Many of the defaulting Companies have been marked as ‘Struck-Off’ by the Registrar just because of non-filling of annual compliance based returns either since incorporation or for last two preceding financial years and out of many such Companies, few of which are carrying on its operations but the fact that the name of their Company is no more exists on records of Registrar is neither known to its Promoters nor even their shareholders are aware of this fact and they generally notice when the Bank A/c of such Companies get freeze and directors get disqualified.
Interest income earned from investments with treasuries and banks is part of banking activity of the assessee, and therefore, the said interest income was eligible to be assessed as ‘income from business’ instead of ‘income from other sources’
PCIT Vs MLS CBRE South Asia Private Limited ((Delhi High Court) So far as the amount of Rs.4,73,39,848/- being the excess. Remuneration paid to Sh. Anshuman Magazine is concerned, we find the assessee has obtained approval of the competent authority though on 18.07.2011 i.e. much after the date on which such remuneration has been paid. In […]
Relaxation on applicability of restriction on Provisional Input Tax Credit (ITC) Under GST Existing Provision: The concept of claiming provisional Input Tax Credit (ITC) has been changed from the 38th GST Council Meeting and now only 10% provisional ITC of Eligible ITC is allowed for the Invoices or debit notes not reflected in GSTR-2A and […]
Precautions Taxpayers and Businessmen are required to take while finalising books of account as on 31st March, 2020 considering the impacts of COVID-19 pandemic
As a part of special measures / relaxations drive from various departmental authorities, the Central Board of Indirect Taxes and Customs (CBIC) has issued Instructions and Circulars to clarify on various aspect including Special Refund Drive, e Bill of Entry and Clearance without Bond. We have encapsulated important aspects from the clarifications for your reference: […]
Beginning April 20, India’s workplaces and work environments should follow these standards To battle against the savage COVID-19, the second period of across the nation lockdown started in India today. As reported by Prime Minister Narendra Modi, the Center gave new rules for working environments in the midst of national lockdown. IT, IT-empowered administrations (ITeS) and online business organizations are approached […]
Section 270A(8) states that where an under-reported income is in consequence of any misreporting by any person, such person shall be liable to pay 200% penalty on an amount of tax payable on such under-reported income.As per the said sub-section, penalty in case of misreporting is equal to 200% of under-reported income.
In the wake of corona virus pandemic, SEBI has already issued various relaxations for listed companies vide its circular dated March 19, 2020 and March 26, 2020. In continuing the relaxation, SEBI has decided to grant further relaxations vide its circular dated April 17, 2020 from compliance with certain provisions of SEBI LODR Regulations, 2015. […]
Locked down extended and it should be. Reason behind today’s article is what are you doing presently & going to do in coming days. I am not going to discuss with you what you had done in past locked down days. I want you to concentrate on coming days. Remember time is a valuable asset […]
