"24 April 2020" Archive

SEBI relaxes timelines for compliance by Depository & Depository Participants

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/72 (24/04/2020)

Thus, SEBI vide Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/72dated 24.04.2020 after considering the current situation due to COVID 19 relaxed timelines for compliance with regulatory requirements by Depository and depository participants....

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Process of Refund of ITC or IGST paid on export supply of Goods

A person can make the export supply of goods by making payment of Integrated GST and refund can be claimed for the same. Further exports can be made without making payment of IGST after the submission of Bond/LUT. In such cases, a refund of accumulated Input Tax Credit on expenses may arise....

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Posted Under: SEBI |

GST on Export of Goods & Services

I have tried to explain the basic provision, rules as well as notification which are very important to understand the GST on the export of Goods as well as services....

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Posted Under: SEBI | ,

GST applicability on Electricity Paid under Rent Agreement

Applicability of GST on recovery of Electricity charges, on actual basis, relating to renting of commercial property-  Today, there are many business entities which are operating under the roof owned by others. Also, it is not feasible for every entity to purchase land, construct building / factory on the same and commence their operatio...

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Posted Under: SEBI |

Restaurant Sector facing serious GST issues

Background Food supplied by a restaurant is whether supply of goods or supply of services? This question has been hovering since last few decades. The Constitutional Amendment by inserting Article 366 (29A) (f) partially included it within the definition of deemed sale of goods. With introduction of service tax law, the service portion wa...

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Posted Under: SEBI |

Franklin Templeton Fund Closure – All Investors needs to know

Background to the FT Fund Closure Franklin Templeton has voluntarily decided to wind up six of its fixed income debt schemes effective from April 23rd 2020. Other funds – Equity and hybrid – are unaffected by Franklin Templeton’s decision. Starting April 24 existing investors in the scheme will not be able to withdraw their investme...

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Posted Under: SEBI |

GST PMT 09 – Transfer amount from one head to another head in cash ledger

GST PMT 09- Transfer amount from one head to another head in cash ledger Earlier launched by CBIC via Notification no. 31/2019 CT on 28th June 2019, PMT- 09 is the prescribed challan for relocating the falsely or erroneously paid ITC. This enables a registered taxpayer to transfer any amount of tax, interest, penalty, etc. […]...

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Posted Under: SEBI |

GST Rate: Works Contract vs Pure Labour Contract

As per Black’s Law dictionary contractor have been defined as one who contracts to do work or provide supplies for another competent contractor. A contractor who has the knowledge, skill, experience, and available equipment to do the work that he is employed to do without creating an unreasonable risk of injury to others and who [&helli...

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Posted Under: SEBI |

Unbelievable Saga of Crude Oil – NYMEX, MCX & Indian Economy

By the time, when most of us woke up on the morning of Tuesday, 21.4.2020, crude oil prices had fallen to below zero levels, for the first time in history. To be more specific, the WTI crude oil closing price was announced at a negative -$37.64 a barrel, at the trade closing hours on NYMEX on 20.4.2020....

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Posted Under: SEBI |

Implications of GST on transfer of business

Implications of GST on transfer of business Nowadays corporate restructuring has become a need for change in the organizational structure, or business model of a company. It is done majorly to revive a declining business, increase a company’s value or to gain a competitive advantage. Post this Covid-19 pandemic as well, we may notice ma...

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Posted Under: SEBI |

How to Pay GST Demand and Taxes in Installment

How to Pay GST Demand and Taxes in Installment –Section 80 of CGST Act 2017 Dear readers, after the implementation of GST Act, many dealers has done mistake in complying with GST law, due to unawareness of law or due to mala fide intention. When they come to the notice of department, the department will […]...

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Posted Under: SEBI |

TDS (Income Tax) Deposit for March 2020 & Filing of Return (Q4)

Government of India vide Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on 31.03.2020. notified relief measures  related to Income Tax return filings, GST compliance, PAN-Aadhar linkage and other statutory and regulatory issues. Income Tax Act 1961 also covers under the Specified Act as per Para 2 of the ordi...

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Posted Under: SEBI |

Residential Status of an Individual – Amended by Finance Bill 2020

Residential Status of an Individual under the Income Act,1961 as amended by Finance Bill 2020 Residential Status of an Individual determines the liability of an individual to tax in India according to the nature, source, accrual or receipt of Income.  Section 6 of the Income Tax Act, 1961 lays down the criteria for determining the [&hell...

