"19 May 2020" Archive

Concept of Time of Supply under GST

GST is payable on supply of goods or services. A supply consists of elements that can be separated in time, like purchase order / agreement, despatch (of goods), delivery (of goods) or provision or performance of service, entry in the records, payment, and entry of the payment in the records or deposit in the bank. […]...

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Issues in Taxation of Joint Development Agreement (JDA) Transactions

In my last write up – Joint development agreement – Taxation under Income Tax & GST published in the month of April’2020 I have discussed taxation aspects of Joint Development Agreement (JDA) transactions under Goods & Services Tax Act, 2017 (GST) and Income Tax Act,1961 in a detailed manner. Now, on making a further in-dept...

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Penalties – Fake Invoices and False Entries – GST Act 2017

Penalties for Fake Invoices and False Entries – Section 122 (1A) of CGST Act 2017  ( W.E.F 1.04.2020) for certain offences. The Finance minister in her budget speech has announced certain new provision in GST . According to Clause 124 of the Finance Bill 2020 Extract from the Finance Bill, 2020– 124. In section 122 […]...

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Composition Scheme Under GST – A Detailed Analysis

1. The composition scheme under GST is optional and alternative method specially designed for the small taxpayers whose turnover is up to 1.5 Crore (Increased from Rs. 1 Crore) & (Rs. 75 Lacs in case of few states) and the main reason is to reduce the compliance cost (less returns, maintaining books of account & […]...

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TRAN 1 – Credit in Perpetual Transit

The issue of transfer of closing balance of credit through TRAN 1 from erstwhile regime to GST regime refuses to settle down even after three years of implementation of GST. While the GST Act and Rules created confusion on what can or cannot be transferred, the GST system failed to provide the critical technical support […]...

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Law & Provisions for Audit to be Conducted by Department In GST

In the present article I am going to discuss the law and procedure of Audit conducted by the department and special audit as prescribed under GST law. The concept of Audit is not a new concept, the tax payers are already required to get his books of accounts audited under various laws like Income Tax […]...

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HC quashes Order for Tax & penalty passed without Opportunity | Section 75 | CGST Act 2017

Serajuddin and Co. Vs Union of India (Orissa High Court)

Serajuddin and Co. Vs Union of India (Orissa High Court) A perusal of sub-section 4 of the Section 75 of  CGST Act 2017 makes it clear that whenever an assessee, chargeable with tax and penalty makes a request in writing for opportunity of hearing, such an opportunity should be granted to him. Here, admittedly though […]...

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GST on Ocean Freight – A Tax Adventure, that Failed

BACKGROUND OF LEVY Leviability of GST under Reverse Charge Mechanism (RCM) on ocean freight is one of the issues which has been seriously debated on in the GST regime since beginning. The controversy relating to taxation of ocean freight under RCM finds its roots from service tax regime wherein such levy was first introduced, by […...

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GST: Power to Inspection, Search, Seizure, Arrest, Summon & Access to Business Premises

Section 67 to 71 of  CGST ACT,2017 explains the circumstances where in search, seizure and arrest can be done. Inspection and search and seizure [Section -67] i ] where taxable person suppressed supply of goods or service or both or stock of goods in hand or claim input credit in excess in contravention of the […]...

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Valuation Concepts under GST – Detailed Analysis

The Valuation for supply of goods or services or both is a very vital chapter under the GST. It is an important part for the Government because the Government would like that no any supply would have been made under value. It is an important for a Registered Person because valuation in regard of supply […]...

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Decoding Impact of GST on CSR Activities in Relation to Covid-19

MEANING OF CORPORATE SOCIAL RESPONSIBILITY: “Corporate Social Responsibility” means and includes but is not limited to projects or program relating to activities specified in Schedule VII to The Act and projects or program relating to those activities which are undertaken by Board of directors of a company in ensuring the recommendati...

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Relaxations In GST Compliances Due To Covid 2019- Part-2

There have been various compliance related relaxations and extension of last dates in relation to GST. Some of them are listed hereunder including other recent amendments.  Amendment in Rule 36(4) on ITC  Rule 36(4) of CGST Rules, 2017 has been amended to the following effect: Before amendment:  The registered person shall be required ...

