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 impact on almost […]
Union of India & Others. v/s V.V.F. Limited & Others (Supreme Court) Promissory Estoppel on Govt. Clarifications, applied retrospectively in the Public Interest (Supreme Court 3 Judge Bench Judgment) Decided on 22.4.2020 Questions Framed (Important Points) :- 1. Whether in the facts and circumstances of the case the subsequent notification No. 16 of 2008 dated […]
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 or unknown information. It applies to predictions […]
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 […]
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 company is formed […]
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 monies […]
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 the Dividend as explained in the Chapter VIII- “Declaration and Payment of Dividend” of […]
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 […]
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 Highlights: Several […]
Learn about Income Tax Act Section 10(14) and the exemptions it provides for prescribed allowances and benefits granted to employees.
