"23 May 2020" Archive

Admission in Balance Sheet – Mere Statutory Compliance or Admission of Debt?

V. Padmakumar Vs. Stressed Assets Stabilisation Fund (SASF) & Anr. (NCLAT)

Recently, a three judge bench of NCLAT in V. Padmakumar vs. Stressed Assets Stabilisation Fund (SAFS) & Anr. considered the issue that ‘whether admission of debt in balance sheet would amount to acknowledgement of debt which would further amount to extension of period of limitation as per Section 18 of the Limitation Act, 1963 (Limitati...

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C-Form benefits cannot be rejected merely for belatedly filing

TATA Hitachi Construction Machinery Company Pvt. Ltd. Vs State of Karnataka (Karnataka High Court)

TATA Hitachi Construction Machinery Company Pvt. Ltd. Vs State of Karnataka (Karnataka High Court) The issue under consideration is whether Tribunal was correct in rejecting the C-Forms submitted by the petitioner and hence denying statutory benefits? The Appellate Tribunal at the threshold has rejected the declaration forms on the ground...

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GST on Director Remuneration- Analysis of ruling by Rajasthan & Karnataka AAR     

The taxability of director remuneration under GST law should be determined on the basis of appointment terms, copy of agreement between director & company, principle of whether a director is employee or not, details of statutory deduction such as PF, ESI, and TDS etc....

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Posted Under: Corporate Law |

Webinar on GST Audit, Notices from GST Dept & Reply to such notices

NEW DATES FOR 2 Day Web Series on GSTAM (GST Audit Manual) issued by CBIC &Various Notices & Orders received from the GST Department across India and how to prepare for or reply to such notices Tax Guru in association with Tax Connect is Organizinga 2 Day Series for discussions on GSTAM (GST Audit Manual) […]...

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Posted Under: Corporate Law | ,

Reopening of assessment without bringing any fresh material on record is not justified

Chordia Buildcon Pvt. Ltd. Vs DCIT (ITAT Jaipur)

Chordia Buildcon Pvt. Ltd. Vs DCIT (ITAT Jaipur) The issue under consideration is whether the action taken by the AO u/s 147 r.w.s 148 is justified in law? The case of assessee was originally selected for scrutiny and a detailed questionnarie was issued alongwith notice u/s 142(1). The AO asked specific queries with regard to […]...

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HC justifies addition of interest related to transaction with related party done with intention of deliberate tax evasion

Yenepoya Resins & Chemicals Vs DCIT (Karnataka High Court)

It has also been held that the appellant has deliberately created an artificial and colourable devise for reducing its income offered for taxation through an arrangement of letter of credit and thus, the deduction claimed by the assessee on account of interest paid to the bank and also to its creditors are not allowable....

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Analysis of SEBI (LODR) Regulations, 2015

Analysis of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 i.e. SEBI (LODR) Regulations, 2015 Introduction LODR is one of the most important regulation mandated by Securities and Exchange Board of India to enable transparency and fair disclosures by all listed entities in India. Under regulation 30 of SEBI (Lis...

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Posted Under: Corporate Law |

Section 45(2) not apply on Land transferred by partner as capital contribution recorded as stock-in-trade in books of firm

ITO Vs Shri Mahendrabhai D. Zalavadia (ITAT Rajkot)

ITO Vs Shri Mahendrabhai D. Zalavadia (ITAT Rajkot) The issue under consideration is whether section 45(2) will be applicable in situation where Land transferred by partner as capital contribution recorded as stock-in-trade in the books of firm? In the given case, ITAT state that the impugned land was transferred by the partners to the fi...

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Depreciation Calculator | Schedule II | Companies Act 2013

Calculator for Depreciation under Schedule II (upto F.Y. 2020-21) I am sharing with you an exclusive Calculator for working Depreciation on the Property, Plant & Equipment (hereinafter referred to as “PPE”) of the Companies in accordance with the Schedule – II under the Companies Act, 2013. This calculator is updated till F.Y. 2...

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Posted Under: Corporate Law |

How to Correct or Check Export Invoice Details with ICEGATE for Quick Refund under GST (With Payment Tax)

Many of us have issue with Export Refund not getting credited to our Bank account, even if we have correctly filed all required data in our GSTR 1, GSTR 3B and also with Custom, Then why we are not getting Refund ?? > What are Reasons for this type of Issue? > What are the […]...

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Posted Under: Corporate Law |

Holding of AGM via Video Conferencing under Companies Act, 2013

Clarification on holding of agm through video conferencing (Vc) or other audio visual means (OAVM) Due to the threat of COVID – 19, there is a restriction on the movement of persons from one place to other in the country. Several Representations have been received in the ministry for providing relaxations in the provisions of […]...