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Posted Under: SEBI |

Section 271AAD – Fair Interpretation and applicability

Finance Act,2020 has been enacted on 27th March,2020 after receiving assent of The President of India. Through this act section 271AAD has been inserted in Income Tax Act,1961 through Chapter-III of Finance Act,2020. In this article we have made an effort to interpret the section in a fair manner and in true spirit of legislation. [&helli...

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Posted Under: SEBI |

Section 10(15) Exemption- Interest on Bonds, Debentures, Securities

Provisions of section 10(15) of the Income Tax Act provides exemption towards various Interest Income. The provisions of said section 10(15) are explained in the present article. Interest Income exempted under section 10(15) of Income Tax Act, 1961 Section 10(15) of the Income Tax Act consists of various sub-sections through which various...

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Posted Under: SEBI |

How to pay no Income tax despite earning Rs. 7.25 Lacs a year?

The Finance Bill, 2020 has come up with a lot of benefits for small and medium taxpayers in such a way that, even those earning Rs. 7.25 Lacs a year need not shell out a single rupee of tax provided they make some eligible investments....

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Posted Under: SEBI |

Section 194C TDS on Payment to Contractors/Sub-Contractors

Section 194C Note on Deduction of Tax At Source From Payment To Contractors/Sub-Contractors Definition/Meaning Any person responsible for paying any sum to any resident for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract between the contractor. The term contractor will include a sub-...

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Posted Under: SEBI |

CBDT deffer GST & GAAR Reporting in Tax Audit Report by one more year

Circular No. 10/2020-Income Tax (24/04/2020)

Income Tax Circular No. 10/2020-Income -Regarding reporting requirement under clause 30C and clause 44 of the Form 3CD defers GST & GAAR Reporting in amended Income Tax Audit Report amidst Covid-19. Income Tax Circular No. 10/2020 F.No. 370142/9/2018-TPL Government of India Ministry of Finance Department of Revenue Central Board of Di...

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Concept of Corporate Social Responsibility : A Jurisprudential Viewpoint

The article starts with the jurisprudence behind the law of corporate social responsibility. It then tries to confirm it with the different schools of whether it is a correlative duty or absolute duty or it is a fair law or not. It further tries to check the validity and looks into the matter of moral […]...

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Posted Under: SEBI |

CBDT notifies Protocol Between India And Austria

Notification No. 22/2020-Income Tax [S.O. 1370(E)] (24/04/2020)

Protocol Between The Government Of The Republic Of India And The Government Of The Republic Of Austria Amending The Convention For The Avoidance Of Double Taxation And The Prevention Of Fiscal Evasion With Respect To Taxes On Income, Which Was Signed At Vienna On 8 November, 1999...

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Compliance Audit

Compliance audit is an assessment as to whether the provisions of the applicable laws, rules and regulations are complying with various orders and instructions issued by the competent authority. This audit by its nature promotes accountability, good governance and transparency as it is concerned with reporting deviations, identifying weak...

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Posted Under: SEBI |

Detailed analysis of Section 115BAA & Section 115BAB

Two new sections (Section 115BAA and Section 115BAB) were introduced reducing the corporate tax rate for domestic companies to 22% and for domestic companies indulged in manufacturing activities to 15%. Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 has also fixed the rate of surcharge to 10% irrespective of th...

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Posted Under: SEBI |

Force majeure: a clause beseeched due to covid-19 pandemic situation

The force majeure is the term which initially derives from French civil law and is frequently used in various commercial contracts governed by such common law systems across the world because of the limited remedies otherwise available to the parties when the contract becomes impossible, difficult or onerous to perform due to events outsi...

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Posted Under: SEBI |

Tax Impacts of Compound Financial Instruments

Introduction: FINANCE, the seven-letter word is a pivotal aspect of each and every business. Various means and modes of financing have been developed so as to meet the demands of the investors as well as generate money for the businessman. In this ever-changing business environment, generating money has been one of the biggest issues face...

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Posted Under: SEBI |

Synopsis of Judgement – Mahadeo Construction Co. Vs UOI (Jharkhand HC)

Synopsis: Recently, the Hon’ble HC, Jharkhand in the matter of Mahadeo Construction Co. [W.P.(T) No. 3517 of 2019 dated 21-04-2020] held that no interest liability u/s 50 of the CGST Act 2017 can be determined without initiating any adjudicatory process either under section 73 or 74 of the CGST Act. Further held that, garnishee proc...

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Posted Under: SEBI |

Not filed Your IT Return? File it now

Not filing a return on time does have financial implications, especially if you have a net income tax payable and / or if you have losses to be carried forward. This can really hurt especially if the losses to be carried forward are significant. Therefore, your best option is to ensure that you file the income tax return by the deadline....

