"22 April 2020" Archive

Special Economic Zone (SEZ) Under GST

Introduction :- Special Economic Zone (SEZ) is a specifically established duty free enclave, which shall be deemed to be a foreign territory for the purposes of trade operations and duties and tariffs. SEZs are located within a country’s national borders, and their aims include increased trade balance, employment, increased investme...

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Key Direct Tax Amendments vide Finance Act, 2020

Key direct tax amendments to the Finance Bill, 2020 and the provisions of Equalisation Levy, by the Finance Act, 2020 ( President’s assent on 27 March 2020) Article explains Key direct tax amendments vide Finance Act, 2020 to Section 2(15A) – Definition of ‘Chief Commissioner’, Section 6 – Residential Status in India, Se...

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TDS provisions as amended vide Finance Act, 2020

Article explains Amendments as passed by The Finance Act, 2020 on 27 March 2020 viz viz Amendments as introduced by The Finance Bill, 2020 on 1 February 2020 related to Section 194A and SECTION 197A by which Central Government Is Empowered To Provide For A Lower Rate Of TDS, Section 194J related to TDS In […]...

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Equalisation Levy- Key Amendments vide Finance Act 2020

KEY BUDGET AMENDMENTS IN THE FINANCE ACT – EQUALISATION LEVY BRIEF BACKGROUND ♣ Equalisation Levy (EQL) was introduced in India by way of Chapter VIII of the Finance Act, 2016. ♣ India was the first country in the world to introduce such a levy. ♣ EQL of 6% was levied on a ‘Specified service’ which […]...

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Download of conso files without correcting unmatched challans in TDS statements?

Ques: What is online challan correction? Ans: Online challan correction is a utility introduced by the CPC(TDS) wherein any mismatch in the challans in the statements filed by the deductors can be corrected through the online mechanism on the CPC (TDS) Website itself. ...

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Income Tax implications on conversion of a Company into LLP

The onset of Companies Act 2013 has ushered a paradigm shift in operation and management of companies. The benefits which, hitherto were available to Private Companies in the erstwhile Companies Act, have to a large extent receded. While some call it an era of greater transparency, others (particularly small corporates) feel that the new ...

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How to access Income tax Account from Bank Account

If you have forgotten your e-Filing login password and you are unsuccessful with the other options of resetting password, then you can use the new facility to get direct access to your Income Tax Department e-Filing account using the net-banking facility of your bank. Detailed steps  to access Income tax Account from Bank Account Taxpaye...

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Consequences of Late Filing of Your Income Tax Return

While filing your income tax return within due date is important, it does not mean that if for any reason you missed the dead line than you wouldn’t be able to file your income tax returns. But the clock turns on, which means as you have missed the dead line you might receive a notice from the income tax department any time....

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FAQs on Annual Information Return (AIR)

Annual Information Return (AIR) of ‘high value financial transactions’ is required to be furnished under section 285BA of the Income-tax Act, 1961 by ‘specified persons’ in respect of ‘specified transactions’ registered or recorded by them during the financial year. The due date of filing of the return ...

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Lacuna In Section 14A And Rule 8D

Allowance of expenditure incurred in relation to exempted income during the assessment or otherwise would be prejudicial to the revenue that’s why Section 14A was introduced by the Finance Act 2001 with retrospective effect from 1st April 1962 in Chapter IV of the Income Tax Act 1961 which inter-alia provides for the disallowance of the...

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Some Useful Excel Functions for Chartered Accountants

Working as a Chartered Accountant or an Article in any company or firm, it is always expected from us that we are perfect in numbers as far as financial numbers are concerned. The one tool which is very common and useful in every industry and in every country, is MS-Excel. So, in this article we […]...

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Setting up subsidiary outside India

With the advent of Globalization, more and more Indian companies are interested in doing business outside India. They want to set-up a branch office or a subsidiary abroad. There are multiple benefits of doing so such as cost reduction because they save on import duty, ease of doing business, building an international brand etc. Overseas ...

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Govt notifies reporting entities for Aadhaar authentication service

G.S.R. 261(E) (22/04/2020)

SEBI, hereby notifies the reporting entities specified in the Table below to undertake Aadhaar authentication service of the Unique Identification Authority of India under section 11A of the Prevention of Money-laundering Act, 2002...

