"08 June 2020" Archive - Page 2

Shifting of Registered Office of Company | Companies Act, 2013

Background: Section 12 of the Companies Act, 2013 makes it mandatory for every company to maintain a registered office at all times which capable of receiving and acknowledging all communications and notices as may be addressed to it. The situation clause of Memorandum of Association contains the state in which the registered office of th...

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Posted Under: Company Law |

Exemption from Capital Gain Tax | Complete Guide

This article focuses on the exemptions available to an assessee from capital gain tax under Income Tax Act, 1961. Any profit or gain arising from Transfer of Capital Asset (long term or short term) shall be chargeable under the head capital gain in the year of transfer. However, there are some exemptions on such capital […]...

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Posted Under: Company Law |

Summary of sub-section (5A) of section 45 of Income Tax Act, 1961

Section 45 of the Income Tax Act, 1961 (‘Act’) is the charging section of the income chargeable under the head Capital Gains. In the ordinary course, a transaction is subject to capital gain in the year of transfer of the capital asset. In case of the Joint Development Agreement (‘JDA’) or Specified Agreement (‘SA’) where the ...

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Posted Under: Company Law |

NIL GST Return FORM GSTR­-3B through SMS enabled

NA 08/06/2020

In a major move towards taxpayer facilitation, Government rolls out facility of filing of NIL GST Return through SMS In order to facilitate convenient return filing for taxpayers, Government is rolling out the facility of filing of NIL GST monthly return in Form GST-3B through SMS. Over 22 lakh registered taxpayers are estimated to benefi...

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Concept of Supply of goods & services under GST

Section-7 of CGST Act defines the scope of supply. There are three parameters which describes the concept of supply. However there are few exceptions to 2nd & 3rd parameters. The meaning and scope can be understood as under: 1. Supply should be of goods or service Definition of supply as per section-7 starts with “all […]...

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Posted Under: Company Law |

Statement of Financial Transaction (SFT) and Reportable Account

BACKGROUND 1. Under the Annual Information Return (AIR) Scheme, Specified Entities were required to report Notified Transactions to Income Tax Department. 2. Section 285BA of Income Tax Act 1961 read with rule 114E of Income Tax Act 1962 w.e.f 01.04.2015 makes it mandatory for specified reporting persons to furnish statement of financial ...

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Posted Under: Company Law |

15 Bullets on MSME loans to resolve all your query’s

Key Points for Collateral free MSME loans 1. Eligibility– -All Existing MSME having outstanding balance in their loan account of upto Rs 25 crore as on 29th Feb, 2020 across all lending institution. And, -Annual Turnover should not exceed Rs 100 crore in FY 19-20. And, -Borrower account should not be classified as NPA or […]...

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Posted Under: Company Law |

All about Composition Dealers including applicable returns

About the Composition Scheme: ♦ Whose turnover is below 1.5 Crore in other states or 75 lakhs in North-Eastern states and Himachal Pradesh (Notification No. 14/2019 – Central Tax dated 07th March, 2019). Such person can provide services up to 10% of turnover or Rs. 5 lakh whichever is higher. ♦ For Service provider the […]...

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Posted Under: Company Law |

MCA’s Relief against COVID-19

Keeping in view of this COVID 19 Pandemic situation and Distressed economy, MCA has come up with Various relaxations and schemes for the rescue to companies and LLP’s and reduce various compliance & other burdens, Some of the Key & Important measures are as follows- Relax the requirement of holding Board meetings with physical p...

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Posted Under: Company Law |

Concept of Job Work under CGST Act, 2017

Job Work under CGST Act, 2017 Introduction:- In the age of outsourcing, it is common to get certain operations done from another person. This latter person may carry out either a part of the process allowing its completion by another person or by the person sending the goods or May himself complete the goods.  Such […]...

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Posted Under: Company Law |

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