"10 April 2020" Archive

Refund under GST in case of temporary registration– A practical challenge

GST Refund vis-à-vis temporary GST registration-CBIC had mentioned 12 categories (one being residuary category) under which refund application has to be filed electronically. One such situation is ‘refund on account of assessment/appeal/any other order’. To file an online refund application, a person must have a GST registration in a...

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Amendments in TDS/TCS applicable from FY 2020-21

Amendments in the Provisions of of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) applicable from Assessment Year  2021-22 (i.e Financial year 2020-21) Through the Finance Act 2020 (which have received the assent of the President of India on 27th March 2020), the Central Government has made various amendments to existing ...

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Capital gains on Transfer of Debt Securities by non residents

A General Discussion of the Taxation of Capital Gains for the purposes of Non Residents Assessee when they transfer the debt Securities specially bonds and Debentures held by them. This discussion is presented using FAQs Technique when Listed Bonds and Debentures of Indian Company /Government Bonds is sold /Transferred , which was origina...

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Analysis of expenses allowable under section 37 of Income Tax Act, 1961

CA Susheel Kumar Gupta Section 30 to 36 lists out certain deductions, which are allowed while computing the profit and gains from business or profession. Deductions under these sections are allowed subject to certain conditions mentioned in those section. Further, these sections do not list down all types of expenses. For these expenses, ...

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Blocked GST Credit under Section 17(5)(c) & 17(5)(d)

Section 17(5) deals with blocked credit in GST. It enlists various circumstances under which the Input Tax Credit shall not be allowed to the Recipient irrespective of Section 16(1) & 18(1) of Central Goods and Services Tax Act, 2017. Sub-Section(c) & (d) of section 17(5) deal with blocked credit relating to Works Contract Service...

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Legality of order for payment of wages of lockdown period

Legality of Order For Wage Payments, Whether Govt Can Enforce It With Best Possible Solutions Current Scenario In view of this pandemic situation Covid 19, the Government issued an advisory that the wages to be paid by the employers during the lockdown. Ministry of Home Affairs, North Block issued Order No. 40-3/2020-DM-I(A) dated 29th Ma...

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Some GST Aspects &Transactions Explained Through Q&A- Series I

Section 35(6) could have been invoked if the GST authorities would have conducted a search and found unaccounted stock. Since the search was conducted by the income tax authorities and now for the purpose of GST the registered person is himself recording the unaccounted stock therefore the provisions of 35(6) are not attracted....

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Refund Under GST-Recent Issues & Clarification

Bunching of GSt refund claims across Financial Years: i) At the outset, provisions under GST didn’t allowed taxpayer for clubbing of tax period across financial years for claiming refund application. (Say application from Jan’2018 to Dec’ 2018 cannot be filled since it is crossing two financial year.) The same stand was taken in mas...

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Brief Insight on Overseas Direct Investment (ODI)

Overseas Direct Investment (ODI) by Indian Parties/Resident Individuals Overview Overseas Direct Investment refers to the investments made in the Joint Ventures (JV) and Wholly Owned Subsidiaries (WOS) by way of: – Subscription to the Memorandum of a foreign entity; or – Purchase of existing shares of foreign entity either by ...

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Taxability of ESOPs

Employees Stock Option Plan (ESOP) has gained enough popularity after young start ups struggle to attract suitable human capital. This becomes more relevant as the start ups are not able to offer them hefty pay packages. In such situations ESOPs have been proved to be useful tool for employee retention by giving them a sense of ownership....

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Additional Income Tax compliance burden for Charitable/Religious Trusts

A New Era of Taxation of Charitable/Religious Trusts-Facing the challenges ahead amid a Paradigm Shift in the Regulatory Scheme clothed with some additional compliance burden for the Financial Year 2020-21 This year the Taxman has come with a substantial overhaul having regard to the taxation of the Trusts, Societies, NGOs etc. i.e. Char...

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Authority of Absurd Ruling: Vouchers Not Accepted!