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Analytical Study of Section 269ST of Income Tax Act, 1961

Sec 269ST of The Income Tax Act, 1961 states that No person shall receive an amount of two lakh rupees or more— (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise […]...

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Taxability of services provided by directors in GST

Is the word Director becoming a big reason to worry for Companies? Directors are appointed to a Company to manage the day-to-day business activities, finances and to ensure all statutory filing obligations are met. They act lawfully and honestly while making decisions for the benefit of the company and its members. In nutshell, it can [&h...

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SEBI eases compliance of Rights Issue/Public Issue

Following the various relaxations provided by SEBI owing to covid-19 pandemic and lockdown extension, temporary relaxation has been granted by SEBI with respect to Rights Issue and public issue of shares under by issuing 2 circulars dated April 21, 2020 relaxing requirements of SEBI (Issue of Capital and Disclosure Requirements) Regulatio...

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Relaxation in requirement of filing of GSTR9 & 9C for FY 2018-19

Relaxation in requirement of filing of GSTR-9 and GSTR-9C for Financial Year 2018-19 GSTR-9C (Reconciliation Statement): This consists of details regarding outward and inward supplies made or received during the previous year. According to section 2(13), GSTR-9C is applicable only to the person who is required to get his accounts audited ...

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PIT compliance for Pledge of shares for bonafide purpose at the time of trading window closure

Prohibition of Insider Trading (PIT) compliance for Pledge of shares for bonafide purpose at the time of trading window closure The sub-clause 4 (3) of Schedule B of the PIT Regulation provides that the trading window restrictions mentioned in sub-clause (1) shall not apply in respect of-(a) transactions specified in clauses (i) to (iv) a...

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Shifting of Registered Office (Alongwith Listing Regulation)

Significance of Registered Office and Procedure of Shifting Registered office registered office from jurisdiction of one ROC to the Jurisdiction of another ROC with in Same state along with (Listing Regulation) SHIFTING OF REGISTERED OFFICE (ALONG WITH LISTING REGULATION) 1. Every time question comes in our mind? Why the Govt creates the ...

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COVID-19: Impact on Key Financial Reporting Areas

The novel coronavirus (COVID-19) pandemic is spreading around the globe rapidly. The virus has taken its toll on not just human life, but businesses and financial markets too, the extent of which is currently indeterminate. Entities need to carefully consider the accounting implications of this situation. While the outbreak has had an imp...

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Explore New Business Ideas after Lockdown

Due to outbreak of ‘COVID-19’, there is lockdown in the entire country. Everyone is talking about slowdown in the economy due to reduction in demand, lower income levels, job cuts & consequently fall in GDP figures. There is lot of uncertainty how businesses can survive. ‘Uncertainty’ refers to situations involving imperfect...

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Income Tax Calculator – Financial Year 2020-21

As another step of simplifying tax laws, the Finance Bill 2020 has introduced a new tax regime for individuals and HUF by insertion of section 115BAC. Now, the individuals and HUF have an option to calculate their income tax liability either under old tax regime or under new tax regime. In order to make an […]...

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Advantages and disadvantages of Private Limited Company

Before starting a business, there are many things that run through our mind and one question that comes to everyone’s mind is whether to incorporate a private limited company or not? What are the benefits of private limited companies? Are there any disadvantages of a private limited company? Private Limited Company: A Private limited c...

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Charge under  Companies Act, 2013- A Complete Overview

A charge is stated in Section 2 (16) of the Companies Act, 2013 which expresses that charge could be – – an interest or lien; – created on the property or assets of a corporation; and – any of its undertakings or both as security and includes a mortgage Note:  The financial institutions/banks do not lend their moni...

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Summary of Provisions related to Dividend in Companies Act 2013

Dividend is defined under Section 2(35) of the Companies Act, 2013 as “Dividend includes any Interim Dividend” Cambridge Dictionary defines “Dividend as a payment by a company of a part of its profit to the people who own shares (= units of ownership) in the company” In this article we will discuss the provisions of ...

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Important Points for filing GST Annual Returns & GST Audits

After the opening of the lockdown, the foremost and immediate tasks is Gst Annual returns, reconciliations and audits- the impending date being 30th June 2020 (as on today). Various factors and steps to be followed for filing annual returns and Gst audits are summarised as below: This submission has been divided 1. Steps for Annual [&hell...

