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Archive: April, 2020

Posts in April, 2020

No Section 40(a)(iib) disallowance for surcharge on Sales Tax & Turnover Tax

April 30, 2020 7425 Views 0 comment Print

Kerala State Beverages (Manufactoring And Marketing) Corporation Limited Vs ACIT (Kerala High Court) Conclusion: Surcharge on sales tax and turnover tax was not a ‘fee or charge’ coming within the scope of Section 40 (a) (iib) and was not an amount which could be disallowed under the said provision. Therefore the disallowance made in this […]

Last date of filing of Form NFRA-2 extended to 210 days from deployment date

April 30, 2020 3483 Views 0 comment Print

It has been decided that the time limit for filing of Form NFRA-2, for the reporting period Financial Year 2018-19, will be 210 days from the date of deployment of this form on the website of National Financial Reporting Authority (NFRA).

SC upheld constitutional validity of Section 43B(f) of Income Tax Act, 1961

April 30, 2020 5379 Views 0 comment Print

Union of India & Ors. Vs. Exide Industries Limited & Anr. (Supreme Court) Before the judgment in Bharat Earth Movers (supra), various tribunals and High Courts across the country were treating the liability in lieu of leave encashment as a contingent liability. This did not go down well with the assessees following the mercantile accounting […]

Importance of end date / completion date under RERA

April 30, 2020 18948 Views 0 comment Print

Importance of end date / completion date under the Real Estate (Regulation and Development) Act, 2016 The Real Estate (Regulation and Development) Act, 2016 (Act) came into effect on 25th of March, 2016 after which till date 07 union territories and 19 states have framed and notified the Rules governing the real estate projects. The […]

AS-1, Ind AS-1 along with impact of COVID-19

April 30, 2020 6390 Views 0 comment Print

Accounting Standard –1 (Disclosure of Accounting Policies) and Indian Accounting Standard -1 (Presentation of Financial Statements) Along with Impact of COVID-19 Over the same. Accounting Standard –1 (Disclosure of Accounting Policies) 1. Purpose: Purpose of this standard is to promote better understanding of financial statements by establishing the practice of disclosure of significant accounting policies […]

Conceptual Approach to Board Reporting Framework A Post COVID-19 Corporate Governance Perspective

April 30, 2020 621 Views 0 comment Print

The objective of this paper is to provide a conceptual Corporate Governance perspective to the Board Reporting Framework – Post COVID 19 which will serve as an internal document from the managements mirroring the renaissance of the related entity.

SEBI relaxes Mutual Fund related compliance

April 30, 2020 1188 Views 0 comment Print

Based on the representations received from AMFI, it has been decided to grant the following relaxations specified in SEBI (Mutual Funds) Regulations,1996 and circulars issued thereunder:

Law of Recording Satisfaction when AO of Searched & Other Person is Same

April 30, 2020 3813 Views 0 comment Print

Understanding the law of recording satisfaction when AO of searched person and other person is the same. Analysis of a recent Supreme Court judgment.

Bonus Issue of Shares under Companies Act, 2013

April 30, 2020 18858 Views 1 comment Print

Article explains The source out of which Bonus Shares shall be issued, Source which company shall not utilise for the purpose of issue of Bonus Shares, Secretarial formalities to be complied with for Bonus Share Issue, Company not eligible for issuing bonus shares and Provisions and procedures relating to issue of shares through bonus issue […]

Reversal of Input Tax Credit (ITC) in respect of Capital Goods

April 30, 2020 59343 Views 12 comments Print

1. The CBIC vide Notification No. 16/2020- Central Tax dated March 23, 2020 has amended CGST Rules 43. This rule applies for ITC reversal in respect of capital goods if the said capital goods used for producing supplies partly for exempted/ non business purpose and partly for taxable / business purpose supplies. 2. Before we […]

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