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Posted Under: Corporate Law |

Mandatory compliances for private limited companies under Companies Act 2013

A Private Limited company is the most common form of starting a business. It gives the benefit of higher goodwill, more recognition and is more preferred over other forms of business. Incorporation of Private Limited is done with the help of a professional. A professional helps you to complete all the compliances of the company. […...

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Posted Under: Corporate Law |

Procedure for Merger through NCLT

A ‘Merger’ is a combination of two or more entities into one; merger essentially means an arrangement whereby one or more existing companies merge their identity into another to form a new and different entity which may or may not be one of those existing entities. It is a corporate strategy of combining different companies […]...

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Posted Under: Corporate Law |

Corporate Social Responsibility (CSR) | Section 135 | Schedule VII

Updated extract of Section 135 Section 135 of COmpanies Act, 2013 alongwith SCHEDULE VII Notified Date of Section: 01/04/2014 Corporate Social Responsibility 135. (1) Every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more […]...

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Posted Under: Corporate Law |

GST Series Part 5 | GST Composition Scheme | Section 10 | CGST Act 2017

1. A simplified composition scheme has been provided; vide section 10 of CGST Act for small taxable persons who do not have sufficient knowledge and expertise to comply with the GST requirements relating to records and accounts. 2. The scheme is available to those whose aggregate turnover in the previous financial year did not exceed [&he...

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Posted Under: Corporate Law |

Highlights of RBI Governor’s announcements dated 22.05.2020

RBI extends the three-month moratorium The loan moratorium will be extended till August 31 2020. This makes it a six month moratorium Lending institutions are being permitted to restore the margins for working capital to the origin level by March 31, 2021...

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Posted Under: Corporate Law |

Path of Diminishing Marginal Utility: RBI Policy May 2020

Suyash Choudhary, Head – Fixed Income, IDFC AMC The monetary policy committee (MPC), reflecting the sign of times, had yet another out of policy meeting and delivered a 40 bps repo rate cut with commensurate changes to the rest of the rates in the corridor. In its assessment, the committee noted the further deterioration in […]...

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Posted Under: Corporate Law |

BSE SME Listing Eligibility Norms relaxed due to COVID-19

Bombay Stock Exchange (BSE) vide notice no. 20200522-21 dated 22nd May, 2020 relaxed Eligibility Criteria for SMEs in view of Covid-19 Pandemic Situation with effect from June 1, 2020. It amends BSE circular dated 19th April 2012 related to eligibility criteria for companies seeking listing on BSE SME Platform as well as the guidelines fo...

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Posted Under: Corporate Law |

Practical Insights on Drafting of Commercial Contracts

Over the last decade, substantial quantum of commercial disputes opted for Alternative dispute resolution (ADR) than the litigation which incurs enormous time and whopping an average 39% cost of the claim value! It is obvious from the milestone amendments to the Arbitration and Conciliation Act 1996 to facilitate seamless remedy via ADR m...

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Posted Under: Corporate Law |

New Due Dates by MCA (Name Approval, Incorporation, Resubmission)

Due to COVID 19 and Lock down situation in Country, Ministry of Corporate Affairs has given further relaxation for submission of forms by Companies/ LLP for following Matters: ♦ Name Approval ♦ Incorporation ♦ Resubmission of Forms Issue description  Period/Days of Extension New Due Date       1 Name Reservation Date for Incorpo...

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Posted Under: Corporate Law |

Clarity finally delivered on long standing issue of Permanent Establishment exposure for Liaison Offices in India!

Multi-National Companies (‘MNCs’) are allowed to set up their presence in India subject to the Foreign Direct Investment policy and other relevant regulations. One such presence that MNCs typically try to build is in the form of a liaison office (‘LO’) in India. Such offices are set up by foreign enterprises to understand the Indi...

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Posted Under: Corporate Law |

FAQs on conducting general meetings through VC during lockdown

Background With the advancement of web-based facilities, the world is becoming technology driven to a very large extent. Connecting number of people virtually is not an unachievable or cumbersome task anymore.Although, in the past as well, MCA had come up its Circular on “Green initiatives in the Corporate Governance” in the year 2011...

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Posted Under: Corporate Law |

Areas Govt Ignored while announcing 20 Lac Cr Economic Package

In 5 days long announcements for reforms & reliefs to Indian Economy, There are some of really good announcements. Like, 1 nation 1 ration card, Affordable rental housing under PMAY through PPP model, Rs. 5000 cr credit facility for street vendors, Extension of housing loan subsidy on affordable residential house for MIG worth Rs. 700...

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Posted Under: Corporate Law |

Transfer of Shares to IEPF | Section 125 | Companies Act 2013

Company after transferring dividend to unclaimed suspense account shall file details of the amount transferred along with list of shareholders in form IEPF-1 within 30 days of such transfer...

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Posted Under: Corporate Law |

Credit Note and Debit Note under GST Regime

A Credit Note and Debit Note for the purpose of GST Law, can be Issued by the Registered Person who has issued the tax Invoice i.e. The Supplier. Any Such Document, by whatever name called (Debit Note or credit Note) when issued by the recipient to the registered supplier, will not be considered any document […]...

