"04 April 2020" Archive

Refund of ITC On Capital Goods – A Possible Perspective

– CA Venkat Prasad. P & CA Lakshman. K Background 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 […]...

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Extension of validity of Lower or Nil Tax Deduction/Collection Certificate

A quick analysis of the CBDT notification dated 31.03.2020 extending the validity of Lower Or Nil Tax Deduction/Collection Certificate for FY 2019-20 Introduction: Due to COVID-19 pandemic, all establishments including the income tax office are not working to full capacity and hence the income tax officers were unable to issue certificate...

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A Brief Note on Slump Sale

As per section 2(42C) of the Income-tax Act 1961, ‘Slump Sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales. For understanding the term ‘Slump Sale’, it is significant to delve into […]...

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Preferential Issue of Shares under Companies Act, 2013

1. The issue of shares on a preferential basis is governed by Section 62(1)(c) of the Companies Act, 2013 and Rule 13 of the Companies (Share Capital and Debentures) Rules, 2014. 2. In accordance with the provisions of Section 62(1)(c) of the Act, where at any time, a company having a share capital proposes to […]...

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Equalisation Levy (EL) on Specified Services and E-commerce Supply or Services, Finance Act 2020

In Finance Act, 2020 the scope of Equalisation Levy has been expanded to include Equalisation levy of 2 % by an ‘e-commerce operator’ from ‘e-commerce supply or services’. In this article I have discussed the existing Equalisation Levy provisions along with new amendment related to E-commerce supply or services. Equalisation Levy ...

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General Anti-Avoidance Rules (GAAR)

Tax Avoidance is one of the major concerns across the world. Different countries framed different rules to minimise such tax avoidance. Such rules in simple terms are known as General Anti-Avoidance Rule (GAAR). Thus GAAR is nothing but the set of rules ratified so as to check the avoidance of tax....

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Taxability of Rental Income received by a Non- Resident Individual (NRI)

Every person who has relocated out of India, has at one point or another faced issues with respect to taxability of his income earned in India. In this article we shall be looking at the aspects that cover taxability of rental income earned from property situated in India for an individual who has been assessed […]...

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Declaration and Payment of Dividend under Companies Law

SECTION 123 TO 127 OF COMPANIES ACT, 2013 READ WITH THE COMPANIES (DECLARATION AND PAYMENT OF DIVIDEND) RULES, 2014 DIVIDEND- SECTION 2(35) Where in simple words, dividend can be defined as the sum of money paid by a company, to its shareholders, out of the profits made by a company, if so authorised by its […]...

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Rights Issue, ESOP, Sweat Equity Shares & Preferential Issue of Shares

Article explains and compares Governing Section, Meaning, Applicability, Conditions / Restriction, Pricing / Valuation Report for issue of share capital under Rights Issue, Employee Stock Option Scheme, Sweat Equity Shares and Preferential Issue. A Comparative Chart showing the different ways of issue of share capital under Rights Issue, ...

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Ind AS 33 EPS- Contingently issuable ordinary shares

This article specifically covers the details / point in time when the contingently issuable ordinary shares shall be included in calculation of Basic and Diluted Earnings Per Share (EPS) : Extract of Ind AS – 33 Definition : 1. Contingently issuable ordinary shares are ordinary shares issuable for little or no cash or other consider...

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Stamp Duty on Sale of Securities to be collected by Stock Exchange

Stamp Duty Collection on Sale of Securities made over Stock Exchanges- To be collected by Stock Exchange itself: Effectiveness of the Amendment Postponed. The Central Government vide the Finance (Amendment) Act, 2019 had amended certain provisions of the Indian Stamp Act, 1899 in February 2019 [ Chapter IV, Part I].  One of the amendment...

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Know All about Section 144 of Criminal Procedure Code (with recent special words)

Section 144 of Criminal Procedure Code- Power to issue order in urgent cases of nuisance of apprehended danger- (1) Who Can issue order: Order can be issued by District Magistrate, Sub-Divisional Magistrate or Executive Magistrate specially empowered by state Govt. जिला मजिस्ट्रेट, उप-विभागीय...

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Expansion of TCS under Income Tax- TCS on Sales of Goods

Expansion of TCS (Tax Collected at Source) Compliance under Income Tax.  Eligibility: – Sale of any goods above INR 50 Lacs; and Turnover of INR 10 Crore and above during FY 2019-20. Law: – It is proposed to levy TCS on sale of goods as per section 206C (IT Act) at the rate of 0.1% […]...