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Posted Under: SEBI | ,

Taxability of Prepaid / Sodexo Coupons Under Salary Income

As it is not possible to discuss all the perquisites in one article, let us discuss the taxability of a perquisite which is always in question – taxability of prepaid coupons say for example Sodexo coupons which are very famous. These days many employers are giving sodexo coupons to the employees. The value of the coupons varies from em...

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Posted Under: SEBI | ,

7 things to know about Income-tax ‘Scrutiny’

1. What is Scrutiny? Once the assessee files his return of income, irrespective of whether it is filed within the due date or in pursuance to a notice requiring the assessee to file his return, the department can initiate scrutiny proceedings if it has reason to believe that income is escaping assessment, i.e. income is under stated of...

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Posted Under: SEBI | ,

Incorrect reporting of Certificates U/s. 197 and action to be taken

Many times we file application for obtaining lower deduction or nil deduction certificate u/s 197. But while obtaining this certificate we might miss out on some important factors due to which incorrect reporting under section 197 will occur and hence assessee will be consider as assessee in default. Incorrect reporting of 197 Certificate...

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Posted Under: SEBI |

Detailed Analysis- Gifts Taxation under Income Tax Act, 1961

Article explains Income Tax Treatment of Immovable Property Received as Gift Without Consideration or for Inadequate Consideration, Any property other than immovable property received Without consideration of For Inadequate Consideration and all those gifts which are fully exempt under Income Tax under Section 56(2)(X) 1. Cash: If aggrega...

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Posted Under: SEBI | ,

No TDS on GST component included in bill

As we all aware that currently this is the TDS compliance period is going on. At the time of compliance many tax deductor face the confusion at the time of tax deduction such at what amount the TDS should be deducted and at what amount, when the invoice is issue within ambit of GST? That […]...

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Posted Under: SEBI |

Assessee subjected to search, cannot be placed on a different pedestal than assessee who is not subjected to search

ACIT Vs. Majestic Commercial Pvt. Ltd (ITAT Kolkata)

In our considered view therefore, although the name of the assessee does not feature in the panchnama, in view of the fact that warrant of authorization executed by the Department contained its name, the proceedings u/s 153A were validly initiated against the assessee....

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Court’s altruistic approach in granting Moratorium for NPA

Transcon Skycity Private Limited Vs. ICICI Bank (Bombay High Court)

The period of the moratorium during lockdown will not be reckoned by ICICI Bank for the purposes of computation of the 90-day NPA declaration period. Further, if the lockdown extends beyond 31st May 2020, then these days will be deferred accordingly, irrespective of whether the moratorium itself is extended beyond 31st May 2020....

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Extension of Moratorium – New flavour of the season

Shakuntala Educational & Welfare Society Vs Punjab & Sind Bank (Delhi High Court)

Hon’ble Court opined that irrespective of the question, as to whether the moratorium as envisaged by RBI would be applicable to the petitioner qua the instalments, any classification of the petitioner’s accounts as NPA in present situation would certainly cause a grave and irreparable loss to the Petitioner....

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Sustainability of Indian Economy Post Lockdown

Today we as a nation along with rest of the world facing the unprecedented situations in form of the Pandemic caused by the virus known as the Corona Virus or COVID-19, the pandemic not only possess the great challenge towards human life but also on Economic front due to the nationwide lock-down implemented by the […]...

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Posted Under: SEBI |

Ease of Doing Business – Registering Property

Ease of Doing Business (EoDB) – Registering Property The Ease of Doing Business (EoDB) index is a ranking system established by the World Bank Group. In the EODB index, ‘higher rankings’ (a lower numerical value) indicate better, usually simpler, regulations for businesses and stronger protections of property rights. The researc...

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Posted Under: SEBI |

Summary Provisions of Notice of Annual general meeting

Section 101 and 96 of Companies Act, 2013 read with Companies (Management and Administration) Rules, 2014, Secretarial Standard on General Meetings (SS-2) and SEBI (LODR) Regulation, 2015 Major points to be focused while making notice of Annual general meeting 1) Approval of the Board is necessary for the issuance of the Notice of AGM inc...

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Posted Under: SEBI |

Is statement made in auditor report is acknowledgment of debt under IBC

In the present case the Auditor Report categorically states it has relied on the information provided by the management of the Company and as per the management there was no default in the repayment of loans or borrowings to financial institution. However, the Company has failed to repay its dues to bank and has been declared as NPA by ba...

