"25 April 2020" Archive

Summary of Guidelines-COVID 19

1. Epidemic Disease (Amendment) Ordinance 2020 for Protection of Members of Healthcare Service During the current COVID- 19 pandemic, members of healthcare services have been subjected to stigmatization and ostracization and have been targeted and attacked by miscreants, thereby obstructing them from doing their duties. While this has dee...

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Posted Under: Corporate Law |

Treatment of Cash Sales as Unexplained Cash Credit | Section 68

Is addition u/s 68 of the Income Tax Act justified in case of Cash Sale duly credited in P & L Account and offered for taxation? During the Demonetization period (i.e. 09/11/2016 to 31/12/2016), there has been a huge deposition of cash in old demonetized currency (or SBN) notes in various Bank Account. It was […]...

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Posted Under: Corporate Law |

ITAT lifts attachment u/s 226(3) from Bank & debtors of COVID quarantine facilities constructor

Pandhes Infracon Pvt Ltd Vs ACIT (ITAT Mumbai)

Pandhes Infracon Pvt Ltd Vs ACIT (ITAT Mumbai) Mumbai ITAT worked from home and lifted attachment u/s 226(3) from Bank and debtors of COVID quarantine facilities constructor 1. The taxpayer sought an urgent hearing in respect of the recovery of the Income-tax demand of Rs. 2.91 Crores for the Assessment Year 2010-11. The total income [&he...

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SA 701 – Key Audit Matter – Evaluation with actual examples

Key Audit Matter, professionally known as SA 701, is no more a newly introduced standard for any auditor. The auditor has been given the onerous responsibility as well as individual decision to incorporate it in the audit report. Incorporated as those of the most significant in the audit of financial statements from the year reports [&hel...

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Posted Under: Corporate Law |

Important Aspects for GST Audit of Multi-Locational Entities

As per the provisions of section 22(1) Every supplier shall be liable to be registered under GST Act in the State or Union territory, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year exceeds prescribed limit....

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Recent amendment in SEBI regulations due to covid-19 pandemic

In view of the developments arising due to the spread of the COVID-19 pandemic, a need for temporary relaxations in compliance with certain deadlines in various SEBI Regulation is warranted by the Board, due to the prevailing travel restrictions and various other logistical challenges. The details of the reliefs provided by SEBI to listed...

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Posted Under: Corporate Law |

Clubbing of income of a Minor Child with Income of parent

Applicability of clubbing provisions on the income of a Minor Child ♦ The income of minor child will be clubbed in the income of that parent (mother/father) whose total income [excluding the income of the minor child under section 64(1A)] is greater. ♦ In a case where the income of the minor child is once […]...

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Posted Under: Corporate Law |

Demand and Recovery Forms (DRC) in GST

Among plenty of forms in GST, DRC forms are forms which are related to demands and recovery proceedings. Few of DRC forms has already came to use like DRC – 03, DRC – 01 DRC – 01A etc. but most of the forms have not came to use till date, which will come near in […]...

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Posted Under: Corporate Law |

Whether remuneration paid to directors as per employment contract is liable to tax under GST (RCM) or not

GST on directors remuneration Schedule III ( see section 7) ACTIVITIES OR TRANSACTIONS WHICH SHALL BE TREATED NEITHER AS A SUPPLY OF GOODS NOR A SUPPLY OF SERVICES 1.Services by an employee to an employer in the course of or in relation to his employment Understanding of the Text: “Services supplied by the director of […]...

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Posted Under: Corporate Law |

Special measures due to outbreak of covid-19 for Companies & LLP

Special measures due to outbreak of covid-19 under Companies act, 2013 (CA 2013) and Limited Liability Partnership Act, 2008 MCA vide its circular no. 11/2020 dated 24th March, 2020 clarified about the reliefs being provided to Companies and Limited Liability Partnerships (LLPs) due to outbreak of COVID-19 to lessen the burden of complian...

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Posted Under: Corporate Law |

HC adjourns bail plea as counsel appeared in ‘Baniyan’ for hearing on video conferencing

Lalaram S/o Shyojiram Vs State of Rajasthan (Rajasthan High Court)

Learned counsel for the petitioner was contacted through video conferencing he was found to be wearing Baniyan. This court has already observed that during this penadamic where court functioning is being done through video conferencing, lawyers must appear in proper uniform. Even through video conferencing a dacoram of the court is requir...

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FAQ on Ethics related to Bank Audit Assignments

Q 1. Whether a Firm of Chartered Accountants can accept Audit of a branch of a bank, while one of the partners of the said Bank have taken loan from a different branch of the Bank ? Ans. No, the Firm of Chartered Accountants cannot accept branch Audit of the Bank if one of the partners have taken the loan from any branch of that bank....

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Posted Under: Corporate Law |

GST on sale of old and used vehicles reduced

Big Relief on Sale of Old and Used Vehicles:Government by issuing the Notification No. 8/2018 Central Tax Rate read with state Tax Notification, reduced the Rate of GST on old and used vehicle as follows:...

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Posted Under: Corporate Law |

SOP for MSMEs at work place to be followed in view of COVID-19

This is to inform you that Ministry of MSME, Government of India has come out with Standard Operating Procedure (SOP) for MSMEs at work place to be followed in view of COVID-19 in English and Hindi.  For any clarification on SOP, order dated 15.04.2020 issued by Ministry of Home Affairs, Government of India, may kindly be […]...