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Arrest under GST Regime: Nature, Scope & Extent of Cognizance

This article discusses in detail, the concept of ‘Arrest’ under GST by analyzing its key provisions, procedure, nature of cognizable and non cognizable offences, bail and anticipatory bail and compounding of offences with landmark cases pertaining to the same. Introduction The explicit powers to arrest a person was granted from the ve...

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Video Conferencing Under Companies Act 2013

The importance of video conferencing is burgeoning in the current scenario not only in the corporate world but also in other administrative machinery. In corporate milieu, there are a plethora of laws and compliances, and sometimes it is difficult for directors and others to attend the meeting in person, here comes the video conferencing ...

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FAQs on Companies Fresh Start Scheme, 2020 with analysis

Introduction Ministry of Corporate Affairs (MCA) vide its general circular no. 12/2020 dated 30.03.2020 has introduced Companies Fresh Start Scheme, 2020 by providing a golden opportunity to the defaulting Companies/Non-Complaint Companies registered in India to make a fresh start to complete their pending compliances by removing the levy...

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Brief Analysis of GST Notifications Issued on 03.04.2020

BRIEF ANALYSIS OF NOTIFICATIONS ISSUED ON 3RD APRIL 2020 INTEREST ON DELAY PAYMENT OF TAX PERIOD FOR FEBRUARY, MARCH, APRIL 2020 Notification No- 31/2020 dated 03.04.2020 TABLE Sl. No. Class of registered persons Rate of interest Tax period Condition (1) (2) (3) (4) (5) 1. Taxpayers having an aggregate turnover of more than rupees 5 cror...

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How to file online EPF advance claim -COVID-19

How to file online EPF advance claim considering Outbreak of pandemic (COVID-19) The notification amends the EPF Scheme, 1952 by inserting Sub-Para (3) under Para 68L of the EPF Scheme, 1952 to provide for non-refundable advance to EPF members not exceeding the basic wages and dearness allowances for three months or upto 75% of the amo...

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FAQs: Can a Practicing CA become Director in a Company?

Can a Practicing Chartered Accountant become Director in a Company? One of the most common question indeed! Q1. Can a Practicing CA become a director in a company? Yes. Q2. Is prior approval required to be obtained from Council by practicing CA to become a director in a company? Yes, in case of holding of […]...

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Revised Due dates charts under GST for February to May 2020

Revised Due dates of return for the months of February to May 2020 amid Covid Measures announced REGULAR TAXPAYERS GSTR-1 Is due date Extended Remark Revised due date without late fees February No No late fees waiver NA March No Only Late fee waived 30th June 2020 April No Only Late fee waived 30th June […]...

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Striking off of Company- Rules, Procedures & Applicability

Every company is started with a vision to run its business forever, but not all business are successful in long run. As we already are aware, that there is certain procedure to incorporate a company, run a company, likewise there is specific procedure to close a company. As on date, there are two ways to […]...

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E-Way Bill Notifications and Circulars upto Date 31-03-2020

The E-Way Bill has become applicable since 01-04-2018 vide notification number 15/2018 dated 23-03-2018. In this regard section 68 of the CGST Act requires from the persons in charge of a conveyance to carry with prescribed documents and the same (documents) shall be required to be produced before the proper officer for verification at ti...

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Acceptance of Deposit | Section 73 to 76 | Companies Act 2013

ACCEPTANCE OF DEPOSITS SECTION 73 TO 76 OF THE COMPANIES ACT 2013 (HEREIN AFTER CALLED THE ACT) READ WITH RULES MADE UNDER CHAPTER V OF THE COMPANIES ACT, 2013 Acceptance of deposit Deposit is one of the sources available with company to raise funds for meeting its short term and long term fund requirements. Section […]...

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Gist of Recent GST Notifications released on 03-04-2020

GST Recent Notifications (released on 03-04-2020) Analysis with respect relaxations provided in view of Novel Corona Virus (COVID – 19) In Light of the Press Release dt. 24-03-2020 the government have come up with notifications on providing relief to the taxpayers in view of spread of Novel Corona Virus (Covid 19) In this blog I [&helli...