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Posted Under: SEBI |

Summary of Report on Motor Third Party Insurance Regulations

The WG has come up to a conclusion that the MTP Obligation should be a function of number of vehicles insured/uninsured instead of premium derived from motor third party insurance business and accordingly a simple & equitable formula for calculating the MTP Obligation has been proposed....

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Posted Under: SEBI |

PSL targets achievement not to be a criteria to classify a UCB as Financially Sound & Well Managed

RBI/2019-20/226 DOR (PCB).BPD.Cir.No.12/09.09.002/2020-21 (24/04/2020)

It has also been decided that, non-achievement of PSL targets will not be included as one of the criteria for classifying a UCB as Financially Sound and Well Managed (FSWM) with effect from March 31, 2021. However, it will continue to be taken into account while granting regulatory clearances/approvals for various purposes....

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RBI guidelines for opening various bank accounts outside India

Many Indian companies have opened subsidiaries abroad when all that they required was a collection bank account. This is often felt necessary for the purpose of collecting payments from customers either through bank transfers or through online transactions. Reserve Bank of India, strangely, is positively inclined towards Indians opening c...

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Posted Under: SEBI |

Corrigendum to Notification No. 17/2020-Customs, dated 25.03.2020

[F.No.354/199/2009 –TRU (Pt.-I)] [G.S.R. 263(E)] (24/04/2020)

Corrigendum to Notification No. 17/2020-Customs, dated 25th March, 2020 MINISTRY OF FINANCE (Department of Revenue) CORRIGENDUM New Delhi, the 24th April, 2020 G.S.R. 263(E).—In the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 17/2020-Customs, dated the 25th March, 2020, published in t...

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Origin and Scheme “Company’s Fresh Start Scheme, 2020”

Company’s Fresh Start Scheme, 2020 Government of India has released several measures granting relaxation to businesses to combat COVID-19 Outbreak, the Ministry of Corporate Affairs (MCA) has also come up with specific measures for Companies and LLP’s. What Comes First……… The Companies (Registration Offices and Fees) Second Amen...

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Posted Under: SEBI |

Imposition of GST on Directors: Another Instant of Transgression Through Notification of the Limits Provided by Parent Act

Notification No. 13/2017 provides that the Services provided by Director to the body corporate would come under the ambit of Reverse Charge Mechanism. By the virtue of the said Notification, the services provided by the Director would be taxable. But the question arises that whether the said entry of the Notification is under the permissi...

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Posted Under: SEBI |

Registration of Design

Let us understand some basics about registration of Designs and its related frequently asked questions (FAQs). The Designs office can assist you to search whether the design has been previously registered or not. For the same, application under Form No. 6 with requisite fees needs to be filed....

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Posted Under: SEBI |

Forensic review of specific transactions under IBC 2016

Indian bankruptcy Code 2016 is set to be a game changer providing an efficient framework to deal with business failures.  The Code deals with insolvency and liquidation proceedings in a time bound and efficient manner in order to maximize best possible value of stress assets. Sections 43 to 51 and Section 66 of the Code […]...

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Posted Under: SEBI |

Difference in Companies fresh start scheme, 2020 & LLP settlement scheme, 2020

Article explains Background, Duration, Applicability, Non-Applicability and Manner of Payment under Companies Fresh Start Scheme, 2020 and LLP Settlement Scheme, 2020. It further explains about Immunity from Prosecution and Application for Issuance of Immunity Certificate under Companies Fresh Start Scheme, 2020 and LLP Settlement Scheme,...

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Posted Under: SEBI |

SEBI clarifies on Online / Video/ App Based KYC Process

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/73 (24/04/2020)

In order to enable the Online KYC process for establishing account based relationship with the RI, Investor’s KYC can be completed through online / App based KYC, in-person verification through video, online submission of Officially Valid Document (OVD) / other documents under eSign, in the following manner:...

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No dividend pay-outs from profits of FY 2019-20: IRDAI instructs Insurers

Ref. No: IRDA/F&A/CIR/MISC/099/04/2020 (24/04/2020)

Insurers are urged to take a conscious call to refrain from dividend pay-outs from profits pertaining to the financial year ending 31st March 2020, till further instructions....

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Local shops allowed to open with 50% employees: Mall to remain close

No. 40-3/2020-DM-I(A) (24/04/2020)

MHA orders to exempt all shops under Shops & Establishment Act of States/UTs, including shops in residential complexes and market complexes, except shops in multi-brand & single-brand malls, outside limits of Municipal Corporations from revised consolidated lockdown restrictions  with 50% strength of workers with wearing of masks...

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