"21 June 2020" Archive

Input Service Distributor (ISD) | Section 20 & 21 | CGST Act 2017 | GST Series Part 13

1. The concept of Input Service Distributor (ISD) has its roots in the service tax regime. The Head office of an organization obtains services that are common for all the company’s units located across the country. The supplier of such services issues an invoice in the name of the company’s head office. These services are […]...

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TDS on E Commerce Transactions under Section 194O with effect from 01.10.2020

TDS on E Commerce Transactions under Section 194O with effect from 01st October 2020 Are you planning to start selling your products or providing service on e-commerce platforms or Are you E commerce participant i.e. currently selling your products or providing services on e-commerce platforms? If your answer is yes, then this article wi...

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Taxability on Director’s Remuneration under Goods & Service Tax

The issue of taxability on director’s remuneration always remain in controversy under the Service Tax as well as Goods and Service Tax Regime. Pointless to say that controversy always arises due to ambiguity in provision and lack of proper clarification....

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Issuance of Preferential Certificate of Origin for India’s exports to Vietnam

Trade Notice No. 15/2020-2021 (21/06/2020)

The COO applications for exports under ASEAN-India FTA to all ASEAN countries except Thailand should now be submitted through the e-COO Platform by the exporters to the offices of the designated issuing agencies i.e. EIA, MPEDA and Textile Committee....

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Assignment of Risk Weights on Credit Facilities under ECLGS

RBI/2019-20/255 DoR.BP.BC.No.76/21.06.201/2019-20 (21/06/2020)

As credit facilities extended under the scheme guaranteed by NCGTC are backed by an unconditional and irrevocable guarantee provided by Government of India, it has been decided that Member Lending Institutions shall assign zero percent risk weight on the credit facilities extended under this scheme to the extent of guarantee coverage....

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Advisory on potential cyber offensive attack from Chinese Army

No.E-32099/4/CYBER ALERT/EDP CELL/39741/2020-1265-(E) (21/06/2020)

It is submitted that Computer Emergency Response Team-India (CERT-In) has issued an advisory regarding a potential cyber offensive attack from the Chinese Army. In the guise of a Free Covid-19 Test,...

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MSME under IBC Regime

IBC refers to Insolvency and Bankruptcy Code, 2016, the Bankruptcy Law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. Certain provisions on Insolvency Law deals with Micro, Small and Medium Enterprises (MSME’s) which are reproduce below for reference. 1. Section 29A of ...

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Application of IBC on Current COVID-19 Scenario

JUDICIAL RESPONSE: 1. Suo moto cognizance by Hon’ble Supreme Court in WP(C) No. 03/2020 dated 23.03.2020: Under exercise of power conferred under Article 141 and 142, Extension of limitation period in all proceedings irrespective of the limitation prescribes or not under the General or special law whether condonable or not. 2. Suo moto ...

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CMA Examinations for June 2020 Term to commence from 01.09.2020

Ref. No. G/128/6/2020 (21/06/2020)

CMA Foundation, Intermediate and Final examinations that were scheduled from 20th-28th July, 2020 will now commence from 1st September, 2020....

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Whether Interest Income included in aggregate turnover for GST Registration??

Whether interest income From PPF,Bank saving or other interest & interest on personal Advances are included in aggregate turnover for determining the threshold for GST Registration??? Gujarat AAR Decision: Shree Sawai Manoharlal Rathi (GST AAR Gujarat) In the case of Sawai Manoharlal Rathi, the Gujarat Authority for Advance Ruling ha...

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Interest Income of Pure Personal Nature– ‘Supply’ Under GST?

The AAR Gujrat in case of Shree Sawai Manoharlal Rathi has  held that Interest received from PPF, Interest received from Personal loans and advances to family members and Interest Income from Saving Bank account would be considered for the purpose of calculating the threshold limit of Rs.20.00 Lakh for registration under the GST Law. Thi...

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Process of Appointment of Auditor under Companies Act, 2013

Process Of Appointment Of Auditor As Per Chapter X ‘Audit And Auditors’ Of The Companies Act, 2013 And Rules Made Thereunder: Appointment of Auditor: Section 139(1): Every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting ...