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Risk Management: An Aeroplane View

Finance is one of the most crucial divisions in business. It’s directly linked with operations. Engage in any business, cost is something which will be incurred and revenue also needs to be generated minimum to the breakeven point in order to run the business smoothly. Almost all risks are somewhere associated with finance....

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Extension in due date of filing GSTR-3B and GSTR-1

Extension in due date of filing GSTR-3B and GSTR-1 The whole world is affected with pandemic disease COVID-19 reporting number of causalities. The government of India has come up with lockdown to break the chain of this virus. But, it has adversely affected the Indian economy due to shutdown of business activities. Thus, GST department [&...

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Notifications issued pursuant to outbreak of COVID-19

The Central Board of Indirect Taxes and Customs (CBIC) has issued notifications and circular under GST Laws to implement the relief measures announced by Hon’ble Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman on 24th of March 2020. Summary of the relaxation in compliance and other measures under GST is presented in...

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E-commerce and Equalisation Levy in Finance Act 2020

From 01-04-2020, the equalisation levy shall be charged at the rate of 2% from the consideration received or receivable by an e-commerce operator from e-commerce supply of goods or services made or provided or facilitated by it to the following persons:...

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Relaxation in Statutory & Regulatory Compliance of GST Return

Relaxation in Statutory & Regulatory Compliance of GST CBIC on 3rd Apr 2020 has issued notification in continuation with press release specifying relaxation for statutory & regulatory compliance in wake of COVID 19 spread, which has halted and restricted regular functioning of business activity. This relaxation is in terms of redu...

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Nature & Place of Supply under GST- Detailed Study -Lockdown Time of GST Study

Lockdown Time of GST Study A Detailed Study NATURE & PLACE OF SUPPLY UNDER GST Here is a detailed study of Nature and Place of supply of Goods and Services under GST. The study was started by me 10 days before and completed today. I covered lot of issues related to the subject but I […]...

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Changes in GST Refund – Process and Guidelines

The Central Board of Indirect Taxes and Customs (CBIC) had issued Master Circular on Refunds No. 125/44/2019-GST dated 18.11.2019 rescinding all earlier circulars. Recently CBIC has issued Circular and brought amendment to CGST Rules, 2017 to bring major changes for claiming refund under GST. It include submission of additional details, r...

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Equalization levy and amendments in Finance Act 2020

Equalization levy and amendments in Finance Act 2020 Section 163 to 172 deals with Equalisation levy definition, interest, penalty, filing of the annual statement, the penalty for failure to furnish statements. Challan no 285 is used to deposit Equalisation levy. Form -1 on income tax site is to be filed on or before 30th June […]...

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Relief measures under GST | COVID 19

Government has implemented following relief measures provided by the press releases due to the spread of Novel Corona Virus (COVID-19): 1)  GSTR1 Return of Outward supplies (Notification No.- 33/2020-CT; Dated: 3 April 2020) The due dates of furnishing GSTR1 has not been extended however late fees have been waived, if the return is fi...

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Companies Fresh Start Scheme, 2020- Brief Analysis

MCA vide its General Circular No. 12/2020 dated 30/03/2020, introduced the Companies Fresh Start Scheme, 2020 for one-time application of condonation of delay of filling the various documents, forms, returns, etc. with the MCA and granting of immunity from launching of any prosecution or proceedings for imposing penalty on account of ...

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Extension of various GST compliance due to CORONA-19

The CBIC vide various notifications issued on April 3, 2020, provided various reliefs in terms of: -extension of date of filing of GST return -To provide relief by conditional lowering of interest rate -To provide relief by conditional waiver of late fee for delay in furnishing returns -Extension of date of for filing of intimation [&hell...

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IBC 2016: Format of Demand Notice – Mandatory or Directory?

NCLAT held it is not discretionary on the Operational Creditor to issue demand notice in form 3 or 4, issuance of the said form depend on the nature of transaction, like in the cases wherein invoice forms part of the transaction then FORM 4 has to be followed in other cases FORM 3 has to be followed....

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Applicability of GST on Extra Neutral Alcohol (‘ENA’) – The Mystery Continues

It is now more than 1000 days of GST in India. The accepted fact by many was that the new law would have lot of challenges and uncertainty in the first two years, which would require numerous changes and amendments. Many issues have been resolved, some aspects have been deferred and some have been left […]...

