"18 June 2020" Archive

Interplay between Section 50C, 50CA, 43CA and 56(2) of Income Tax Act, 1961

Interplay between Section 50C, 50CA, 43CA and 56(2) of Income Tax Act, 1961 The above sections are meant for taxing the persons who are in the intention of selling the assets at a price less than stamp duty value / fair market value. The above said sections are drafted in a lucrative way to the […]...

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Posted Under: Income Tax |

Time to file forms for Creation & Modification of Charges relaxed

The Ministry of Corporate Affairs (MCA) has introduced a new scheme vide General Circular No. 23/2020 for relaxing the time for filing of e-Form CHG-1 / CHG-9 for creation or modification of Charges beyond 120 days of such creation or modification. Background As per the provisions of Section 77 of the Companies Act, 2013 (Act), […]...

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Posted Under: Income Tax |

Relaxation In Filling Form Chg -1 And Form Chg – 9

'Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013' ('Scheme') by which relaxation has been granted in filling Form CHG – 1 and Form CHG – 9....

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Posted Under: Income Tax |

Relaxation Scheme For Filing Charge Related Forms

MCA vide its General Circular no. 23/2020 dated June 17, 2020 has issued Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 (“the Act”). Synopsis of provisions related to filing (section 77 & 78 of the Act) – As per section 77, the charge […]...

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Posted Under: Income Tax |

Economic Remedies by Central banks in times of Distress

With the recent Covid 19 situation leading to economic fallout, experts have already warned of profit stagnation, lagging GDP growth, and global recession. In these times of distress, the government and central bank of various nations have resorted to ambitious measures to strengthen the hope ensuring that the pandemic does not cause a pr...

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Posted Under: Income Tax |

Clarification on Taxability of Director Remuneration in GST

The recent ruling by GST AAR Rajasthan in the case of M/s Clay Crafts India Pvt Ltd., it was held that the Directors of the company cannot be considered as the employee of the company and thus they are outside the purview of Clause (1) of Schedule III of CGST Act, 2017 and the consideration […]...

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Posted Under: Income Tax |

Commissioner to decide on extending time for filing of revised GST TRAN-1: HC

Jai Laxmi Cement Co.(P.) Ltd. Vs Union Of India (Allahabad High Court)

Jai Laxmi Cement Co.(P.) Ltd. Vs Union Of India (Allahabad High Court) Rule 120A of the CGST Rules, 2017 provides that where a registered dealer submits a declaration electronically in FORM GST TRAN-1 within the time period specified in Rule 117, Rule 118, Rule 119 and Rule 120 he may revise such declaration once and […]...

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Bogus GST Bill / ITC- HC grants anticipatory bail to accused

Abhishek Modgil Vs State of U.T. Chandigarh (Punjab and Haryana High Court)

The High Court of Punjab and Haryana granted anticipatory bail to a 24-year-old youth accused of  committing tax evasion to the tune of over Rs 4 crore by generating bogus invoices of sales and purchases....

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Timely Payment to Vendors amidst Covid-19 to Avoid Loss of ITC- A Challenge

Timely Payment To Vendors Amidst Covid-19 To Avoid Loss of Input Tax Credit- A Challenge Reversal of input tax credit coupled with interest during these days of downturn of the economy due to COVID-19 would make the life of taxpayers gloomy in the circumstances where some business houses are struggling for survival in COVID-19 pandemic. [...

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Posted Under: Income Tax |

Checklist for CS for AGM through Electronic Means

Checklist for Company Secretary to Plan for convening Annual General Meeting (AGM) through Electronic Means A. Background of provisions relating to Annual General Meeting When : Section 96 of the Companies Act, 2013 (“the Act”)and para 2 of SS-2 requires that all companies registered in India, other than a One Person Company, is requi...

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Posted Under: Income Tax |