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Resignation of Statutory auditors from Listed Entities & their Material Subsidiaries

Resignation of Statutory auditors from Listed Entities & their Material Subsidiaries As preamble of the Securities and Exchange Board of India describes, its basic function to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or...

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How to keep Depression away

Now a day if we see there is increase in number of suicides. There are various reasons, circumstances, situations behind it. But common reason coming out is Depression. What should we learned from the news of Suicides? It is the time and need of the hour that we should look within. It is now also […]...

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Section 18- Availability of credit in special circumstances -Simplified

Section 18- Availability of credit in special circumstances -Simplified (1) Subject to such conditions and restrictions as may be prescribed- (a) A person who has applied for registration under the Act within thirty days from the date on which he becomes liable to registration and has been granted such registration shall, be entitled to t...

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Compliances to do under various acts after company formation

Compliance requirements under various acts after formation of company This article discusses the compliance requirements under various acts after the formation of company. A. ROC Compliances After Incorporation of Co. – Immediately after incorporation, Company should open Bank Current Account. PAN Card registered in the name of your com...

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Decoding Article 14 of Tax Treaty: Independent Personal Services

Before proceeding into detailed discussion on this topic, let us first have a glimpse of Article 14 of Model tax convention.  Article 14 of the Model tax convention read as under: “1. Income derived by a resident of a Contracting State in respect of professional services or other activities of an independent character shall be [&hellip...

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Casual Taxable Person under Goods and Service Tax Law

Article explains  about the Casual taxable Person (CTP) under Central Goods and Services Tax Act, 2017. It explains about Meaning of Casual Taxable Person, Documents required for Casual taxable Person GST Registration,  How to Apply for Registration as Casual taxable Person, Extension of Period of Registration, Returns to be Furnished b...

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Appointment of Directors to be voted individually | Section 162 | Companies Act, 2013

SECTION 162 OF THE COMPANIES ACT, 2013 Appointment of Directors to be voted individually In General, the appointment of directors is done in the General meeting of the Company by passing Ordinary Resolution. If a company wants to appoint 5 directors in the general meeting, it has to pass 5 ordinary resolutions for their appointment [&hell...

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Things To Do Before 30th June 2020

Because of covid pandemic, government has extended various due dates of returns and compliances in many laws. I try to sum up all extended date up to 30 June 2020 of Income Tax and GST, so that it may not create any confusion related to the due dates. I have distributed in two parts in […]...

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Section 163 of Companies Act, 2013

SECTION 163 OF THE COMPANIES ACT, 2013 Option to adopt Principle of Proportional Representation for Appointment of Directors in the General Meeting of the Company The appointment of directors is normally done through a simple majority in the general meeting of the company. As such, majority shareholders are in a position to select all the...

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Independent director eligibility – Companies Act & SEBI (LODR) Regulations

Eligibility criteria for appointment as an Independent Director As per Section 2(47) of the Companies Act, 2013, ‘independent director’ means an independent director referred to in sub-section (5) of section 149. Comparison of Eligibility to be appointed as independent director under section 149 of companies act and Regulation...

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Contractual Agreements during and post COVID-19

COVID-19 has had a major impact on contractual obligations all across the globe. The Pandemic has brought the world to a standstill. With nation-wide lockdowns being imposed in countries across the globe, the world is facing an economic crisis. Parties have been unable to fulfill their Contractual obligations. The Pandemic has proven as a...

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Merger – Meaning and Checklist

Today, Here I will discuss the emerging and upfront topic of The Companies Act, 2013 – ‘MERGER’. So, let us go through each aspect of the merger i.e, from meaning, categories, to checklist & whole procedure. What Is a Merger? A merger is an agreement that unites two existing companies into one new company. There [&he...

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Process of MSME Registration for Startups & Others

In this editorial author shall discuss about MSME,Criteria for Registration under MSME, Industries which are allowed to register under MSME and Process of Registration under MSME. MSME stands for ‘Micro, Small & Medium Enterprises”. Earlier in India, there were the following Acts: √ The Coir Industry Act, 1953 √ The Khadi and ...

