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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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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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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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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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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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 (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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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♦ 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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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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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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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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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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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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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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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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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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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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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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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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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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