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Time of Supply under GST | Section 12 | CGST Act, 2017

The Liability to pay tax on goods shall arise at the time of supply as determined in the terms of the provisions of the Section 12. Before we start the topic Time of Supply under GST Act, 2017, we need to understand section 31 and Section 12 must be read with Section 31, which prescribes […]...

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GST on Remuneration to Non-Executive Directors & Implications on Registration

GST on Remuneration paid to Non-Executive Directors and Implications on Registration-Karnataka AAR This Article is based on recent AAR from Karnataka on 4th May 2020. Where it is ruled that remuneration paid to non-executive directors is taxable under RCM. AAR helps in identifying the nature of income which is taxable or exempt or no supp...

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Penalties and Prosecutions Under Income tax Act, 1961

Penalties and Prosecutions Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. The document will provide you information about the punishable offences, prosecutions and the quantum of penalties that can be imposed under the...

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Updated Penalty Chart under Income Tax Act, 1961

Article discusses Income Tax Penalties for Failure to deduct TDS / TCS in full and part, Quoting false TAN in challan/ statements, Failure to apply for TAN, Failure to furnish e TDS statement / TDS certificate, Failure to comply with department letter...

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Limitation / Compliance periods Under Income Tax Act,1961

The Income-tax Act has prescribed time limit in respect of various procedures, applications, etc. (like time limit for filing an appeal to the Commissioner of Income-tax (Appeals), deposit of tax on distributed profits of domestic companies, filing return of income, filing belated return of income, etc.). In this part you can gain knowled...

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Various Threshold Limits under Income Tax Act

In Respect of exemptions, deduction etc Income Tax imposes various threshold limit. Like in respect of Tax Rates or in respect of deduction under section 80C, 80D, 80U etc. Some of the Popular Limits are Tax Rates , Conveyance Allowance, HRA, Home Loan Interest, Deduction Under Section 80C, Leave Encashment, Gratuity, Medical ...

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Why should I pay tax?

Some people raise the question 'Why should I pay tax? They argue: I have to pay for my food, for my house, for my travel, for my medical treatment, for owning a vehicle not only cost of vehicle but also vehicle tax and what not. Even on many roads, one has to pay toll tax! They also say that if we compare with countries like USA and UK,...

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Evolution of Section 14A & Rule 8D of Income Tax

Section 14A of the Income-tax Act read with Rule 8D of Income-tax Rules which provide for disallowance of expenditure incurred in relation to income which does not form part of the total income, had been subject matter of a number of controversies. Various High Courts and Benches of the Income-tax Appellate Tribunal have on numerous [&hel...

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Analysis of difference between Old & New Income Tax Structures

The Finance Minister has proposed reduced tax rates in respect of an individual and HUF who opts to not to claim any exemption or deduction by introducing a new Section 115BAC. The budget 2020 has given taxpayers the option to choose between the existing income tax regime (which allows availing existing income tax exemptions and […...

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Deduction of Interest on House Property | Section 24(b), 80EE, 80EEA

Treatment of Interest against House Property in computation of Income [Section 24(b), 80EE, 80 EEA] After calculating the gross annual value (GAV) which is fairly simple to compute, most of the confusion to calculate the income under house property lies in computing the amount of interest deductible from the GAV. Section 24(b) of the Inco...

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Section 194N-TDS on Cash Withdrawal after Press release dated 13.05.2020

Section 194N (TD/S /on C)

Important Points: 1. The budget 2020 has reduced the threshold limit for TDS to Rs 20 lakh for taxpayers who have not filed their income tax returns for past three years. Such taxpayers withdrawing cash in excess of Rs 20 lakh have to pay 2% as TDS. 2. Earlier, the Union Budget 2019 has introduced […]...

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Revised Residential Status Provisions | Section 6 | Income Tax Act 1961

Introduction With the recent amendment by Finance Act 2020 in residential status provisions, NRIs are looking for possible understanding. It is crucial to understand the same as taxability of any income in the hands of an individual depends on the below criteria:- – Residential Status of the individual as per the Income tax act and ...

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Covid-2019 Changes IBC Norms Too

Covid-2019 or Corona virus has impacted almost entire world including India. It has changed the way of life and has impacted businesses deeply and adversely so much so that even many resourceful and strong economies are facing its dreaded impact. The economies have been hit by and large in all sectors including corporate performance, bank...