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Garnishee proceedings cannot be initiated for recovery of GST Interest without adjudication: HC

Mahadeo Construction Co. Vs Union of India (Jharkhand High Court)

Mahadeo Construction Co. Vs Union of India (Jharkhand High Court) High Court held that interest liability under section 50 is although automatic, but it’s computation and demand can be raised only after initiation of Adjudication proceedings under Section 73 or 74 in case the assesse disputes the demand of interest. Whether garnishee pr...

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Decoding MCA Relaxation on Holding of AGM

Holding of annual general meetings by companies whose financial year has ended on 31st December, 2019. Overview Ministry of Corporate Affairs vide General Circular No. 18/2020 dated 21st day of April, 2020 has issued Clarification on Holding of annual general meetings by companies whose financial year has ended on 31st December, 2019. Key...

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Income Tax Exemption on prescribed allowances/ benefits | Section 10(14)

Section 10(14) of the Income Tax Act provides exemptions towards allowances and benefits granted to the employees to meet certain expenses. Rule 2BB of the Income Tax Rules prescribes the list of allowance which exempted under section 10(14)(i) of the Income Tax Act and section 10(14)(ii of the Income Tax Act. The said exemption covered [...

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After Appeal department withdraws Order passed in haste during Lockdown

BT India Private Ltd. Vs ITO (Delhi High Court)

In the given case, the writ petitioner has requested Income Tax Department for the adjournment of 3 weeks to respond to the show cause notice on account of the lockdown declared by the Government of India across India so as to effectively deal with the Covid-19 pandemic....

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जीएसटी के तहत गिरफ्तारी के प्रावधान -सुधीर हालाखंडी-

जीएसटी के तहत गिरफ्तारी के प्रावधान आज आपसे हम जीएसटी कानून से जुड़े एक बहुत ही संवेदनशील मुद्दे पर चर्चा कर रहें है और वह है जीएसट...

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Foreign Exchange Management (Non-debt Instruments) Amendment Rules, 2020

[F. No. 01/05/EM/2019-Part (1)] [S.O. 1278 (E)] (22/04/2020)

Provided that an entity of a country, which shares land border with India or the beneficial owner of an investment into India who is situated in or is a citizen of any such country, shall invest only with the Government approval:...

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Epidemic Diseases (Amendment) Ordinance, 2020

Notification No. 05 of 2020 (22/04/2020)

No person shall indulge in any act of violence against a healthcare service personnel or cause any damage or loss to any property during an epidemic. Whoever, while committing an act of violence against a healthcare service personnel, causes grievous hurt as defined in section 320 of the Indian Penal Code to such person, shall be punished...

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Conversion of a Private Limited Company in to Public Limited

A Private company can be converted in to public company by complying with the following requirements: > Alteration of its articles thereby deleting the three restrictions of a private company, by passing a special resolution as per Section 14; and > Changing its name thereby deleting the word ‘Private’ from its name, by passing ...

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Direct Tax Vivad se Vishwas Act, 2020- FAQs You must Know

Circular No. 09/2020-Income Tax (22/04/2020)

It has now been clarified that where only notice for initiation of prosecution has been issued without prosecution being instituted, the assessee is eligible to file declaration under Vivad se Vishwas....

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Allotment of Filing Reference Number (FRN) for Cross Border Reinsurers

Ref: IRDA/RI/CIR/MISC/97/04/2020 (22/04/2020)

On the basis of the submissions made by Cross Border Reinsurer (CBR) and recommendations of the insurers, the Authority has granted approval to the below mentioned CBR’s , who do not fulfil stipulated eligibility criteria....

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Shifting of Registered Office (Along With Listing Regulation)

1. Every time question comes in our mind? Why the Govt creates the requirement registered office for my business? -Registered office of the company is the official address shown in the records of the Government organisation and its own. It will be beneficial for the Corporate/government for following purpose: CORPORATE a. Conduct day to d...

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Detailed analysis on filing of GST PMT-09

The CBIC has recently introduced Form PMT-09 for transfer of amount from one head to another head. This enables a registered taxpayer to transfer any amount of tax, interest, penalty, etc. that is available in the electronic cash ledger, to the appropriate tax or cess head under IGST, CGST and SGST in the electronic cash […]...

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