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GST Return Form Due Dates – Feb 2020 To May 2020

Due to the recent outbreak of COVID-19, to provide certain relaxation to the taxpayers, honorable Finance Minister extended GST return filing due dates. The attached file contains the due dates in a simplified form. No Interest And Late Fees If Returns Filed Before Below Mentioned Dates GSTR-1 GSTR-3B Turnover in Preceding FY < 1.5 Cr ...

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Compilation Chart of GSTR 1 & 3B dates with Interest Penalty Chart

FM had announced several measures to minimise effect of Covid 19 in complying various provisions of GST here is a compiled chart for your ready reference so that you can better know your Due dates of GST Returns/Interest/Penalty etc compiled from Notification No. CTS 27 to 36 of 2020 from 23/03/2020 to 3rd April 2020: […]...

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Principles of Natural Justice & Adjudicating Authority Under GST

This article aims to analyse the various provisions under GST of an Adjudicating Authority including its meaning and role under the act. The article also elaborates upon the essential elements of the principle of natural justice and judicial discipline along with the time and monetary limits for adjudication....

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Non Taxable Supply vis a vis Activities not taxable as Supply

This article aims to analyse the concepts of exempt supply and non-taxable supply by understanding the application in relevant sections and the primary differences between non taxable supply vis a vis activities not taxable as supply....

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Exemption- Section 10(8A) & section 10(8B) of Income Tax Act

An exemption under section 10(8A) and section 10(8B) of the Income Tax Act are interconnected. Section 10(8A) provides exemption towards remuneration / fee and other income received by the ‘consultant’. Whereas, section 10(8B) provides exemption towards remuneration / fee and other income received by the employee of the consultant. Ex...

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GST Returns Due date Extended Due To COVID-19

Keeping in view the preventive measures taken to contain the spread of Novel Coronavirus (COVID-19) and the difficulties being faced by the GST taxpayer, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes & Customs, has extended the due date for Filing GST Returns 1. These rules may be called the Central Goods...

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No Service Tax on recovering back of Cheque dishonor charges

TVS Finances and Services Ltd. Vs Commissioner of Central Excise (CESTAT Chennai)

The appellant is providing financial services and gives loans. For recovery of loans, the appellant collects post-dated cheques. There are instances when post-dated cheques after being presented to bank get dishonoured. The bank collects charges for dishonouring of the cheques. Such charges are recovered by the appellant from their client...

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China will get 6% GDP Growth in 3rd Quarter of CY-2020

Before I get into the main topic I would like to share and draw your attention to something which is need of the hour or going to be the only survival path. Lockdown has eradicated the GDP growth drivers of many economies. We are just at the beginning of the new decade and we have […]...

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Companies Fresh Start Scheme, 2020 (CFSS 2020) & Other Reliefs

The MCA has introduced COMPANIES FRESH START SCHEME 2020 (Scheme) vide circular 12/2020 dated 30/03/2020 which applies to all companies in India. It shall come into force on 1.4.2020 and remains effective till 30th Sep 2020....

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Date of payment of self-assessment tax cannot be treated as date of filing appeal

Valley Iron and Steel Co. Ltd. Vs ACIT (ITAT Delhi)

Since AO and wrongly took the date of deposit of self-assessment tax as date of filing of appeal whereas date of self-assessment tax payment had to be treated as the date of removal of defect in the appeal as originally filed, thus, once defect of remittance of self-assessment tax stood removed, CIT(A) was required to adjudicate the appea...

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Is Bigamy a Punishable Offence in India?

Marriage has been defined as a pure sacrament, particularly in our Indian culture a bond which joins two lives together till the end of their lives unlike other countries where entering into a marriage is a contract. However, there are some instances where a certain person in a marital bond cheats with the other person […]...

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Handwritten Serial Number cannot be the reason for denial of ITC

Krupa Trading Company Vs C.C.E. & S.T. (CESTAT Ahmedabad)

Krupa Trading Company Vs C.C.E. & S.T. (CESTAT Ahmedabad) The short issue involved in the present case is that whether the denial of Cenvat Credit by the Adjudicating Authority for the reason that invoices of input service bear handwritten serial number is correct or otherwise. It is clear from the rules that the invoice should [&hell...