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Alteration of Articles of Association under Companies Act, 2013

Articles of Association (AOA) of Companies Registered under Companies Act 2013 are the rules and regulations which governs the internal management of a Company. Articles of Association (AOA) of Companies specifies the procedure for executing various matters like management of Company and issue of Share Capital, meetings of Shareholders, a...

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Change in Object Clause of Memorandum of Association of Company

Memorandum of Association of the Company is the foundation of any company which is being incorporated. Memorandum defines the scope and power and rights within which a company operates. Detailed lists of activities to be performed by the Company after it is incorporated are mentioned in Object Clause of Memorandum of Association. Activiti...

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Passing of Ordinary & Special Resolution by Companies- MCA Circular Analysis

Clarification on passing of Ordinary Resolution (OR)  & Special Resolution (SR) by Companies under the Companies Act, 2013 and Rules made thereunder subject to the Current Situation due to Covid 19. Relevant Circular: MCA Circular 17/2020 dated 13.04.2020 Purpose of the Circular: 1. To give more clarification on the elements of the f...

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Support & reduction in EPF contribution for businesses & workers by GOI

Support and reduction in Employee’s Provident Fund (EPF) contribution for businesses and workers by the GOI The wage-earners earning below Rs.15000/- per month in businesses having less than 100 workers are being supported by the Government of India (GOI) by way of Pradhan Mantri Garib Kalyan Package (PMGKP). On 26th March 2020, FM ...

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Nidhi Company under Companies Act, 2013 & Nidhi Rules 2014

Nidhi Company Registration Ideal for Financial and Banking Services with many exemptions from various Regulations What is a Nidhi Company and its Incorporation? A Nidhi Company is a Structured small financial services provider which enjoys many exemptions from RBI regulations and other acts as well. Nidhi Company is a business structure i...

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Order passed by AO against directions issued by Tribunal is not sustainable in law

Engineering Professional Co. Pvt. Ltd. Vs DCIT (Gujarat High Court)

Engineering Professional Co. Pvt. Ltd. Vs DCIT (Gujarat High Court) In the given case, Assessee has filed appeal before ITAT against the order passed by the A.O. u/s 44AD. With respect to that appeal ITAT passed the order and state that “the Assessee is directed to attend the assessment proceedings and justify its claim of […...

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Anti-Dumping Duty on Import of Sodium Citrate extended

Notification No. 08/2020-Customs (ADD) (19/05/2020)

Notification No. 08/2020-Customs (ADD)– Seeks To Impose Anti-Dumping Duty on Import of Sodium Citrate Originating In Or Exported From China RP For A Period of Further 5 Years. MINISTRY OF FINANCE (Department of Revenue) Notification No. 08/2020-Customs (ADD) New Delhi, the 19th May, 2020 G.S.R. 302(E).—Whereas, the designated auth...

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Tariff Notification No. 45/2000-Customs (N.T.) dated 19.05.2020

Notification No. 45/2000-Customs (N.T.) [S.O. 1520(E).] (19/05/2020)

Tariff Notification No. 45/2000-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 45/2000-Customs (N.T.) New Delhi, the 19th May, 2020 S.O. 1520(E).—In exerci...

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FAQs – Nidhi Company and its Operations

What is Nidhi Company? A Nidhi Company is a Company which carries on the business of accepting deposits and lending the same on demand. Nidhi Company is similar to NBFC but the only basic difference between the two is that Nidhi Companies accept deposits only from its members. The main aim of these companies is to work […]...

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Procedure of Incorporating a Company through SPICe-32

SELECT THE TYPE OF COMPANY Section 3(1) of the Companies Act, 2013 provides that a company may be formed for any lawful purpose by: 1. Seven or more persons, where the company to be formed is to be a public company; 2. Two or more persons, where the company to be formed is to be […]...

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Procedure for Obtaining Status of Dormancy ‘Dormant Company’

1. Introduction As per Section 455 of Companies Act 2013, where a company is formed and registered for a future project or to hold an asset or intellectual property and has no significant accounting transaction, such company or an inactive company may make an application to the Registrar for obtaining a status of the dormant […]...

