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"26 June 2020" Archive

Ind AS Accounting for foregoing MAT Credit pursuant to Section 115BAA

Consider a situation where RST Limited was a loss making company. Ind ASs were adopted by this company from the year 2016-17. Since FY 2014-15 it has started to profits it was having accumulated MAT credit of Rs. xyz crores lying in the books of accounts as on 31.03.2019....

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Posted Under: Income Tax |

Important Dates for filing GSTR-3B & GSTR-1 for availing benefit of Interest & Late Fees

Important Dates for filing GSTR-3B and GSTR-1 for availing benefit of Interest & Late Fees considering recent GST Notifications, Circulars, Orders, Instruction issued by CBIC on 24th June 2020. 1. Full Waiver of Late Fees for filing FORM GSTR-1 vide Notification No. 53/2020 – CT dt 24.06.2020 Sr. No Class of Registered Person Fo...

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Posted Under: Income Tax |

Use of acronym ICAI by Institute of Cost Accountants of India

This section in no way refers to the Acronym ICAI. The Institute of Cost Accountants of India in no way has used a Name or Common Seal which is identical with the name or the common seal of the Institute of Chartered Accountants of India. Thus, the alleged violation is completely wrong....

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Posted Under: Income Tax |

Analysis of extension of due dates under Income Tax, GST & FTP

Extension of due dates under Income Tax, GST & FTP Recently Central Government has issued Income Tax Notification No. 35/2020 and Notification No. 48/2020-Central Tax to Notification No. 54/2020-Central Tax on 24th June 2020 which relates to extension of Due dates under GST, Law, Income Tax Law and other Laws. In Addition to that Gove...

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Posted Under: Income Tax |

Provisions of Refunds under Customs Act, 1962

Section 26 of the Customs Act, 1962 prescribes provision for refund of export duty, Section 26A of the Customs Act, 1962 deals with refund of import duty in certain cases and Section 27 of the Customs Act, 1962 prescribes claim for refund of duty in case of excess payment duty on importation. The relevant provisions […]...

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Posted Under: Income Tax |

6 Recent Important Amendments in June 2020 under SEBI Law

Article explains about 6 Recent Important Amendments in June 2020 under SEBI Law which includes Further extension of time for submission of Annual Secretarial Compliance Report by listed entities, Guidelines for Order to trade ratio (OTR) for Algorithmic trading, Further extension of time for submission of financial results for quarter/ha...

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Posted Under: Income Tax |

Company Act Compliance Due Dates for Financial Year 2020-2021

Companies Act Compliance Due Dates For Financial Year 2020-2021 in respect of MBP-1- Notice Of Interest By Directors, DIR-8- Conforming Non-Disqualification, DIR-3 KYC- KYC Of Directors, DPT-3- Return Of Deposits, MSME-1- Form Of Outstanding Payment To MSME, BEN-2- Return To The Registrar In Respect Of Declaration Under Section 90, AOC-4-...

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Posted Under: Income Tax |

Calculation of Interest & Late Fees for delay in filing GSTR-3B

Manner of Calculation of Interest & Late Fees for delay in filing of GSTR-3B returns in view of spread of Novel Corona Virus (COVID-19) As we are all aware that the Government has come up with few Notifications on 24th June 2020, for extending the various due dates for filing GSTR -3B return and GSTR 1 […]...

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Posted Under: Income Tax |

SEBI Relaxes Time Gap between Two Board/Audit Committee Meetings

Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/110 26/06/2020

SEBI Relaxation of Time Gap Between Two Board / Audit Committee Meetings Till 31st July 2020 SEBI has vide Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/110 dated 26th June, 2020 has relaxed time gap between two board / Audit Committee meetings of listed entities owing to the CoVID-19 pandemic. Text of the circular is as follows:- Securities a...

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Relaxation for conducting of board meeting through VC or OAVM

Relaxation for conducting of board meeting through video conferencing (VC)  or other audio-visual means (OAVM) till 30th September, 2020 [MCA Notification No. G.S.R. 395(E) dated 23th June, 2020] No doubt, there are lots of matters in any company which required board decisions immediately or frequently. However, Due to COVID-19 outbreak ...

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Posted Under: Income Tax |

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