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Companies Fresh Start Scheme, 2020 for Non-Compliant Companies

WHAT WAS THE NEED TO INTRODUCE COMPANIES FRESH START SCHEME, 2020 (CFSS 2020) AND AMENDED THE LLP SETTLEMENT SCHEME, 2020 (LLP SCHEME 2020)? The Ministry of Corporate Affairs (MCA) vide its notification dated 30th March 2020 has given Companies Fresh Start Scheme, 2020 (CFSS 2020) and amended the LLP Settlement Scheme, 2020 (LLP Scheme...

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No deduction allowable if domestic law prohibits the same

General Motors Overseas Corporation Vs ACIT (ITAT Mumbai)

Once the domestic law prohibits allowing any deduction for the purpose of calculating ‘fees for technical services/fees for included services’, then, the same was not an allowable deduction and, therefore, AO and CIT(A) were right in holding that the assessee was liable to be taxed on gross basis rather than on net basis....

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Filing due date Extension & Penalty Waiver under GST Law

The Ministry of Finance on 3rd April 2020 released various notifications amending the CGST Act, 2017 and CGST Rules, 2017 respectively providing a sigh of relief amidst the economic crisis caused due to the COVID-19 Pandemic. Set out below is a brief summarization of the notifications released by the authority on 3rd April, 2020: 1. [&hel...

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No service tax on Independent Buildings having single Residential Unit

Prakash Wadhwani Vs Commissioner, Central Excise, Customs and Service Tax, Bhopal (CESTAT Delhi)

Service tax can be demanded under 65(105)(zzzh) only if the building concerned has more than 12 residential units in the building and such levy will not apply in cases where in one compound has many buildings, each having not more than 12 residential units....

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GST compliance relief in view of COVID-19 outbreak

In view of the emergent situation and challenges faced by taxpayers in meeting the compliance requirements under various provisions of the GST law, our Hon’ble Finance Minister had announced various relief measures relating to statutory and regulatory compliance matters on 24.03.2020. Those relief have now been notified vide various CGS...

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Situs of Sitting Fees to Nominee Directors

Nominee Director means a Director appointed to the Board of a Company to represent the interests of their appointer on the Board, nominated by any Financial Institution, Shareholder, Creditor, any Stakeholder or appointed by Government or any other person in pursuance of the provisions of any law for the time being in force, to represen...

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Tax Implication on Conversion of Private Limited Company into LLP

There could be tax implications on the conversion of a Company into LLP (for transfer of business) in the hands of LLP and on its shareholders (for extinguishment of shares held in such Company). The Income-tax Act, 1961 (IT Act) contains specific provisions governing tax implications in case of conversion of a Private Limited Company [&h...

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CFSS 2020- Ease of Doing Business

General Circular No.12/2020 dated 30th day of March, 2020. Refer MINISTRY Circular 11/2020 dated 24th day of March, 2020. : In order to support and enable companies to focus on taking necessary measures against COVID 19, MCA decided to reduce compliance burden and other risks. Accordingly: Additional filing fees waived from 1st April 2020...

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GST E-invoicing Advantages and Limitations

The GST Council, in its 35th meeting, has decided to implement a system of E-invoicing, which will be applicable to specified categories of persons. In the 37th GST council meeting, the standard of new e-invoice mechanism was discussed and approved and the same along with the schemes are published on the GST portal (https://einv-apisandbo...

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Relaxation in GST Compliances due to Covid-19 outbreak

Article summarizes Relaxation in GST Compliances due to Covid-19 outbreak granted by CBIC vide  Notification No. 30/2020-Central Tax to 36/2020-Central Tax dated 3rd April 2020...

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Tax Audit under Section 44AB

Tax Audit Meaning -A Tax Audit is an audit, made compulsory by the Income Tax Act, if the annual gross turnover/receipts of the assesse exceed the specified limit. Tax audit is conducted in Sec 44AB of the Income Tax Act,1961 by a Chartered Accountant. -Simply Tax Audit means, an audit of matters related to tax. […]...

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32 FAQs on Companies Fresh Start Scheme, 2020

Ministry has received representations from various stakeholders requesting for grant of one time opportunity, so as to enable them to complete their pending compliances by filing necessary documents in the MCA-21 registry including annual filings without being subject to a higher additional fees on account of any delay. Also COVID 19 has ...

