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Archive: 12 April 2020

Posts in 12 April 2020

Independent Director under Companies Act 2013 and Rules

April 12, 2020 101754 Views 6 comments Print

WHO IS AN INDEPENDENT DIRECTOR? Independent Director is Director other than a managing director or a Whole time Director or a nominee Director who fulfils all criteria as given in Section 149(6) along with Rule 4 and Rule 5 of the Companies (Appointment and Qualification of Directors) Rules, 2014. In general sense, an independent director […]

Applicability of GST upon cancellation of flats

April 12, 2020 51171 Views 26 comments Print

Tax/GST treatment to be given in case of cancelled flats GST compliance for real estate has always been a nightmare considering the day to day changes in the rates, tax structure, GST returns to be filed so an and so forth. Assessee to be tax compliant has to look for ways and means to make […]

COVID-19- Resolutions by companies under Companies Act 2013

April 12, 2020 2454 Views 0 comment Print

Clarification on passing of ordinary and special resolutions by companies under Companies Act,2013 and rules made thereunder on account of the threat posed by COVID-19 > Circular –Clarification on passing of ordinary and special resolutions by companies under the Companies Act,2013 and rules made thereunder on account of the threat posed by COVID-19 [Ministry of […]

Beauty & Make-Up Preparations- GST Classification can turn Ugly

April 12, 2020 6621 Views 1 comment Print

Classification of Goods as per Notification – That the Central Government in exercise of its powers under Section 9 of the CGST Act has issued Notification No.1/2017-CT(Rate) dated 28th June, 2017, which has been amended from time to time. The said notification has prescribed the rate of tax (Schedules) for specified goods under CGST/IGST (Rate Notification).

Carry forward & set off of business losses subsequent to change in shareholding

April 12, 2020 25794 Views 1 comment Print

Section 79 has no application in the absence of change in the beneficial voting power. Even after transfer of shares in the assessee company by its ultimate holding company to its another subsidiary, beneficial ownership of the assessee company continued to vest with the same holding company and therefore provisions of section 79 would not apply.

9 Investment Rules To Be Kept in Mind

April 12, 2020 2439 Views 1 comment Print

Investing should not be made complicated. Putting your hard-earned money to work is all about helping you get what you want while making sure you can sleep easily at night. There are handful of rules for investors to keep in their mind for successful investing. Below given is the list of the nine considerations that […]

Is GST payable under RCM on Director’s Remuneration or not?

April 12, 2020 3774 Views 0 comment Print

Arjuna, the confusion of whether GST is payable under RCM on Director’s remuneration has raised due to the recent order passed by Authority of Advance Ruling (AAR) of Rajasthan in the case of Clay Craft India Pvt Ltd, & AAR of Karnataka in the case of Alcon Consulting Engineers (India) Pvt Ltd. These advance rulings state that remuneration paid to the Director of the applicant company is liable to tax under reverse charge mechanism. Let’s discuss about this in detail.

Can We Live Without Capitalism?

April 12, 2020 1005 Views 0 comment Print

Being myopic about our current predicament is, for a lack of a better analogy, short-sighted! The entire world is busy reeling in from a catastrophe, people are being displaced in large numbers – at the same time, a vast majority is stuck within their houses, enjoying a semi-paid vacation, in absolute desolation. The world that […]

GST Returns Due dates -Under FM Covid Relief Scheme 03/04/2020

April 12, 2020 2445 Views 1 comment Print

GST Return Filing Dates extended by Finance Minister for providing relief to taxpayers in view of COVID-19 pandemic and challenges faced by taxpayers. These are notified in Notifications 30/2020 to 36/2020 dated 03.04.2020. Circular No. 136/06/2020-GST dated 3rd April, 2020 has been issued.  Article explain due dates in Pictorial Manner – – – – – […]

TDS under section 194C- Confusion to Solution

April 12, 2020 12864 Views 2 comments Print

Deduction of TDS under section194C always remain a confusing section. It may be due to its drafting or similarity with other section like 194H, 194J etc. In this Article it is endeavour to remove confusion and provide solution in respect of applicability of 194C considering some day in day out transactions based on various Circular/Clarification, […]

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