"08 April 2020" Archive

Immediate clearance of Pending GST, Custom & Income Tax refunds

(Release ID: 1612291 (08/04/2020)

IT Department to release all pending income tax refunds up to Rs 5 lakhs immediately ; Around 14 lakh taxpayers to benefit. All GST & CUSTOM refunds also to be released ; to provide benefit to around 1 lakh business entities including MSMEs...

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MCA allows companies to hold EGMs through VC or OAVM

General Circular No. 14/2020 (08/04/2020)

MCA allows  companies to hold Extraordinary General Meetings (EGMs) through VC or OAVM complemented with e-Voting facility/simplified voting through registered emails....

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Wearing of Mask Compulsory in Mumbai at Public Places

1. All person will be moving for whatsover purpose and under whatever reason authority in public place, like street, hospital, office, markets must be wearing 3 ply mask or cloth mask compulsorily. 2. Any person who is moving around in his personal and official vehicle must be wearing these masks compusarily....

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Posted Under: Income Tax |

Incorporation of a private limited company (SPICE+)

Spice+ is a new initiative taken by the Government. Every year Government brings some or the other change in the procedure to Incorporate a Company. With effect from 23rd Feb, 2020 The Government came up with the new Form called Spice+ which is a web-based form. Let us understand the details of the new form […]...

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Posted Under: Income Tax |

Process of credit creation by commercial banks and how RBI regulates credit flow

The process of credit creation by commercial banks and how the RBI regulates this credit flow This article is not from accounting, direct or indirect tax perspective. This deal with a general topic about how the credit is created by commercial banks in the economy and how the RBI monitors this credit creation. Let us […]...

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Posted Under: Income Tax |

Startup India – Taxation & Other Benefits

This article attempts to discuss the tax and regulatory incentives available to Startups. Angle Tax Benefit - An eligible start-up can avail Income-tax exemption on consideration received for issue of shares that exceeds the face value...

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Posted Under: Income Tax |

Relaxation granted by SEBI w.r.t SEBI (LODR) Regulations, 2015

The following Article only covers the relaxation granted by SEBI under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR’)...

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Posted Under: Income Tax |

Understanding New Equalisation Levy & TDS on e-Commerce Transactions with Practical Illustrations

Understanding New Equalisation Levy & TDS on e-Commerce Transactions with Practical Illustrations Section 163 to 172 of ‘CHAPTER VIII OF THE FINANCE ACT, 2016- EQUALISATION LEVY’ deals with Equalisation levy definition, interest, penalty, filing of the annual statement, the penalty for failure to furnish statements. 1....

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Posted Under: Income Tax |

Extended dates for filing GST return due to COVID-19 pandemic

Government has extended dates for filing of GST return due to COVID-19 pandemic. These are notified through Notifications 30/2020 to 36/2020 dated 03.04.2020 and Circular No. 136/06/2020-GST dated 3rd April, 2020. > Taxpayers filing Form GSTR-3B (i) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding Financial Year. Tax per...

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Posted Under: Income Tax |

E-Invoicing modes of generation and flow of information

In my previous article, I tried summarize advantages, need and limitations for E-invoicing. Now in this article I will discuss the basic concepts of E-Invoicing modes of generation and flow of information for E-Invoicing. Concept of E-Invoicing: E-invoicing means generation of documents related to supply electronically. It is NOT a prepar...

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Posted Under: Income Tax |