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Reduction in price of stock-in-trade while computing business income allowable

Addl. CIT Vs PNB Gilts Ltd. (ITAT Delhi)

ACIT Vs PNB Gilts Ltd. (ITAT Delhi) The issue under consideration is whether diminution or reduction in price of the stock-in-trade can be allowed while computing business income? In the given case, the assessee, PNB Gilts Ltd is a Non-Banking Financial Company (NBFC), filed its return of income declaring total income. The return of incom...

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Section 8 Company under Companies Act, 2013 | NGO/NPO

Analysis of Section 8 The Basic Clauses It should be a ‘limited’ company and thereby it enjoys all the privileges of a limited company subject to all the obligations. A person or association of persons can register either as a private limited company or a public limited company, however the company so incorporated need not […]...

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Issue of Debentures under Section 71 of Companies Act, 2013

Section 71 of the Companies Act, 2013 (Companies Act) permits a company to issue debentures with an option to convert such debentures into shares, either wholly or partly at the time of redemption; Provided that, the issue of debentures with an option to convert such debentures into shares, wholly or partly, shall be approved by […...

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Companies (Significant Beneficial Owners) Amendment Rules, 2019- Analysis

Amendment to Section 89 and 90 is one of the key amendments brought in by the Companies (Amendment) Act, 2017 (‘Amendment Act’). On June 14, 2018, MCA vide its Notification, has enforced the provisions of amended Section 90 of the Companies Act, 2013 and also issued the Companies (Beneficial Interest and Significant Beneficial Interes...

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Striking-off of the Companies under Companies Act, 2013

Background An alternative mechanism to the Winding up of a Company is striking off the Company. The Companies Act facilitates two modes of strike-off -Strike off by the Registrar of Companies (Under Section 248(1) of Companies Act, 2013. -Strike off by a Company on its own accord under Section 248(2) of Companies Act, 2013. Grounds [&hell...

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Moving out of India Permanently- You may get taxed in Previous Year itself

Certain transactions which leads to tax being payable in the Previous Year instead in the Assessment Year  Mottu: Hello Patlu, it came to my knowledge that you are planning to relocate yourself outside India? Patlu: Hello Mottu, yes, I have got an opportunity in gulf country effective from 19-05-2020 and hence I am relocating out [&helli...

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All About SPICe+form related to Company Incorporation

1. SPICe+ is an integrated Web form offering 10 services by 3 Central Govt Ministries & Departments. (Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue in the Ministry of Finance) and One State Government (Maharashtra), thereby saving as many procedures, time and cost for Starting a Business in India and it...

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MSME Has No Limitation Bar for Recovery – Claim Soon

A] Lets under the Limitation Act, 1963, in brief: The Limitation Act plays a very vital role in ensuring that the non-vigilant aggrieved party does not enjoy the rights of legal remedy. The major purpose of the Limitation Act, 1963 is not to destroy or infringe the rights of an aggrieved person but to serve the public […]...

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Section 68- No addition for duly explained cash deposited in bank

ACIT Vs Siddhartha Bhargava (ITAT Kolkata)

ACIT Vs Siddhartha Bhargava (ITAT Kolkata) The issue under consideration is whether Cash deposits in bank account held as unexplained u/s 68 is justified? During the assessment proceedings, the assessee had produced bank account of the assessee in Punjab National Bank (PNB) and HSBC. On verification of the bank accounts, it was found that...

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Companies Fresh Start Scheme, 2020- 10 Things to know

In Furtherance to its Circular No 11/2020, dated 24th March 2020 & in order to provide the opportunity to the defaulting companies to make a fresh start by filing all the belated documents Scheme has been introduced namely the Companies Fresh Start Scheme, 2020 notifying in Vide Circular No. 12/2020 dated 30th March 2020 of […]...

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Relaxation of procedures related to Right Issue upto 31.07.2020

Subject to the current situation due to COVID-19 SEBI has decided to grant the one time relaxations from strict enforcement of the certain requirements of SEBI (Issue of Capital and Disclosure requirement) Regulations 2018, relating to the Right Issue upto 31.07.2020....

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Think, Ensure, Assure and then confirm your Business Name

India has known to be an Entrepreneurs country and in fact, there is no hidden fact that Entrepreneurs are born in India. However, with changing times and laws and its impact, the Traditional Entrepreneurs are not getting themselves upgraded or changed with the system and this has affected them a lot in many ways. I […]...