Taxability of gift vouchers / prepaid vouchers has always been a contentious issue in our country, where in fact the Supreme Court has also been referred to multiple times to clear the indirect tax position. Since these issues were raised under the different erstwhile indirect tax laws in the country, the GST Act was designed since incept...

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Start Up Recognition and Registration

Startup India campaign was launched in 2016 to ensure that the Startups mushrooming in the country have right access to various resources and facilities to grow. There are a lot of incentives for Startups provided by the government like tax exemption, exemptions under various legislations etc....

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Comparison of new income tax regime with old tax regime

In the new budget for the fiscal year 2020-21, Finance Minister Nirmala Sitharaman introduced the new income tax rate for tax-payers in India. The Finance minister said in her budget speech that the Current Income Tax Act is full of various exemptions and deductions that make compliance complicated and a burdensome process for the taxpay...

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Market Approach under Valuation

Compared to the Income Approach that incorporates company specific estimates to arrive at the firm’s intrinsic value, the Market Approach relies on relative valuation to arrive at the value of a business, based upon how similar assets are priced in the market. ...

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Healthcare As A Right : Private Vs Public

The fundamentals of our constitution, or any constitution for that matter – are grounded in willful compliance. There is no power, except the very constitution, standing in the way of the governing structure, stopping them from (let’s say) reverting the democratic structure of a sovereign country, into a wasteland for power-hungry, mo...

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Assignment and Transmission of Trade Marks

We can trace development and use of Trade Marks from the days of industrial revolution. This was the face during which trade and commerce were at the top and world got an environment of good business practices. In industrial revolution era, various products had been developed, various innovations had been made. The industrial exploitation...

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Relax Regulation for Depositories and Participants: ICSI

ICSI Request for relaxation from compliance with the provisions of Regulation 76 of the SEBI (Depositories and Participants) Regulations, 2018...

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Paradigm shift in registration of NGOs

The approach of the government towards the NGO sector used to be lenient but today the position is changing as the government is tightening the laws and regulatory controls over NGOs every other day. It has to be appreciated that NGOs play an important role in the society and the income of these institutions is […]...

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5 effective financial planning tips for newly married couples

Financial planning should really be a couple’s priority as soon as they come home from their honeymoon. Marriage does not only change a couple’s financial situation but as well as their outlook on all things money-related. There will be new financial considerations to attend to such as buying property like a new house, planning for [&...

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Remuneration paid to director to attract GST under RCM

Issue involved: Remuneration paid to director to attract GST under RCM. Rajasthan bench of the AAR in the case of Clay Craft India Pvt. Ltd Fact of the case: M/s Clay Craft India Pvt. Ltd is already paying GST by way of RCM on the commission paid to its Director. It filed an application before […]...

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Applicability of GST on Directors Remuneration – a critical analysis

1. Recent Advance Ruling Orders on whether GST is payable (under Reverse Charge) on remuneration payable to Directors? Recently Rajasthan Authority for Advance Ruling in the case of M/s Clay Craft India Pvt Ltd (Jaipur) (Order No RAJ/AAR/2019-20/33 dated 20th February, 2020) held that remuneration payable to Directors is taxable and liabl...

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CSR during-Pandemic of Covid-19 A-Ready Referencer

CSR in COVID-19- A Ready Referencer Corporate Social Responsibility (CSR) can   be understood as a Company’s responsibility towards the society, the environment and the community within which it operates. There are various ways in which a Corporate fulfils its CSR obligations as mandated by law. At present, CSR is not seen merely ...

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Methods of Raising Finance

1. Public Issue of Shares: The company can raise a substantial amount of fixed capital by issue of shares- equity and preference. In India, however, equity shares are more popular as compared to preference shares. The issue of shares requires a number of formalities to be completed such as approval of prospectus by S.E.B.I., appointment [...

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Executive Summary on MCA clarification (EGM on VC or OAVM)

MCA Circular No 14/2020 (08//0/4/20)

Executive Summary of MCA Clarification on passing of Ordinary and Special Resolutions by Companies  through Video Conferencing (VC) or other audio visual means (OAVM) Condition: (i) When holding of EGM is unavoidable (not applicable to AGM) (ii) Items except Ordinary Business and items where any person has a right to be heard (iii) When ...

