidemic is spreading across the world, it is important to know about some facts related to this deadly virus.
Union Ministry for Home Affairs (MHA) has issued an order for adaptation and modification of State Laws specific to the erstwhile State of Jammu and Kashmir, to further facilitate the application of Central Laws to the newly formed Union Territory of Jammu and Kashmir.
Covid-2019- Pandemic Rights, Powers and Duties of Government and Citizens Relaxation measures in compliances and relief packages announced by Government and Corporates Covid-19 COVID-19 is a new disease that is distinct from other SARS, MERS, and influenza. Although coronavirus and influenza infections may present with similar symptoms, the virus responsible for COVID-19 is different with […]
CBIC notifies Rate of Exchange of Foreign Currencies against India Rupees wef 28.03.2020 vide Notification No. 37/2020-Customs (N.T.), Dated: 1st April, 2020. Government Of India Ministry Of Finance (Department Of Revenue) (Central Board Of Indirect Taxes And Customs) ***** Notification No. 37/2020 – Customs (N.T.) New Delhi, dated the 1st April, 2020 In exercise of […]
FRESH START—a new slate to Companies and LLPs in India – An opportunity to be a COMPLIANT ENTITY Let’s discuss WHY,WHAT, HOW & FOR WHOM, on the closure of financial year on 30th March 2020 and in the mid of Nationwide Locked Out situation due to outbreak of Covid-19 pandemic, the Ministry of Corporate Affairs […]
1. Management of the entity should assess the impact of COVID-19 and the measures taken on its ability to continue as a going concern. 2. The impact of COVID- 19 after the reporting date should also be considered and if, management after the reporting date either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so, the financial statements should not be prepared on going concern basis.
Section 16 of IGST Act, 2017 entitles exporters to claim refund under either of the two options: 1. Export without payment of IGST under bond or Letter of Undertaking (LUT) and claim refund of unutilized Input Tax Credit (ITC) or 2. Export with payment of IGST and claim refund of such IGST paid. The 2nd […]
Company Fresh Start Scheme (CFSS), 2020 & Modified LLP Settlement Scheme, 2020 In line with government initiative to ease of doing business & good corporate governance, the Ministry of Corporate Affairs (MCA) has come up with the ‘Companies Fresh Start Scheme 2020’ to enable defaulting companies make good of any filing-related defaults, irrespective of duration […]