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Unverified news capable of causing panic should not be disseminated: SC

Alakh Alok Srivastava Vs Union of India (Supreme Court of India)

Alakh Alok Srivastava Vs Union of India (Supreme Court of India) We expect the Media (print, electronic or social) to maintain a strong sense of responsibility and ensure that unverified news capable of causing panic is not disseminated. A daily bulletin by the Government of India through all media avenues including social media and forum...

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HC allows filing of Appeal on payment of Rs. 2 Lakh instead of 20% of demand

Suresh Anuradha Vs CIT (Madras High Court)

Suresh Anuradha Vs CIT (Madras High Court) In the given case, the second respondent has demanded the petitioner to pay a sum equivalent to 20% of levied tax on or before 17.01.2020 for entertaining the appeal and stay petition under Section 220(6) of Income Tax Act 1961. Earlier, an assessment order was passed on 11.12.2009 […]...

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Income Tax Relief Measures for Individuals, COVID 19

Due to the COVID-19 outbreak, the Finance Minister has announced various relief measures and to give effect to this The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 was passed on 31.03.2020. Now, what this means for you as an individual taxpayer ? Let us look into some major relaxations introduced in the [&he...

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Company Fresh Start Scheme 2020

Background MCA on 30th March, 2020 has come up with the ‘Companies Fresh Start Scheme 2020‘ (the scheme) to provide an opportunity to the company to make good any previous filing defaults, irrespective of duration without any additional fees. It is a one-time waiver of additional filing fees for delayed filings with MCA. It is...

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An Indian Monopoly Post-Covid-19

Even before the current pandemic, Indian businesses weren’t doing that well. While the AGR woes faced by major telecom providers (except Jio) might seem like a scar from a mishap long past, it was a very recent occurrence within the Indian economic biosphere. It threatened the downfall of Vodafne-Idea, and along with it, a loss [&he...

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Simultaneous proceeding for Same Offence under GST- Section 129 & 130

Moot question in this article  is that  a person can be penalised  twice  one under the proceeding under section  129  of the Central Goods and Service Tax, 2017 and also under the proceeding  u/s  130 of Act ibid  for a single offence....

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Unprecedented Coronavirus Outbreak – Bleeding Exporters – Jointly Let’s Fight COVID-19

Trade across the world is crippled and stranded – hit severely due to coronavirus outbreak becoming a pandemic – global supply is nearly collapsed – cargo movements are erratic. The international shipping lines are affected. Entire Trade Transactions are almost Paralysed. Even though major countries have not put trade re...

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Companies Fresh Start Scheme 2020 (CFSS 2020)- 7 Things to know

Ministry of Corporate Affairs, has introduced the 'Companies Fresh Start Scheme,2020' a first of its kind opportunity to companies to make good any filing related defaults, irrespective of duration of default, and make a fresh start as a fully compliant entity....

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Recent Relaxations by Ministry of Corporate Affairs (MCA)

With the outbreak of COVID-19 across India, measures were taken by the Ministry of Corporate Affairs (MCA) for reducing the compliance and financial burden on the companies operating in India. The relaxations are also aimed at providing defaulting companies with an opportunity to restart their businesses by filing pending documents with n...

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Cheque Printing Utility in Excel Format

Cheque Printing Utility in Excel Format can be used to Print any Bank Cheque without handwritten mistakes and tension Kindly enable ‘Macros’ before using the Cheque Printing Utility. for any assistance, Please contact – Sabu v Joseph, Email-sabuvjosephpkd@gmail.com...

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Relaxation to the taxpayers under GST amidst COVID-19 crisis

1. Availment of ITC as per Rule 36(4) shall be calculated cumulatively for the month of February, March, April, May, June, July, August, 2020 and the return in Form GSTR 3B for the month of September 2020 shall be furnished with the cumulative adjustment of ITC as per the Rule 36(4) for the said months […]...

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Notifications – Outcome of 39th GST Council Meeting

The Central Board of Indirect Taxes and Customs (CBIC) has issued notifications under GST Laws to implement the recommendation of the 39th GST Council held on 14th March, 2020. The summary of notifications have been given below for easy understanding: Sl. No Notification No Date Summary of Notification 1. 09/2020-Central Tax 16-03-2020 Ex...