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Changes in GST Return filing due dates for tax payers

Due to the unprecedented COVID-19 situation at present, GST return filing due dates has been revised in order to give relation to tax payers. The details are being attached for your reference. Amendment in GST Due dates Sr. No Tax Payer Return Type Tax Period Regular Due Dates Revised Due Dates Interest Late Fees & […]...

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Bullet points on Companies (Amendment) Bill, 2020

Brief bullet points on Companies (Amendment) Bill, 2020, As introduced in Loksabha on 17th March 2020 This is 4th amendment after 2015, 2017 & 2019. 66 sections has been proposed to be Amended. Out of 66 amendments , 45 amendments are for Di-criminalization of penalty provisions as companies act is a civil law. Some penalty […]...

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MSME-1 form filing for half year ended on 31st March 2020

1. The Last date of filing MSME-1 for the half year ended 31st March 2020 (October 2019- March 2020) is 30th April 2020 unless extended by MCA considering present prevailing situations. This is applicable to all specified companies. 2. NIL returns not required to be filed as the form MSME-1 will not capture “ ZERO” […]...

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Relief/ Relaxations given to companies/LLP in view of COVID-19 outbreak

Circular no 11/2020

MCA vide general  circular no 11/2020 has Introduced following special relief, relaxation and immunities to Companies and LLPs: – Particulars Relaxations 1. No Additional fee for late filing:- In order to support Co. & LLPs, MCA vide its circular, has announced that no additional fee shall be charged from 1st April, 2020 to 30t...

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MCA clarifies on passing resolutions & Holding of EGM

General Circular no. 14/2020-MCA (08//0/4/20)

Clarification on passing of ordinary and special resolutions by the Companies Under Companies Act, 2013/ Holding of Extra-Ordinary General Meeting Through Video Conferencing Holding of Extra-Ordinary General Meeting Through Video Conferencing MCA vide its general circular dated 8th April, 2020 has given its clarification on passing of ord...

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GST under reverse charge on Director fees- Analysis of AAR Rajasthan ruling

Recently the Authority of Advance Ruling, Rajasthan in the case of Clay Craft India (P) Ltd has passed a ruling that consideration / fees paid to directors will attract Goods and Services Tax under reverse charge vide entry no 6 of notification no 13/2017 Central Tax (rate) dated 28-06-2017....

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Simultaneous Corporate Insolvency Resolution Processes against Borrowers and Guarantors – A Feasible Approach?

Introduction Indubitably, legal controversies lead to the ultimate improvisation of legislation. Likewise, Insolvency and Bankruptcy Code, 2016 (hereinafter IBC) has encountered a plethora of amendments to reach its upper state and incorporate a way to unravel the incessantly emerging disputes. While the Insolvency and Bankruptcy Code (Am...

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Why Sales Problems Occur? How To Solve Sales Problems?

Running a business is a huge task, an on-going process. And while you are at it, you are sure to face ups and downs. Business is more than just making profits and living a lavish life. Business is all about owning up and all about customer satisfaction. These two are interdependent factors. For instance, if […]...

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Impact of Corona Virus on Audit of Financial Statements

Anuranjan Sahni* Impact of Corona Virus (COVID-19) on Audit of Financial Statements for the Financial Year ending March 31, 2020 Background The global pandemic COVID-19 has already had a significant impact on global trade and economy with consequential impact on global and Indian financial markets. This may also have accounting, disclosur...

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Extended due date chart of GSTR 1 & GSTR 3B

CBIC Extended DUE DATE of filing GSTR 1 & GSTR 3B by providing Late fees waiver & relief in Interest as per Notifications issued on 03rd April 2020. Article compiles chart of GSTR 1 Due Date Extension & Late Fees Waiver and GSTR 3B Due Date Extension, Late Fees Waiver & Interest....

