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Archive: 01 May 2020

Posts in 01 May 2020

A Wide Take On Employment During COVID-19

May 1, 2020 1599 Views 1 comment Print

A Wide look upon the SACKING of Employment during novel Covid-19 Pandemic Introduction of Corona:  Date of Birth 31.12.2019 Full Name:  Corona Virus, Known as Covid-19 Place of Birth:  Wuhan China Award:  Declared as pandemic disease by WHO Achievement: Worldwide The more life of this Lockdown is extending, the more list of its impact in […]

Covid-19: HC restrains bank from taking coercive action for default in factoring facility

May 1, 2020 1695 Views 0 comment Print

The object of issuing notifications/circulars dated 27.03.2020 and 17.04.2020 was to provide financial relief in repayment due to COVID-19 to the parties who have availed the term loans and working capital facilities but this relief is not extended towards factoring facilities.

Applicability of Doctrine of Mutuality

May 1, 2020 15243 Views 0 comment Print

Recently, the Apex Court in the case of Yum Restaurants (Marketing) Pvt. Ltd. v. CIT bearing Civil Appeal no. 2847 of 2010 (SC), order dated 24th April, 2020 held that the doctrine of mutuality bestows a special status to qualify for exemption from tax liability and exemptions are to be put to strict interpretation. The apex court […]

SC instructs RBI to ensure implementation of RBI Circular dated 27.03.2020

May 1, 2020 7035 Views 1 comment Print

Learned counsel for the petitioner submits that  Circular dated 27.03.2020 issued by the Reserve Bank of India has not been implemented by the banks. Hon’ble Supreme Court directs the Reserve Bank of India to ensure implementation of the Circular dated 27.03.2020 in its letter and spirit.

FAQs on Overseas Direct Investment

May 1, 2020 5742 Views 0 comment Print

Q 1. What is direct investment outside India? Ans: Direct investment outside India means investments, either under the Automatic Route or the Approval Route, by way of contribution to the capital or subscription to the Memorandum of a foreign entity or by way of purchase of existing shares of a foreign entity either by market […]

Car mattings are not vehicle accessories for Excise Duty payment: SC

May 1, 2020 1392 Views 0 comment Print

Commissioner of Central Excise Vs UNI Products India Ltd. (Supreme Court of India) The core issue in these appeals is as to whether car mats come under chapter-heading 57.03 or not. In the second appeal, the numerical representation of the product, as claimed by the assessee, was different but that difference is not of much […]

ICSI (Continuous Professional Education) Guidelines, 2019

May 1, 2020 25287 Views 2 comments Print

ICSI has issued New Guidelines for Yearly Credit Hours for Financial year w.e.f. 01st April, 2020. These guidelines came into effect from 01st April, 2020. New Credit Hour Requirements: It is mandatory for all members of the Institute, except those specified in para 5.1 of guidelines (also mentioned below) to secure 20 CPE Credits in […]

How Auditors check compliance of IndAS 19 & AS 15 Revised 2005

May 1, 2020 5949 Views 0 comment Print

As per provisions of Section 129 of the Companies Act 2013, each company has to prepare the Financial Statement such as Balance Sheet & Profit/Loss Accounts at the closure of each financial year in compliance of Accounting Standards as stipulated in Section 133 of the Companies Act 2013, so that they can give a true and fair view of […]

Lessons learnt in the Lockdown!

May 1, 2020 1806 Views 13 comments Print

We all are very much acquainted with the quote- Whatever happens, happens for good! I am sure that none of us has ever experienced such a situation in our lifetime. Unaware as to what is to be done, how will we tackle the daily challenges which have been thrown amidst this pandemic. Eagerly waiting for the lockdown period to end and retreating to our daily routine is all we wish every single day.

National Pension Scheme

May 1, 2020 1959 Views 0 comment Print

National Pension Scheme (NPS) India is a voluntary and long-term investment plan for retirement under the purview of the Pension Fund Regulatory and Development Authority (PFRDA) and Central Government. Q 1. Who can join NPS? Ans: a) Any individual citizen of India (both resident and Non-resident) in the age group of 18-65 years (as on the […]

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