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Change in the definition of MSME

Date of Amendment in the definition of MSME : On 13.05.2020, Finance Minister Smt. Nirmala Sitaraman added the additional principle of Turnover along with the Investment, under definition of the MSME. Purpose: > To refine the business scenario for Indian enterprises. > To Change the Criteria to classify MSME from “INVESTMENT IN PL...

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Extension of due date of Form 11 LLP

What is Form 11 LLP? Form 11 is Form for filing Annual Return of Limited Liability Partnership (LLP) with the Registrar. When is Form 11 required to be filed? Form 11 is to be filed within 60 days of closure of its financial year. Therefore, the due date is 30th May. Is the due date […]...

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Section 62(2) Dispatch of Notice by Listed Company for Right Issue

Clarification On Dispatch Of Notice Under Section 62(2) By Listed Company For Right Issue Opening Upto 31st July. 2020. Pursuant to Section 62(2) of Companies Act, 2013 whenever Company increases its subscribed capital by issue of further shares to persons who at the date of the offer, equity holders of the company in proportion, as [&hel...

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Clarification on Dispatch of Notice- Section 62 of Companies Act 2013

CLARIFICATION ON DISPATCH OF NOTICE UNDER SECTION 62 (2) OF COMPANIES ACT, 2013 BY LISTED COMPANIES FOR RIGHT ISSUE OPENING UPTO 31ST JULY, 2020 As per section 62 (1) (a) (i) of companies act, 2013 any company having a share capital proposes to increase its subscribed capital by issue of further shares, such shares shall […]...

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Reading a Judgment is an Art

Reading of a judgment is an art, no doubt about this. Since we all are in the profession for decades and appearing before the various forums including the assessing authorities. But, the purpose of placing a judgment given by a Court has not been properly met with; this is because we are not well versed […]...

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MSMEs- Meaning, Registration & Opportunities Ahead

After the announcement made by the Finance Minister Smt. Nirmala Sitaraman on 13th May, 2020 regarding the measures taken by the government for the businesses covered under the MSME Sector, it is become the Hot Topic of discussion that what is MSME and how to get registration under MSME and what are the benefits that […]...

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SEBI Alternate Investment Fund (AIF)- II Fund

Background of Alternate Investment Fund (AIF): Alternative Investment Fund or AIF means any fund established or incorporated in India which is a privately pooled investment vehicle which collects funds from sophisticated investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit o...

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Provisions of transfer & Transmission of shares under Companies Act & LODR

My article is related to transfer and transmission of shares. In this article I will explain the related provisions of companies Act, 2013 and SEBI (LODR) Regulation, 2015. Before come to the provisions, we need to understand the basic difference between transfer and transmission of shares. Transfer of Shares – Transfer of shares is...

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BEPS -Overview of OECD’S International Tax Structure

The Policy of Liberalization, Privatization and globalization has developed economy globally. The Foreign Direct Investment received by the countries because of above-mentioned policies has helped them in developing and boosting their economy.2 One of the key-policy i.e. globalization has integrated various economies into one and helped b...

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Request for modification in Relief Package to MSMEs & other industries or Workers or farmers

To facilitate an economic recovery and build greater resilience to the crisis, we suggest few additional support of the India’s Revival Mission where the governmental support India's MSME sector may need to relieve it of its economic plight. Considering these facts and Present Position of MSMEs we suggest further relief package with app...

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Mandatory Pre-Deposit of Awarded Amount under MSME Act- Not Sine Qua Non for Private Arbitration

So far as the Micro, Small and Medium Enterprises are concerned, in India, a separate ADR mechanism with an object of facilitating expeditious recovery of amount due to an MSME is provided by a special legislation namely the Micro, Small and Medium Enterprises Development Act, 2006 ...

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Submission of Financial Information to Information Utility

NeSL is India’s first Information Utility and is registered with the Insolvency and Bankruptcy Board of India (IBBI) under the aegis of the Insolvency and Bankruptcy Code, 2016 (IBC). The Company has been set up by leading Banks and Public Institutions and is incorporated as a Union Government Company....