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How Can You Retain The Employees?

Small, micro and medium-sized companies are the backbone of Indian economy. They provide employment at the grassroot levels, thus, strengthening the rural and lower strata of the society. But retaining employees is amongst the major concerns of the SMEs. Any organization grows because of the competent workforce it employs. For running a s...

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Passing of Ordinary & Special Resolutions due to Covid-19: FAQs

RE: GENERAL CIRCULAR NO. 14/2020 DATED 8TH APRIL 2020 ISSUED BY MCA.  SUBJECT: FAQ ON PASSING OF ORDINARY RESOLUTIONS AND SPECIAL RESOLUTIONS BY COMPANIES UNDER THE COMPANIES ACT, 2013 DURING LOCK-DOWN IMPOSED DUE TO COVID-19 Companies are facing problem to hold general meetings of shareholders and other stakeholders to pass ordinary and...

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Annual Company Law Compliance Calendar for Nidhi Companies

Compliance requirement of Nidhi Companies has gone through various changes since the day Companies Act, 2013 has come into force. In recent past Compliance requirement of Companies has been increased with introduction of new forms i.e. MSME-1, BEN-2 etc. However, some exemptions are granted to Nidhi Limited Companies under Companies Act, ...

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Analysis of Equal Remuneration Act 1976

Equal Remuneration Act, 1976 was enacted for following main Purposes 1. To Improve the Quality of Women’s Employment Conditions 3. Empowerment of women in the employment sector 4. To Create awareness among them about their legal rights and duties MAIN REASONS BEHIND ENACTMENT OF THIS EQUAL REMUNERATION ACT, 1976 Basically The parlia...

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DIN application for proposed Director / Designated Partner or Partner

DIN Application for proposed Director / Designated Partner or Partner in Existing Company / LLP DIN is a unique Identification Number allotted to an individual who is to be appointed as a Director / Designated Partner or Partner in an existing Company / LLP, upon making an Application is to be made in e-Form DIR-3. […]...

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Foreign Currency – Transfer of Shares (FC-TRS)- Points to Remember

FCTRS (Foreign Currency- Transfer of Shares): 1. No fee for filing of form FC-TRS, if filed within 60 days from the date of receipt/date of payment of the amount of consideration otherwise the RBI/ AD Bank may impose the penalty for late filling by way of Late Submission fee (LSF). 2. Onus of filing of […]...

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Relaxation in Tax and Statutory Norms due to Covid-19 outburst

The COVID-19 pandemic has forced governments to take unprecedented measures such as restricting travel and implementing strict quarantine requirements. Whereas, in view of the spread of pandemic COVID-19 across many countries of the world including India, causing immense loss to the lives of people, it has become imperative to relax certa...

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Most Common Myths About Income Tax Filing

When it comes to Income tax, Indians seem a lot confused. Not everyone is aware about all the aspects of Income tax and that leads to myths being built around the whole concept of income tax. In this blog post we will see what are the most common myths related to income tax and we […]...

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Sole proprietorship- Advantages, Disadvantages, Registration

The choice of a business entity will depend on its object, nature and size of the business of individual which is varied from person to person and their perception of doing business. there are various factors which are considered before choosing a business organization  structure. Some of the factors may be as follows:- Nature of [&helli...

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Nidhi Company- Companies Act- 2013

Nidhi” means a company which has been incorporated as a Nidhi with the OBJECT of Cultivating the habit of thrift and Savings amongst its members, Receiving deposits from, and Lending to, its members only, for their mutual benefit, and Which complies with rules of Chapter XXVI of Companies Rules, 2014. ♦ Nidhi in the Indian conte...

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Incorporation of Producer Company – Companies Act, 2013

Who will bear the cost incurred to incorporate the Company? A. The promoters should pull the amount needed for incorporation of a company. Amount (loan) given by the promoters in the initial stage will be reimbursed by the company....

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Producer Company under Companies Act, 2013

Silent Condition for Producer Companies: i. Only persons engaged in an activity connected with, or related to, primary produce can participate in the ownership. ii. The members have necessarily to be [1]primary producers....

