"01 July 2020" Archive

Eligibility & Conditions for taking ITC under GST Regime

‘Input Tax’ in relation to a taxable person, means the Goods and Services Tax charged on any inward supplies of goods/services which are used or intended to be used, during or in furtherance of business. Fulfilment of Input Tax Credit under GST and conditions to claim is one of the most critical activities for every […]...

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Rule 67A Manner of furnishing GSTR 3B by SMS facility

Notification No. 58/2020 – Central Tax/G.S.R. 426(E) (01/07/2020)

CBIC notifies GST Rule 67A which specifies Manner of furnishing of return or details of outward supplies (Form GSTR 3B) by short messaging service (SMS) facility. Central Goods and Services Tax (Eighth Amendment) Rules, 2020. Notification No. 58/2020 – Central Tax Dated: 1st July, 2020.  Filing of Nil GSTR-1 by SMS Manner of furnishing...

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Merchant Trade Transaction versus High Sea Sales under GST

The Gujarat Advance Ruling Authority Ruling in the case of M/s Sterlite Technologies opens the floor to a whole new debate on an issue which seemed to have been well settled. The Issue of taxability of supply of goods from a place outside India to another place outside India without such goods entering into India.” […]...

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Waiver or reduction of Late fees – GSTR 3B

GST Compliance relaxations – Waiver or reduction of  Late fees – GSTR 3B  CBIC has issued Notification No. 57/2020-Central Tax dated 30-06-2020 waiving/reducing late fees on filing of GSTR 3B for the months of May 20 to July 20 by 30th September 20. This relief is for all class of normal  taxpayers (Turnover below 5 […]...

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33 Mistakes which you should not do in your GST Returns

What is necessary in GST -Today 3 years have passed since the enactment of GST laws, many mistakes are still being committed by GST tax payers while filing GST returns particularly GSTR-3B and GSTR-1 due to negligence, oversight or due to lack of conceptual clarity on various provisions of the GST Acts and Rules. – […]...

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IGST Act 2017 Updated Till June 2020

In this Article Author compiled  Integrated Goods & Services Tax  Act 2017 (IGST Act 2017) with all notification / Acts issued and changes which occurred till Till 28th June 2020. Books contains all Section of IGST Act 2017. Book is Updated by By Ghanshyam Upadhyay and Praveen Upadhyay Disclaimer: The contents of this article are [&...

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Section 10A benefit allowed on Enhanced Income pursuant to MAP Resolution

Dell International Services India Private Limited v. DCIT (ITAT Bangalore)

Dell International Services India Private Limited v. DCIT (ITAT Bangalore) Benefit of Section 10A of the Act is Allowed on Enhanced Income Pursuant to Mutual Agreement Procedure (MAP) Resolution Outcome: In favor of Assessee Facts: 1. During the relevant year, the assessee has provided ITeS and Software Development Services (SWD) of INR 6...

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Punjab HC allows private schools to collect tuition/admission fee

Independent Schools' Association Chandigarh (Regd.) & others Vs State of Punjab and others (Punjab & Haryana High Court)

Independent Schools’ Association Chandigarh (Regd.) & others Vs State of Punjab and others (Punjab & Haryana High Court) High Court held as follows:- (a) The schools are permitted to collect their admission fee, henceforth. (b) All schools irrespective whether they offered online classes during the lock-down period or not, a...

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Striking Off Name of Companies under Companies Act, 2013

SECTION 248 OF COMPANIES ACT, 2013 DEALS WITH POWER OF REGISTRAR TO REMOVE NAME OF COMPANY FROM REGISTER OF COMPANIES Removal of name from register of companies may be : (1) By Registrar (2) By the Company on its own Removal of Name from Register of Companies by Registrar Procedure of Removal of Name of […]...

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FM: Strive to make GST Tax Administration simple

Release ID: 1635730 (01/07/2020)

On GST Day, 2020 FM highlighted that GST has come a long way in simplifying the GST Tax Administration based on feedback from stakeholders. GST has been instrumental in Breaking Barriers to build an AatmaNirbhar Bharat and taking forward the motto of One Nation One Tax One Market....

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Direct tax compliance calendar

Due to persisting COVID-19 pandemic and challenges faced by taxpayers, Government has further extended dates for various direct tax compliances. These are notified at regular intervals from time to time. Article compilesExtended due dates of filing TDS / TCS Returns : Quarterly, Extended due date of furnishing Form 16 / Form 16A: Quarterl...

