"09 April 2020" Archive - Page 3

GST on Director Remuneration

The recent article in the economic times reporting that the remuneration paid by the Company to its director would attract GST under reverse charge mechanism under RCM has created lot of confusion and unrest among the corporates, this article aims at giving an insight on this subject. The levy of GST is governed by Section […]...

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Challenges Faced By Walmart in Acquiring FLIPKART

This acquisition was the world’s biggest e-commerce deal which has impacted the whole segment of retail marketing. Although there were certain issues which was faced by Flipkart & Walmart during this Acquisition deal....

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Remuneration paid to Directors liable to GST under RCM- AAR Rajasthan

The Company, Clay Craft India Pvt Ltd. sought for clarification before Rajasthan- AAR No. RAJ/AAR/2019-20/33 as to whether the salary paid by them to directors would be liable to GST. The brief facts on the remuneration and roles and responsibilities of the directors of the Company was as below: -Directors of the company were working [&he...

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Recourse to IBC by Sole Proprietorship Concerns: Re-Examining the Position in Light of Recent NCLAT Ruling

Judgements of various NCLT Benches have had conflicting views on whether a Sole Proprietorship can apply to the Adjudicating Authority under the Code for initiating Insolvency Resolution Process of a Corporate Debtor for the outstanding debt which is due and payable....

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Relaxations In Income Tax, GST, RBI, SEBI, Company Law Compliances

With the outbreak of COVID-19 across and continuously growing in India, which forced the Indian Government to announce a ‘Lockdown’ for 21 days starting from 00:00 Hours of March 25, 2020. This Lockdown will definitely disrupt the businesses activities of all sectors as the Nation comes to pause. By understanding the disruption of the...

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GST due date extension chart in view of COVIT-19 Pandemic

Due to Impact of COVID 19 Pandemic, CBIC had provide relaxations w r t filing of GST returns for the month of March, April & May  2020. Consider the due date extension chart given below:- Relaxation announced by CBIC w.r.t.Return/Form filing in view of COVID-19 Pandemic Turnover in preceding financial year Tax period GSTR- 1 [&hellip...

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Summary of Companies Fresh Start Scheme, 2020

Recently, The Ministry of Corporate Affairs in pursuance of the Government of India’s efforts to provide relief to law abiding companies in the wake of COVID 19, has introduced the “Companies Fresh Start Scheme, 2020” which is already in vogue to provide a first of its kind opportunity to companies to make good any filing […]...

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CBDT clarifies on Certificates for lower rate/nil TDS/TCS certificate

F.No. 275/25/2029- IT( B) 09/04/2020

Clarification on orders dated 31.03.2020 and 03.04.2020 issued under section 119 of the Income-tax Act, 1961 (the Act) by CBDT vide F. No. 275/25/2020-IT(B) regarding issuance of certificate for lower rate/nil deduction/collection of TDS, TCS U/s. 195, 197 and 206C(9) of the Income-tax Act. 1961...

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Residential Status of Companies under Income Tax Law

With effect from AY 2017-18 company would be resident in India if in any previous year: 1. It is an Indian Company (i.e. Incorporated as per Companies Act 2013 or 1956) 2. Its Place of Effective Management (POEM) is in India for a particular PY. POEM means a place where key managerial and Commercial decisions […]...

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5 Things That Give You An Indepth Understanding of Business

We live in a world where business is ruling the roost. No matter what lane you come from or what locality you live in, you will always find thousands of business in the area. But does every business that you come across is performing well for its owners? Maybe not. In that case, how does […]...

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June 2021