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Mutual Fund – The Beginning

Trust you are all are safe, amid COVID 19. COVID 19 has rendered our economy in a very bad position, the stock market has fallen like anything. To capitalize this fall, I was going through various investment opportunities. What I realized is there are a plethora of instruments available in the market. One which particularly […]...

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Procedure to conduct EGM through VC/OAVM

Procedure to be followed for conducting EGM under COVID-19 pandemic through ideo conferencing (VC) or other audio visual means (OAVM) MCA vide its circular no. 14/2020 dated 08/04/2020 made a clarification regarding passing of ordinary and special resolution by companies and also provided a procedure to be followed by the companies while ...

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Form 15G Excel Utility

You can keep and generate 2000 parties Form 15G by using this utility with in seconds,  Simple to generate as and when require Form 15G UIN (Unique Identification Number) will generate automatically as per the prescribed format...

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SME Problem Solutions 

SMEs face a number of problems on a day-to-day basis. The internal and external issues that keep arising hinder the working of the organization which ultimately has an adverse effect on the financial aspect of the business. In the previous blog posts, we have explored a number of topics pertaining to SMEs – MSME license, […]...

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Conceptual summary of LLP Settlement Scheme, 2020

With a view to promote the Government of India’s efforts to provide relief in the wake of COVID 19, the Ministry of Corporate Affairs has introduced the ‘LLP Settlement Scheme, 2020‘ to provide an opportunity to  the Limited Liability Partnerships’ (LLPs) to make good any filing related defaults, irrespective of duration ...

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Several Measures Taken by ESIC to Extend Relief During COVID-19 Pandemic

The country is dealing with a very challenging situation due to COVID-19 Pandemic. Many parts of the country have been placed under lock down to enforce social distancing.  To deal with the crisis, Employees’ State Insurance Corporation (ESIC) has undertaken multiple steps to provide relief to its Stakeholders and members of public....

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Brief Analysis of LLP Settlement Scheme, 2020

Reasons for which this scheme introduced by the Ministry of Corporate Affairs- -Filling of delay documents/returns attracts 100 per day of default for each return and documents which put the financial burden on the LLP that’s why this scheme is introduced for waiver of additional fees. -Regulators don’t have records for inspection bec...

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Media should not publish news based on unconfirmed matters: Ministry of Railways

Release ID: 1612862 (10/04/2020)

During the last two days, there have been some reports in media about various protocols etc of prospective travellers by trains. They have also been mentioning about number of trains starting from a given date....

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EPFO settles 1.37 Lakh EPF withdrawal claims to fight Covid-19 in less than 10 days

Release ID: 1612849 (10/04/2020)

Employees Provident Fund Organisation (EPFO), an statutory body under Union Ministry of Labour & Employment has processed about 1.37 lakh claims across the country disbursing an amount of Rs. 279.65 crore under a new provision especially formulated by amending the EPF Scheme to help subscribers fight Covid-19....

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Section 10(10BC) Exemption towards compensation received on account of any disaster

The present article highlights provisions of section 10(10BC) of the Income Tax Act, which provides exemption towards amount received in case of any disaster. Exemption provisions of section 10(10BC) of Income Tax Act– Provision of section 10(10BC) exempts any amount received / receivable by an individual or legal heir of the indivi...

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Direct Tax & International Tax Perspective – Covid 19 Impact- FAQs

Direct Tax & International Tax Perspective–Part I Income Tax Returns 1. Whether there is any extension of due dates in filing the belated returns for the Financial Year 2018-19? Answer: Yes, due date income tax return for Financial Year 2018-19 was 31st March 2020. The Ministry of Finance, vide Press Release dated 24.03.2020 h...

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Advisory for WhatsApp Users and Admins during Covid-19 pandemic

Amidst this coronavirus crisis, a lot of fake news, misinformation and hate speech messages are being circulated on instant messaging platforms, like WhatsApp. Below are some points the members and admins of such groups on messaging platforms should take note of....