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Posted Under: Corporate Law |

Financial Statements- Basic knowledge you must have

♦ What will tell us the business is good or bad? ♦ What will show us the true picture of the business performance? ♦ How can we know is business complying with the various law? ♦ Is there any statement which can satisfy the stakeholders? ♦ From where we can get the knowledge that business […]...

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Posted Under: Corporate Law |

Suspension of Labour Laws amid COVID-19

With the aim to boost economy amid the lockdown due to emergence of COVID-19, several state governments have decided to suspend most of the labour laws in their respective state via ordinance. This has been done with an aim to give curb the effects of lockdown on Indian economy and provide employers with more flexibility […]...

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Posted Under: Corporate Law |

Revision of other orders by PCIT or CIT | section 264 | Income Tax Act, 1961

Revision of other orders by Principal Commissioner of Income Tax (PCIT) or Commissioner of of Income Tax (CIT) under section 264 of the Income Tax Act, 1961 The Principal Commissioner or Commissioner may, either of his own motion or on an application by the assessee for revision, call for the record of any proceeding under […]...

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Posted Under: Corporate Law |

Analysis of Related Party Transaction under Companies Act, 2013

One of the most discussed and confusing provision of The Companies Act, 2013 is related party transaction. From time to time, a company avails the services or gives services to the persons who are at management of company. To protect members and stakeholders of the company, the companies Act, 2013 governs the related party transaction [&h...

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Posted Under: Corporate Law |

MSME Opportunities Out of Crisis

OPPORTUNITIES OUT OF CRISIS > The Prime Minister, has launched a historic support and outreach programme for the Micro, Small and Medium Enterprises (MSME) sector. > MSMEs are one of the principal employment generators in India and the Prime Minister recalled the glorious Indian traditions of small scale industry. > However, MSME...

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Posted Under: Corporate Law |

Best Tax Saving Instruments

The financial year is closing and the taxpayers generally started looking for tax saving investments significantly during February-March which can help in saving their income taxes. It will be superb if such tax savings along with it also brings good return on the investments with good lock in period that can be utilized at time […...

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Posted Under: Corporate Law |

Identification of contracts (First of five steps for revenue recognition)

Few General considerations that we should know before we start with the topic Identification of contracts (First of the five steps for revenue recognition) Important Definition: Customer: A customer is a party that has contracted with an entity to obtain goods or services that are an output of the entity’s ordinary activities in exchang...

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Posted Under: Corporate Law |

Legality of withholding GST refunds of exporters as per circular No. 131/1/2020-GST

Exports under GST are considered as zero rated i.e. no tax is payable on export of goods or services. A person making zero rated supply is eligible under GST to claim for refund of unutilized input tax credit. The refund can be claimed by an exporter in two ways as stated in section 16 of […]...

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Posted Under: Corporate Law |

RBI Increases Exposure Limit for Group of Connected Counterparties

RBI/2019-20/243 DOR.No.BP.BC.70/21.01.003/2019-20 (23/05/2020)

With a view to facilitate greater flow of resources to corporates, it has been decided, as a one-time measure, to increase a bank’s exposure to a group of connected counterparties from 25% to 30% of the eligible capital base of the bank....

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Resolution Timelines under Prudential Framework on Resolution of Stressed Assets- Exclusion of Period from 01.03.2020 to 31.08.2020

RBI/2019-20/245 DOR.No.BP.BC.72/21.04.048/2019-20 (23/05/2020)

In respect of accounts which were within the Review Period as on March 1, 2020, the period from March 1, 2020 to August 31, 2020 shall be excluded from the calculation of the 30-day timeline for the Review Period. In respect of all such accounts, the residual Review Period shall resume from September 1, 2020, upon expiry of which the lend...

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COVID-19 – Regulatory Package by RBI

RBI/2019-20/244 DOR.No.BP.BC.71/21.04.048/2019-20 (23/05/2020)

Lending institutions are permitted, at their discretion, to convert the accumulated interest for the deferment period up to August 31, 2020, into a funded interest term loan (FITL) which shall be repayable not later than March 31, 2021....

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Maximum permissible period of pre & post-shipment export credit extended

RBI/2019-20/246 DOR.DIR.BC.No.73/04.02.002/2019-20 (23/05/2020)

It has been decided to increase the maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks from one year to 15 months, for disbursements made upto July 31, 2020....

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Disclosures of COVID-19 impact on business during finalization of accounts

CMA Navneet Kumar Jain Disclosures of COVID-19 related impact on business through various statutory documents during finalization of accounts The world is in the grip of CORONA commonly known as COVID-19. It has impacted the way of life drastically and adversely. Incomes of the common masses, business houses and of the governments have ta...

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Posted Under: Corporate Law |

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