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Archive: 07 April 2020

Posts in 07 April 2020

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices?

April 29, 2024 6996 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Join Live Webinar and get Book on Section 43B(h)

April 29, 2024 5067 Views 1 comment Print

Live Webinar with Book on Section 43B(h) (Financial Fitness) on 10th May 2024, 6:00 pm to 8:00 pm. CA Manoj Lamba will break down intricacies of Section 43B(h)

Identification of NPA in Bank Audit

April 7, 2020 78012 Views 5 comments Print

The Statutory Auditors may consider the following exercise to dig out the hidden accounts which are shown as Standard but are required to be classified as NPAs.

GSTIN Advisory on Composition Scheme, GSTR-1/GSTR-3B/GST ITC-03

April 7, 2020 660 Views 0 comment Print

Normal and registered taxpayers who want to opt in for Composition in FY 2020-21 can apply in Form GST CMP02 till 30th June 2020. The taxpayers SHOULD NOT file any GSTR-1/GSTR-3B, for any tax period of FY 2020-21, from any of the GSTIN on the associated PAN, or else they will not be able to […]

Responsibilities of Accountants under Transfer Pricing Regulations

April 7, 2020 7686 Views 0 comment Print

Section 92E does not stipulate that only the statutory auditor appointed under the Companies Act or other similar statute should perform the examination. The examination can, therefore, be conducted either by the statutory auditor or by any other chartered accountant in practice having certificate of practice.

Reprint of PAN Card – Revised Guidelines, Instructions, Procedure

April 7, 2020 32996 Views 0 comment Print

This application should be used when PAN has already been allotted to the applicant but applicant requires a PAN card. A new PAN card bearing the same PAN is issued to applicant. While filling this form, applicant should not select any of the check boxes on the left margin of the form. However, the check box for Item no. 7. Address for communication will be selected by default as this address will be updated in the records of ITD.

Section 271(1)(c) Penalty leviable as revised return filed only after issuance of notice u/s 143(2)/142(1)

April 7, 2020 6264 Views 0 comment Print

Since assessee had no intention to make a full and true disclosure of its income as it would not have filed a revised return of income showing higher income before issuance of the notice 143(2)/142(1) by AO, therefore, AO  rightly held that assessee had deliberately and consciously failed to furnish full and true particulars of income and attempted to conceal income and levy of penalty under section 271(1)(c) was confirmed.

Embassy property developments Pvt Ltd vs State of Karnataka- Need for a broader interpretation of Moratorium under Section 14?

April 7, 2020 7758 Views 0 comment Print

Recently, the Supreme Court in the decision of Embassy Developments vs. State of Karnataka had held that a Corporate Debtor could not avail the benefit of Mortarium under Section 14 of the Code to seek for deemed extension of lease agreement.

Assignment of Copyrights

April 7, 2020 32586 Views 0 comment Print

WHAT ARE INTELLECTUAL PROPERTY RIGHTS; Intellectual property is the product of the human intellect including creativity concepts, inventions, industrial models, trademarks, songs, literature, symbols, names, brands, etc. Intellectual Property Rights do not differ from other property rights. They allow their owner to completely benefit from his/her product which was initially an idea that developed and […]

Revised LLP Settlement Scheme 2020–7 Key Take-Aways

April 7, 2020 1272 Views 0 comment Print

Ministry of Corporate Affairs (MCA), regulatory body of corporate sector in India, vide its General Circular No 06/2020 dated March 04, 2020 and further modified vide General Circular No. 13/2020 dated 30th March, 2020, launched a one-time settlement scheme for the LLPs to grant one time immunity from additional fees and prosecution against the defaulting LLPs.  […]

8 Simple ways to save taxes

April 7, 2020 4002 Views 2 comments Print

Everyone is looking out for ways to legally save taxes. Tax savings tips helps you plan your taxes effectively. Are you the one looking for ways and means to save taxes? I do understand it is complicated to understand taxes but here I share some awesome and easy tax saving tips. Investment in Life Insurance: […]

Starting Business in India- Know the right structure & Tax Implications

April 7, 2020 3438 Views 0 comment Print

There has always been a confusion among people when they want to start a business. I should go for Proprietorship, Partnership, LLP or Company. You definitely ask your friends, family members and co colleagues. You are very serious about your new venture, you have already validated your idea, done the right market research, but selection […]

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