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Archive: 12 June 2020

Posts in 12 June 2020

Holding of Annual General Meeting through VC or OAVM

June 12, 2020 12597 Views 1 comment Print

Conduction of Annual General Meeting (AGM) through Video Conferencing (VC) or Other Audio Visual Means (OAVM) The Ministry of Corporate Affairs (MCA) vide its General Circular No 14/2020 issued earlier, on  April 08, 2020, allowed the Companies to hold their Extra-Ordinary General Meetings (EGM) through Video Conferencing (VC) or Other Audio Visual Means (OAVM). Later on May […]

Exploring Indian Ancient Scriptures : Governance Practice With Covid19

June 12, 2020 2715 Views 0 comment Print

INTRODUCTION Corporate Governance is the collection of mechanisms, processes and relations by which corporation are controlled and operated. It includes monitoring the actions, policies, practices and decision of corporation, their agents and affected stakeholders. It is a practice to align the interest of stakeholders. The subject came into force in the late 80’s and 90’s, […]

Impact of COVID-19 on Auditing Procedures for F.Y. 2019-20

June 12, 2020 19902 Views 0 comment Print

In view of the ongoing spurt of the COVID-19 pandemic and in the interest of the Chartered Accountants, I have prepared this article. With this article, I am going to cover some of the areas of the Auditing Procedures which have been impacted by the Outbreak of Corona Virus and how the reporting is required […]

Merely reason to believe not sufficient to reopen assessments beyond 4 year period

June 12, 2020 1587 Views 0 comment Print

ITAT Kolkata ruling on Amrabathi Investra (P) Ltd. Vs ITO case. Assessment reopened u/s 147. Read full judgment details and outcome.

Section 50C- No addition for Minor Valuation Differences

June 12, 2020 2634 Views 0 comment Print

Dulari Devi Hetamsaria (L/H of Shyam Sundar Hetamsaria) Vs ACIT (ITAT Kolkata) ITAT Mumbai, in the case of M/s John Flower ( India) Pvt. Ltd, in ITA No.7545/Mum/2014, for A.Y. 2010-11, order dated 25.01.2017 held that if the difference between the valuation adopted by the Stamp Valuation Authority and declared by the assessee is less […]

Lockdown period wages: Employers & Employees Should Negotiate & Settle themselves: SC

June 12, 2020 7533 Views 0 comment Print

Ficus Pax Private Limited  Vs Union Of India & Ors. (Supreme Court) Hon’ble Supreme Court in an interim order passed today in the case of FICUS PAX PRIVATE LIMITED & ORS. P VERSUS UNION OF INDIA & ORS. has stated that Employers and Employees Should Try to negotiate and settle between themselves issues relating to […]

All about Nominee shareholder

June 12, 2020 89499 Views 2 comments Print

Nominee shareholder: 1. Means a person whose name is entered in the registered of member, who hold share in behalf of actual owner of share. 2. Nominee shareholder has to make declaration, 3. Nominee can be Natural Person or a Legal Person. Main Purpose: 1. To fulfill the minimum shareholders requirement as per the provisions […]

ITAT upheld determination of ALP as nil for duplicative services

June 12, 2020 1335 Views 0 comment Print

The issue under consideration is whether the TPO is correct in considering subvention fee in the BPO segment instead of distribution segment?

ICSI advisory on CS exam postponement request on Social Media

June 12, 2020 447 Views 0 comment Print

It is noticed by the Institute that few members and students of the Institute are posting and circulating videos and messages on social media platforms (YouTube; WhatsApp; Facebook; Instagram; Twitter etc.) asking thereby for cancellation / postponement of aforesaid Examinations scheduled to held from 6th July, 2020.

Summary & Analysis of recommendations of 40th GST Council Meeting

June 12, 2020 5520 Views 5 comments Print

The 40th GST Council meeting was held on June 12, 2020 through video conferencing under the chairmanship of Union Finance Minister Smt. Nirmala Sitharaman and other panel ministers. Brief updates of the GST Council Meeting and its analysis wherever necessary are provided below: 1) Reduction in late fee for past returns Several taxpayers have failed […]

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