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Posted Under: Corporate Law |

Recent tax & administrative reliefs owing to pandemic of COVID-19

Recent tax and administrative reliefs owing to the pandemic of COVID-19 Since the beginning of 2020, the world has come across an unprecedented pandemic aka COVID-19 abbreviated for “Corona Virus Disease 2019” since it all started towards the end of 2019 in a Chinese city of Wuhan. The disease had spread across several countries by [&...

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Posted Under: Corporate Law |

CFSS 2020- Companies Fresh Start Scheme, 2020 – Analysis

Companies Fresh Start Scheme, 2020 (CFSS 2020), why introduced? MCA vide its circular no. 12/2020 dated 30th March, 2020 in addition to circular no. 11/2020 dated 24th March, 2020 clarified about the Scheme. Issues that led to the birth of CFSS scheme, 2020: Representations from stakeholders for the grant of one-time opportunity enabling ...

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Posted Under: Corporate Law |

Right issue procedure and FAQs

Stay Home and stay healthy my readers, it is one of the perfect time to utilize our time on improving and growing our knowledge. A company throughout its operations need ample amount of cash inflows. Generally, there are two ways to raise capital first is borrowed fund and second is owned fund. Borrowed fund comes […]...

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Posted Under: Corporate Law |

How to file GST returns for online business?

Introduction The trend of selling goods & services online has seen a boost like never-before. It is convenient & economical to sell online and one could take up this business even along-with their ongoing profession/business or Job. The government has also realized the potential of the online ecosystem and that is why we have been...

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Posted Under: Corporate Law |

Corona Effect on Business Culture

Today, there is no doubt that all humans are facing a situation that was never expected for this generation and has never been faced nor prepared for this epidemic. We all have a particular life style, Business working Culture and this has depended on each country’s economic and life style model. Governments are running their [&hell...

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Posted Under: Corporate Law |

Corona Impact on Indian Economy

Effect of Covid-19 on Indian Economy – A short Article So, the world is currently struggling with the corona pandemic. Schools, Universities, Offices, Factories all are under lock down. Due to this pandemic we surged with a huge loss of human capital. We can’t ignore the fact that the outbreak of COVID-19 in China is […]...

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Posted Under: Corporate Law |

Private Company- Meaning and Mandatory Compliances

What is Meaning of Private Limited Company? A private limited company is a company which is privately held for small businesses. The liability of the members of a Private Limited Company is limited to the amount of shares respectively held by them. Shares of Private Limited Company cannot be publically traded. > A private company [&hel...

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Posted Under: Corporate Law |

Use of Tie Breaker in Residential Status of NRI’s

Finance Act 2020 applicable for AY 2021-22 has altered the provisions for Indian Citizens and Persons of Indian Origin (PIO). Accordingly the period of 182 days specified in the Explanation for Indian citizen and person of Indian origin with total income other than income from foreign sources more than Rs. 15 Lacs, has been reduced to [&...

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Posted Under: Corporate Law |

All about Opposition to Trademark Registration

A trademark (popularly known as brand name) is a visual symbol which may be a word, signature, name, device, label, numerals or combination of colors used by one undertaking on goods or services or other articles of commerce to distinguish it from other similar goods or services originating from a different undertaking. The legal requirem...

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Posted Under: Corporate Law |

GST interest recovery proceeding not Permissible without initiating adjudication proceedings

Whether interest liability under Section 50 of the Central Goods and Services Tax Act, 2017 (for short ‘CGST Act’) can be determined without initiating any adjudication process either u/s 73 or 74 of the CGST Act in the event of an assessee raising dispute towards liability of interest?...

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Posted Under: Corporate Law |

Alternative Investment Funds: Registration and Compliance

Alternative Investment Funds (AIF) refers to a fund created or incorporated in India by pooling of funds from various investors whether Indian or foreigner by way of private placement for investment in a portfolio of securities in accordance with the defined investment policy for the benefit of its investors....

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Posted Under: Corporate Law |

TDS on Salary for FY: 2020-21 & Format to Opt Tax Regime

Finance Act, 2020 has introduced optional based filing for individual and HUF whereby these type of assesses have to choose option amongst new and old tax slab rates at the time of filing of ITR. This type of filing is unique in case of Indian Taxation System till date. This type of filing has created […]...

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Posted Under: Corporate Law |

India widens Equalisation Levy base Effective 1st April 2020

Vide Finance Act 2020  Section 163(3) of Income Tax Act, 1961 has now been amended to provide that the Equalisation Levy would now be applicable also to 'to consideration received or receivable for e-commerce supply or services made or provided or facilitated on or after the 1st day of April, 2020'. This amendment expands the scope of Eq...

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Posted Under: Corporate Law |

Who has to file GSTR-9 & GSTR-9C Annual Returns & due dates for FY 2018-19

There have been many amendments, relaxations, due date extensions and many more in respect of GST Annual Returns. In this article these aspects and key features were briefly discussed with bullet points providing relevant notification references wherever required.  At the end of the article, due date table was also given for ready refere...

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Posted Under: Corporate Law |

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