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How to incorporate company through Spice+/INC 32/ INC 35 (Agile Pro)

Procedure for Incorporation of Private/Public Ltd Companies through Spice+/INC 32/ INC 35 (Agile Pro) In this Editorial the author shall deliberate the Provisions of Companies Act, 2013 in respect of incorporation of Private Limited / Public Limited Company (Including Companies Incorporation Rules amended, SPICe+ (INC 32)/ INC 35 (AGILE P...

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Company Fresh Start Scheme (CFSS – 2020)

The Ministry has received several representations from the stakeholders requesting for the grant of one time opportunity, so as to enable them to complete all their pending compliances by filling necessary documents in the MCA – 21 registry including annual filling without being subject to higher additional fees on account of any delay....

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Benefits of National Small Industries Corporation (NSIC)

National Small Industries Corporation (NSIC) is Government of India Enterprise under Ministry of Micro, Small and Medium Enterprises (MSME). NSIC has been working to promote aid and foster the growth of micro, small and medium enterprises in the country. NSIC provides integrated support services under Marketing, Technology, Finance and ot...

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Analysing Section 6 of Negotiable Instrument Act, 1881

In simple terms, a cheque is defined as a document that orders a bank to pay a specific amount of money from a person’s account to the person in whose name the cheque has been issued. There are other legal definitions as well which are referred frequently to understand the meaning of the term ‘cheque’. […]...

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Climate Change, Effects and Finance

Climate change is a long-term shift in global or regional climate patterns. It refers to the rise in global temperatures from the mid-20th century. It is the long term variation in the weather and temperatures patterns all over the world. Climate change has also been connected with other damaging weather events such as more frequent [&hel...

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Businesses Speed up Technology Adoption under COVID-19 threat

As the coronavirus spread around the world, businesses across various sectors encourage their staff to work remotely. The ongoing crisis had created an urgent need for people to find the digital alternative of tools that are part of their workflow. Some were in a far better position to transition into a remote working culture, due [&helli...

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Key points of covid-19 package in hindi

आशा करते है कि आप सब कुशल मंगल होंगे। आज मोदी जी के 20 लाख करोड़ के पैकेज का पहला हिस्सा जारी किया गया।अपने लोगो के लिए प्रमुख बाते इस ...

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Explanation on New definition of MSME and Benefits in Hindi

अर्जुन : मित्र कृष्ण , मुझे ये बताए कि MSME क्या हैं? कृष्ण: अर्जुन, MSME का मतलब सूक्ष्म, लघु और मध्यम उद्योग से हैं। 1. सूक्ष्म उद्योग (Micro Enterpri...

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NAA upheld profiteering allegation in respect of Fogg Deo supplied to Big Bazar

Sh. Rahul Sharma Vs Tanya Enterprises (NAA)

Rahul Sharma Vs Tanya Enterprises (NAA) The brief facts of the case are that the Standing Committee on Anti-profiteering vide its communication dated 11.03.2019 had requested the DGAP to conduct a detailed investigation as per Rule 129 (1) of the above Rules on the allegation that M/s Vini Cosmetics Pvt. Ltd. had not passed on […]...

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GST NAA finds Philips India guilty of profiteering on Food Processor

Kerala State Level Screening Committee on Anti-Profiteering Vs Phillips India Ltd. (National Anti-Profiteering Authority)

Kerala State Level Screening Committee on Anti-Profiteering Vs Phillips India Ltd. (NAA) The brief facts of the case are that the Applicant No. 1 vide the minutes of its meeting held on 08.05.2018 had referred the present case to the Standing Committee on Anti-profiteering, alleging profiteering by the Respondent on the supply of “F...

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GST applicable on sale of developed plots with amenities

In re Shree Dipesh Anilkumar Naik (GST AAR Gujarat)

We find that the activity of the sale of developed plots would be covered under the clause 'construction of a complex intended for sale to a buyer'. Thus, the said activity is covered under 'construction services' and GST is payable on the sale of developed plots in terms of CGST Act / Rules and relevant Notification issued time to time....

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Interest on PPF, Saving Bank deposit or Loan part of Aggregate Turnover For GST Registration

Re. Shree Sawai Manoharlal Rathi (GST AAR Gujarat)

In the case of Sawai Manoharlal Rathi, the Gujarat Authority for Advance Ruling has held that interest income from PPF, interest income from personal loan and advances given to family/friends and interest income from saving bank account to be included in aggregate turnover for GST registration....