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8 Basic Things You Should Know About Your Financial Statements

Any business is run on finance, without finance it is surely going to crash. And the way to keep your business afloat is with the help of the financial statements. The financial statement of your company typically consists of your balance sheets, cash flow statements and your income statements. Careful study of these three facets [&hellip...

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Board meeting minutes of a company- FAQs

A company from incorporation to closing of business is guided by the provisions of the Companies Act, 2013 and related rules, hence evidently, minutes are also governed by the Companies Act, 2013. These minutes are proof of happening of a specific event in a company and whenever, the documents of company are demanded by any […]...

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FAQs on Compliance Relaxation under GST

Pandemic Legal intelligence – FAQs on Compliance Relaxation under GST Introduction The Central Board of Indirect Taxes and Customs (‘CBIC’) has issued several notifications in order to implement the compliance relaxation announced by Hon’ble Finance Minister amid Pandemic COVID 19. We have analysed the relaxations provided by ...

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Offences And Penalties For Violation Of Lockdown Measure

OFFENCES AND PENALTIES FOR VIOLATION OF LOCKDOWN MEASURE A. SECTION 51 TO 60 OF THE DISASTER MANAGEMENT ACT, 2005 51. Punishment for obstruction, etc.—Whoever, without reasonable cause (a) obstructs any officer or employee of the Central Government or the State Government, or a person authorised by the National Authority or State Author...

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COVID-19 related FAQs on Corporate Social Responsibility by MCA

General Circular No. 15/2020 (10/04/2020)

MCA vide General Circular No. 15/2020 dated 10th April 2020 has issued and published COVID-19 related FAQs on Corporate Social Responsibility (CSR). Major Update: ‘Chief Minister’s Relief Fund’ or ‘State Relief Fund for COVID-19’ is not included in Schedule VII of the Companies Act, 2013 and therefore any contribution to such fu...

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SC Guidelines For Court Functioning via Video Conferencing during Covid-19 Pandemic

In Re: Guidelines For Court Functioning Through Video Conferencing During Covid-19 Pandemic (Supreme Court)

All measures that have been and shall be taken by this Court and by the High Courts, to reduce the need for the physical presence of all stakeholders within court premises and to secure the functioning of courts in consonance with social distancing guidelines and best public health practices shall be deemed to be lawful;...

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Insurance Scheme for Health Workers Fighting COVID-19- FAQs

Pradhan Mantri Garib Kalyan Package: Insurance Scheme for Health Workers Fighting COVID-19 FAQs Q 1. What does this Scheme cover? Ans: This accident insurance scheme covers; Loss of life due to COVID19, and Accidental death on account of COVID-19 related duty. Q.2  What is the definition of Accident? Ans: An accident is sudden, unforese...

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Interest liability for filing Form GSTR-3B and other relief measures

Summary of Measures by CBIC to provide relief to taxpayers in view of COVID-19 pandemic- which includes relief from Interest liability for delayed of filing Form GSTR-3B, Extension in Due dates of GSTR 5. GSTR 6. GSTR 7. GSTR 8, Relief to Composition Taxpayers, Extension of validity period of E-way Bill (EWB) and Waiver of […]...

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File E-Form DIR-3 KYC without additional fees

Penalty of Rs. 5000/- WAIVED OFF FILE YOUR KYC IMMEDIATELY AT NO FEE. File E-Form DIR-3 KYC or Web based DIR-3 KYC without additional fees till 30th September 2020 under ‘COMPANIES FRESH START SCHEME- 2020‘ (CFSS – 2020). SL. NO. PARTICULARS DETAILS 1. What is DIN? DIN is Director Identification Number – a unique 8...

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PM Cares Fund – Tax Benefits and All You Wanted To Know About

The Taxation and other laws (Relaxation of certain provisions) Ordinance , 2020 has made amendments to section 80G of the Income tax act, 1961 thereby making contributions to this PM Cares fund eligible for 100% deduction under Section 80G(1) read with clause (iiia) of section 80G(2)....

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