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Note on Form NFRA -2 – Auditor’s Return

Note On Form NFRA -2 – Auditor’s Return (Annual Return to Be Filed By Auditor With The National Financial Reporting Authority) Key Highlights of Form NFRA -2 – Auditor’s Return 1. NFRA-2 e-Form live since 9th December 2019. 2. Due date of Filing form NFRA -2 : within 210 days from the deployment of this […]...

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Analysis of Amendment in SEBI Takeover Regulations 2011 

Amendment in Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 2011 ♣ As we all know that in the current situation of the Covid-19 outbreak, everything has come to a standstill, there is no iota of doubt that this is going to have a long lasting impact on the businesses […]...

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FLA Return: Annual Return on Foreign Liabilities & Assets

In this editorial author shall discuss about FLA. Whenever we talk about FLA many questions came into mind like: Which Companies are required to file FLA? What is due date for FLA?   It’s an Annual Return on Foreign Liabilities and Assets (FLA) is required to be filed by Indian Company and LLP. I. Who is […]...

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Quarterly/Half Yearly/Annual Compliances under SEBI Listing Regulations 2015 (LODR)

Regulation 7 (3) – Compliance Certificate certifying maintaining physical & electronic transfer facility, Regulation 13 (3) - Statement of Investor complaints, Regulation 27 (2) - Corporate Governance, Regulation 31 - Shareholding Pattern, Regulation 33 - Financial Results, Regulation 34 –Annual Report, Regulation 40 (9) – Certifica...

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Relaxations of time for filling CHARGE Creation/Modification forms

In this editorial author shall discuss Relaxation in time of filing of form for Creation of Charge, Relaxation in time of filing of form for Modification of Charge, Applicability of relaxations to Form CHG-1 & CHG-9 and not to form CHG-4 (Satisfaction of Charge). Further it explains that If charge is Created or modified on […]...

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Fusible Interlining Fabrics of Cotton Falls under HSN Code 5903

In re Ruby Mills Ltd. (GST AAR  Uttarakhand)

In re Ruby Mills Ltd. (GST AAR  Uttarakhand) Whether fusible interlining fabrics of Cotton fall for classification HSN Code 5903 or under chapter 52? On perusal of the Note 2 to Chapter heading 5903 , we find that the said heading covers textile fabrics, impregnated, coated, covered or laminated with plastics. Such products are classif...

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GST on royalty to State Govt under RCM for Reta, Bazri & Boulders

In re Uttarakhand Forest Development (GST AAR  Uttarakhand)

In re Uttarakhand Forest Development (GST AAR  Uttarakhand) What will be applicable rate for GST on royalty payable to Govt of Uttarakhand under RCM in respect of Reta, Bazri & Boulders extracted as per the permission of Govt authorities. The services rendered by the applicant during the period 01.07.2017 to 31.12.2018 attract GST ...

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Services rendered by GTA liable to GST under RCM: Consignment note not must

In re Uttarakhand Forest Development Corporation (GST AAR Uttarakhand)

In re Uttarakhand Forest Development Corporation (GST AAR Uttarakhand) As per the provisions of section 9(3) of Act, the Government may, on the recommendations of the Council, by notification, specify categories of supply of goods or services or both, the tax on which shall be paid on reverse charge basis by the recipient of such [&hellip...

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Notification No. 26/2020-Customs (N.T./CAA/DRI), Dated: 21.05.2020

Notification No. 26/2020-Customs (N.T./CAA/DRI) (21/05/2020)

Notification No. 26/2020-Customs (N.T./CAA/DRI) MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (DIRECTORATE OF REVENUE INTELLIGENCE) NOTIFICATION New Delhi, the 21st May, 2020 Notification No. 26/2020-Customs (N.T./CAA/DRI) S.O. 2039 (E).—In pursuance of notification No. 60/2015-Customs (N.T.),...