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IRDAI: Additional time allowed for filing Regulatory Returns

Ref: IRDAI/Life/Cir/Misc/079/04/202 (04/04/2020)

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Circular Ref: IRDAI/Life/Cir/Misc/079/04/202 04th April 2020 To All Insurers Sub: Additional time allowed for filing Regulatory Returns This circular is issued further to the Covid 19 related Instructions vide Circular Ref: IRDAI/INSP/ CIR/MISC/077/03/2020 dated 30th March 2020 as an...

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Global Pandemic Covid19 related Instructions to Life Insurers

Ref: IRDAI/Life/Cir/Misc/078/04/2020 (04/04/2020)

Where unit linked policies mature and fund value is to be paid in lumpsum, Life Insurers may offer settlement options in accordance with Regulation 25 of IRDA (Linked Insurance Products) Regulations, 2013. This onetime option is regardless of whether such option exists or not in the specific product....

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ICAI FAQs on Modified LLP Settlement Scheme, 2020

Revised Frequently Asked Questions on LLP Settlement Scheme, 2020 issued by the Ministry of Corporate Affairs, Government of India on 4th March, 2020 and modified as on 30th March, 2020 The Ministry of Corporate Affairs has provided a one-time opportunity to the LLPs to make good their default by filing pending documents and to serve [&he...

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ICAI FAQs on Company Fresh Start Scheme, 2020

Frequently Asked Questions on Company Fresh Start Scheme, 2020 issued by the Ministry of Corporate Affairs, Government of India on 30th March, 2020 The Ministry of Corporate Affairs has issued a Circular 12/2020 dated 30th March, 2020, in order to facilitate the companies registered in India to make a fresh start on a clean slate, [&helli...

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Lower or nil deduction of TDS/TCS & Submission of Forms 15G & 15H

NA (04/04/2020)

Further, on payments to Non-residents (including foreign companies) having Permanent Establishment in India, where the above applications are pending, tax on payments made will be deducted at the subsidised rate of 10% including surcharge and cess, on such payments till 30.06.2020 of F.Y. 2020-21, or disposal of their applications, whiche...

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MHA blacklists 960 foreigners involved in Tablighi Jamaat activities

MHA blacklists 960 foreigners, present in India on tourist visas, for their involvement in Tablighi Jamaat activities; necessary legal action to be taken...

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Govt amends Export Policy of Hydroxychloroquine

Notification No. 01/2015-2020-DGFT [S.O.1247(E)] (04/04/2020)

The export of Hydroxychloroquine and formulations made from Hydroxychloroquine falling under any ITCHS Code, including the ITCHS Codes mentioned in the Notification No. 54 dated 25.3.2020 is no longer allowed from SEZA/E0Us or against Advance Authorisation or under the Para 1.05(b) of Foreign Trade Policy 2015-20 or against full advance p...

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DGFT Amends Export Policy of Diagnostic Kits

Notification No. 59/2015-2020-DGFT [S.O.1246(E)] (04/04/2020)

The export of Diagnostic Kits [Diagnostic or laboratory reagents on a backing, preparation diagnostic or laboratory reagents whether or not on a backing, other than those of heading 3002 or 3006; certified reference materials] falling under any ITCHS Code, including the ITCHS Code mentioned above, is restricted, with immediate effect. Gov...

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Section 194J TDS on Fees for Professional or Technical Services

The present article features the TDS provisions contained under section 194J of the Income Tax Act, 1961 relating to the TDS deduction on fees for professional or technical services. Coverage of Section 194J of the Income Tax Act Categories of the person covered under section 194J Every person, except an individual or a HUF, making payme...

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Revised LLP Settlement Scheme-2020

If the Defaulting LLP doesn’t take benefit of LLP Settlement Scheme – 2020, then the said LLPs have to file forms with additional fees as per Section 69 of Limited Liability Partnership Act, 2008 i.e. ₹ 100/- for each day of such delay in addition to any fee as is payable OR Registrar may Initiate Prosecution against Defaulting LLPs...

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Companies Fresh Start Scheme, 2020- Advantages, Immunity, Applicability

The Ministry of Corporate Affairs (‘MCA’) has introduced ‘COMPANIES FRESH START SCHEME 2020’ (CFSS-2020) to enable all companies registered in India to make good of any filing related defaults irrespective of the duration of default and make a fresh start as a fully compliant Indian entity. COMPANIES FRESH START SCHEME, 20...

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