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GST on Quarrying lease/license agreement for ‘BLACKTRAP’ material with State Govt

In re Raj Quarry Works (GST AAR Gujarat)

In re Raj Quarry Works (GST AAR Gujarat) The Applicant has entered into Quarrying lease/license agreement for ‘BLACKTRAP’ material with the Government of Gujarat. Following are the Questions Raised by Applicant and Replied by AAR- (i) What is the classification of service provided in accordance with Notification 11/2017-CT (Ra...

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GST registration applicable to Medical Store run by Charitable Trust

In re Nagri Eye Research Foundation (GST AAR Gujarat)

In re Nagri Eye Research Foundation (GST AAR Gujarat) Whether applicant is required to be register Medical Store run by Charitable Trust and whether any particular thing done by the applicant with respect to any goods or services or both amounts to or results in a supply of goods or services or both, within the […]...

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Supply under Automatic Fare Collection project qualifies as ‘composite supply’

In re NEC Technologies India Pvt. Ltd (GST AAR Gujarat)

In re NEC Technologies India Pvt. Ltd (GST AAR Gujarat) Question 1: Whether the supply made by the applicant under the Automatic Fare Collection (AFC) project would qualify as: (a) ‘works contract’ defined under section 2(119) of the CGST Act, 2017; or (b) ‘composite supply’ defined under section 2(30) of the CGST...

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Extending Master KYC Direction, 2016 to Housing Finance Companies

RBI/2019-20/235 DOR.NBFC (HFC).CC.No.111/03.10.136/2019-20 (19/05/2020)

It has been decided to extend the Master Direction – Know Your Customer (KYC) Direction, 2016 to all Housing Finance Companies. Instructions/ guidelines/ regulations contained in the circulars mentioned in the Appendix, issued by National Housing Bank (erstwhile regulator of Housing Finance Companies) stand repealed....

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Revised SOP for movement of stranded workers by train

Order No. 40-3/2020-DM-I(A) (19/05/2020)

Due to lockdown, migrant workers are stranded at different places. They would be allowed to move by trains as under: i. Movement of Shramik Special trains shall be permitted by Ministry of Railways (MoR), in consultation with Ministry of Home Affairs (MHA)....

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HC Judgement in Respect to Section 73 & 74 | CGST Act 2017

In this article I am going to share you three important Judgments rather Tools which you can refer for filing your reply in response to notices under Section 73 and Section 74 of CGST Act, 2017which will be useful for you to complete the Proceedings....

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Conduct of AGM VIA VC or OAVM During Calendar Year 2020

Annual General Meeting (AGM) of the Company may be held through Video Conferencing (VC) or other Audio Visual Means (OAVM) during the calendar year 2020– MCA Circular No. 20/2020 dated 05.05.2020 Vide this circular all Companies whose financial year whether ended on 31.12.2019 or 31.03.2020 are allowed to conduct their AGM through V...

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GST on Freight Charges in Import & Export Transactions

This article Covers GST on Freight Charges in Import and Export transactions i.e. Ocean Freight and Air Freight. For our discussion Ocean freight is divided into two types based on destination of goods/Cargo namely: -Ocean freight in respect to Imports of goods -Ocean freight in respect to Exports of goods Ocean freight in respect to [&he...

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No addition for TP Adjustment towards interest on debentures invested in AE

Gurgaon Investment Ltd. Vs DDIT (ITAT Mumbai)

Gurgaon Investment Ltd. Vs DDIT (ITAT Mumbai) The issue under consideration is whether addition made on account of Transfer Pricing Adjustment towards interest on debentures invested in the Associated Enterprise (AE) Vital Construction Pvt. Ltd. (VCPL) is justified or not? Assessee, a non-resident company incorporated in Mauritius. Throug...

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Section 14A Disallowance cannot be made if no expenditure was incurred to earn exempt income

CIT Vs Syndicate Bank (Karnataka High Court)

No deduction shall be allowed in respect of the expenditure incurred by the assessee in relation of the income which does not form part of his total income under the Act.  As assessee had not incurred any expenditure in relation to dividend income, therefore, no dis allowance could be made under section 14A....

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30