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ICAI Extends time period for registration in Foundation Course

ICAI- Extension of time period for registration in Foundation Course from 30th June, 2020 to 31st August, 2020 for appearing in Foundation Examination to be held in November, 2020...

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Importance of CA/Finance Professional In Covid -19 Times

The role of a CA/Finance Professional in an organization is a very challenging, particularly in adverse circumstances, such as what we are presently going through. Effective and robust CA coaching often prepares professionals to handle such grim situations....

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Trust- Definition, Registration, Taxability, Exemption & Return Filling

Introduction:- Trust formed for charitable or religious purposes which are not intended to do commercial activities are allowed various benefits under the Income-Tax Act, inter-alia, and exemption under section 11. Section 2(15)​ of the Income Tax Act defines “charitable purpose” to include relief of the poor, education, medical...

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Prospective Application of Notification raising IBC threshold for CIRP

Arrowline Organic Products Pvt. Ltd. Vs Rockwell Industries Limited (National Company Law Tribunal)

The Tribunal held that in the absence of any power of recall or review being available to the Tribunal, the present case at hand does not fall within the confines of Section 420 of the Companies Act, 2013 nor Rule 11 of the NCALT Rules, 2016. As recourse, the Applicant should have approached the Appellate Tribunal under Section 61 of the ...

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If Agent paid remuneration on ALP & taxed in India no further taxation in the hands of DAPE

OT Africa Line Limited (now known as Delmas UK Limited) Vs DDIT-nternational Taxation (ITAT Mumbai)

Whether the agent in India was a ‘Dependent Agent’ constituting a permanent establishment (PE) and the appellant was, therefore, liable to be taxed as per India UK DTAA?...

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GSTN launches SMS facility for Nil Filing of GSTR-1

Goods and Services Tax Network (GSTN), the technology backbone of GST system, has launched the facility of NIL filing ofGSTR-1 through SMS. This will benefit approximately 12 lakh taxpayers who can now file their return without login to the GST portal....

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What Will Be The Taxable Income In India For A Non-Resident?

We all know that taxation of a Non-resident in India is discussed more than often. There is one of the major amendment in section 6 of the Income-tax Act dealing with the residential status in India. An insertion of clause 1(A) and amendments to the existing sub-clause (c) by the Finance Act 2020, has bought […]...

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GSTR-3B Return – Late Fee Waiver given By CBIC

Recently vide notification No.52/2020-Central Tax, dated 24.06.2020 has been issued. Late fees payable on delay filing of GSTR-3B return has been waived subject to conditions of filing the GSTR-3B return within due dates specified therein in the notification itself. Summary below is the for easy way for taxpayers :- A – Taxpayer having ...

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SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/21 (01/07/2020)

1. These regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette....

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Udyam Registration Process by MSMEs

The Ministry of Micro, Small and Medium Enterprises (MSMEs) vide its publication of notification in Gazette of India dated 26th June, 2020 has specified the new form and procedure for filing the memorandum to be known as ‘UDYAM REGISTRATION’  with effect from 1st day of July, 2020. Highlights of new process of MSME registrati...

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SEBI (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/20 (01/07/2020)

These regulations may be called the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2020. They shall come into force on the date of their publication in the Official Gazette....

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Using the Most Favoured Nation (‘MFN’) clause for better cash flows

Everyone is conversant with the proverb ‘Old wine in new bottles‘.  On similar lines, the Finance Act, 2020 shifts the incidence of taxation of dividends in the hands of shareholders by abolishing the DDT regime.  Under the new regime (effective 1 April 2020), the dividends earned by foreign shareholders are usually subject ...

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ICAI issues revised Code of Ethics applicable from 1st July 2020

ICAI issued revised 12th edition of Code of Ethics which  has come into effect from 1st July, 2020. Code of Ethics are in 3 Volumes. Due to the prevailing situation due to Covid-19, few provisions of Volume-I of Code of Ethics, 2020 are been deferred till further notification. Ethical Standards Board The Institute of Chartered […]...

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Territorial Jurisdiction of A Court For Enforcement of Award

Glencore International AG Vs Hindustan Zinc Limited (Delhi High Court)

The Court examined the contentions of the Petitioner that the Respondent had Bank Accounts and other moveable properties within the territorial jurisdiction of New Delhi along with the Administrative Office. Further, the Respondent submitted that the immovable property was on lease and not owned by the Respondent. However, the Court no...