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SC grants controlled discretion to Adjudicating Officer | Section 15J | SEBI Act

Adjudicating Officer Vs Bhavesh Pabari (Supreme Court India)

SC grants controlled discretion to Adjudicating Officer under Section 15J of The SEBI Act The Supreme Court of India ruled in Adjudicating Officer, SEBI v. Bhavesh Pabari (Bhavesh Pabari) granting back the discretionary power to Adjudicating Officer (AO) under supervision and scrutiny of the court. It overruled its previous decision...

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Comparative Study regarding Treatment of Depreciation

Comparative Study Regarding Treatment of Depreciation As per Companies Act, 2013 and Income-tax Act, 1961 This Article Provides the Comparative Study on Depreciation as per Companies Act, 2013 and Income-tax Act, 1961. Depreciation is calculated by business enterprises for two purposes – 1.) Accounting Purpose: In accountancy, depreciat...

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SC teaches Court etiquettes to erring lawyer

Covid pandemic has ushered in a new era and have brought  in new concepts and ways of working in different spheres of life. Our legal system has also undergone a complete change and Video Conferencing Hearings have become the order of the day. The Apex Court and various High Courts are virtually hearing important matters […]...

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50% school fees waiver PIL dismissed by HC as no School been made respondent

Dr. Binu Varghese Vs State of Maharashtra (Bombay High Court)

Although relief has primarily been claimed against the schools, the management of not a single school has been impleaded as a respondent by the PIL petitioner. Obviously, granting the prayers of the PIL petition in the absence of the schools would amount to breach of principles of natural justice....

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Foreign Remittance: TDS u/s 195: Reimbursement of Expenses

Taxability of Reimbursement of expenses has always been a contentious issue. In most of the cases, assessee gets away with non-taxability of reimbursement of expenses on the plea of no profit element. However, in some cases, even without profit element, tax authorities and courts have held reimbursement of expenses as income of recipient ...

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Calculation of Arm’s Length Price-Section 92C of Income Tax Act, 1961

A transaction in which the buyers and sellers of a product act independently and have no relationship to each other. The concept of an arm's length transaction is to ensure that both parties in the deal are acting in their own self interest and are not subject to any pressure or duress from the other party...

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Scheme for Street Vendors -PM SVANidhi scheme

Ministry of Housing & Urban Affairs Scheme of Special Micro-Credit Facility launched for Street Vendors – Striving towards Atmanirbhar Bharat Posted On: 19 JUN 2020   A Memorandum of Understanding has been signed between Ministry of Housing & Urban Affairs and Small Industries Development Bank of India (SIDBI), here today, ...

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Measures taken of GST Audit while finalizing Books of accounts & preparation of Balance sheet

Measures taken of GST Audit while finalizing Books of accounts & preparation of Balance sheet Every business organization is engaged in finalizing books of accounts and preparation of Balance Sheet for each financial year. It becomes important to understand the legal provisions under GST law while finalizing books of accounts and prep...

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Reduction in Contribution to the Provident Fund – 14 FAQs

Due to the adverse effects of COVID-19 on the economy, the Government has released several relief measures to increase liquidity in the economy. Prominent measures have been announced pertaining to the Employee’s Provident Fund Scheme....

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Relaxations in Companies Act Compliances due to COVID 19

In this article author shall discuss about Relaxation given by MCA in Compliances of Companies Act, 2013 due to COVID-19 Situation, Amendment made by MCA due to Pandemic Situation in Country and . Relaxations from many Due Dates for Filing of Forms, holding of Meetings etc. MCA has issued 23 Notifications and Circulars between between [&h...

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Importance of Contract in Business & Lawyers in contract drafting

To Business Like-minded = Understand Contract, its Importance, Why Contract, For What Contract and Why Lawyers A Contract is an enforceable agreement between two or more Parties that can be enforced by a court of law and has the consensus ad idem of the Parties to the Contract. In all areas of life we make […]...

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Summary of Ind AS 41 Agriculture

Objective of the Standard:- ♦ Ind AS 41, Agriculture is the first standard that specifically covers the Accounting and Reporting requirements for the Primary sector. Prior to this standard, there were no established guidance on Agriculture and Allied Industry. ♦  This standard introduces a Fair Value model to Agriculture accounting w...

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