CBIC on Twitter on 26.06.2020 As part of COVID relief package announced in March 2020, a conditional waiver of late fee had been provided for all the taxpayers. Accordingly, for taxpayers having turnover more than Rs. 5 Cr., late fee waiver on GSTR 3B returns for the tax period February, March and April, 2020 was […]
Whether interconnection usages charges (IUC) is in the nature of fees for technical services and whether the assessee is liable for TDS under section 194J of Income Tax Act, 1961?
Dr. Udayant Malhoutra Vs SEBI (Securities Appellate Tribunal, Mumbai) 1. The present appeal has been filed against an ex-parte order dated June 15, 2020 passed by the Whole Time Member (‘WTM’ for short) of Securities and Exchange Board of India (‘SEBI’ for short) directing the appellant to deposit a sum of Rs. 2,66,59,215/-plus interest till […]
Cancel the EWB: Supplier of goods can cancel the EWB, within 24 hours of its generation, subject to the condition that the EWB has not already been verified by the Proper Officer. Later on, same invoice number can be used for generation of another EWB.
The issue under consideration is whether TDS under section 194H is applicable from payment of bank guarantee commission to the bank?
Composition Scheme under section 10 of CGST Act, 2017- Great Initiative for Small Tax payers under GST Act Composition Scheme {Section 10 of CGST Act, 2017} -Composition Scheme is a simple and easy scheme under GST for taxpayers. -Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of […]
It is important to note that the industry was waiting for definition change in MSME for quite a long time. As there was fear among MSME that if they grow in terms of number, they might lose the title of being MSME and lose benefits of Government provided for MSME.
On occurrence of default in repayment of financial debt of a company or LLP, the financial creditor either by itself or jointly with other financial creditors, or any other person on behalf of the financial creditor, as may be notified by the Central Government can file an application for initiating corporate insolvency resolution process(CIRP) against the company or LLP (In IBC say, corporate debtor) before the Adjudicating Authority(NCLT).
We come across a common saying ‘Cash is King,’ however idle cash can never generate any interest income, therefore channelizing the idle money into digital mode shall generate income. The Cashless economy is a system where majority of transactions take place by modes other than cash. These modes may be credit cards, debit cards, wallets or digital modes where flow of cash is non-existent or is bare minimum.
A Board report is a document produced by the board of directors under the requirements of The Companies Act, 2013, which details the state of the company and its compliance with a set of financial, accounting and corporate social responsibility standards. The requirement for directors’ reports arose out of a general move for greater transparency in corporate governance. It is useful for […]