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Co-op credit society Eligible for Section 80P(2)(a)(i) deduction

JCIT Vs Kanchangauri Mahila Sahakari Patpedhi Maryadit (ITAT Mumbai)

The issue under consideration is whether CIT(A) is correct in deleting the addition on account of disallowance u/s 80P(2)(a)(i) of the I.T. Act?...

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A Complete Guide on GSTR-7 Return: Eligibility, Due Date & Late Fees

GSTR-7 is filed every month by the taxpayers who deduct TDS as per the GST regulations. The GSTR 7 return form includes the details of tax deducted at source, TDS liability that has been paid or is payable, TDS refund claimed (as per Section 54 of CGST Act, 2017), interest, late fees paid/payable. GSTR-7: Meaning […]...

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Acquisition & Transfer of Immovable Property In India : Fema & International Taxation Perspective

Acquisition And Transfer of Immovable Property In India: FEMA and International Taxation Perspective ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY – A NRI or an OCI may acquire immovable property in India other than an agricultural land or farm house or plantation property. POI as a category is no longer eligible to acquire immovab...

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MSMEs Udyam Registration Portal Operational from 01.07.2020

Release ID: 1635713 (01/07/2020)

As per new classification and procedure for registration of MSMEs, the portal of Ministry of MSME https://udyamregistration.gov.in is operational from today. Enterprises and entrpreneurs can register on it. A very comprehensive portal has been launched today by the M/O MSME for registration of MSMEs. The portal named https://udyamregistra...

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Sales Promotion expenses for publicity of brand name allowable

DCIT Vs Mail Today Newspapers Pvt. Ltd (ITAT Delhi)

Whether CIT is correct in allowing expenditure on advertisement & sales promotion of product & brand promotion by considering it as Revenue in nature?...

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Commencement of limitation period to file application under Section 9 of IBC in case of an Arbitral Award of Default

Commencement of limitation period to file application under Section 9 of IBC in case of an Arbitral Award of Default Applicability of the Limitation Act, 1963 to proceedings under Insolvency and Bankruptcy Code, 2016 (IBC) had long been a debated issue. Initially, as IBC was silent on this issue, NCLAT in M/s Neelakanth Township and [&hel...

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Extension of Due Dates Under Income Tax Act due to Lockdown

EXTENSION OF DUE DATES UNDER INCOME TAX ACT- RELIEF MEASURE UNDER THE LOCKDOWN I. The Ministry of Finance, had announced few relief measures under the Income Tax Act, to the assesse under the pandemic COVID-19 by extending certain due dates in the The Taxation And Other Laws (Relaxation of certain Provisions) Ordinance, 2020 which was [&h...

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Colgate Palmolive: Detained goods released on deposit of Tax & 10% penalty

Colgate Palmolive India Ltd. Vs State of Gujarat (Gujarat High Court)

The issue under consideration is regarding the show cause notice issued by GST department to Colgate Palmolive India Ltd for detention of goods....

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Revised Small Savings Scheme interest rates w.e.f. 01.07.2020

SB Order 24/2020 (01/07/2020)

Rate of interest w.e.f 01.07.2020 to 30.09.2020 on Small Savings Scheme i.e. Post Office Savings Account, 1,2,3,5 Year Time Deposit, 5 Year Recurring Deposit Scheme, Senior Citizen Savings Scheme, Monthly Income Account, National Savings Certificate (VIII Issue), Public Provident Fund Scheme, Kisan Vikas Patra and Sukanya Samriddhi Accoun...

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Interpretation of some important points relating to MSME & CFSS Scheme

Point no-1 Whether we need to update the information and transition period in classification, every year? As we know ministry of MSME has issued a notification as on 26th June 2020 which notifies certain criteria for classifying the enterprises as micro, small, and medium enterprise and specifying the form and procedure for filling memora...

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Equalisation Levy- Specified Services Vs. E-commerce Supply of services

Difference Between Equalisation Levy (El) on Specified Services and on E-commerce Supply of services The Finance Act 2020 has now been amended to impose an Equalisation Levy of 2% on consideration received by ‘e-commerce operator’ for e-commerce supply of goods or service. While the levy was initially imposed on B2B transactio...

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Striking off The Company U/S 248 of Companies Act, 2013

Striking off the Company under section 248 of the Companies Act is one of the easiest method for winding up.In this article author has tried to explain the procedure of strike off the company in FAQ manner  answering the question like What are the conditions under which the registrar can strike off the name of […]...

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Things to keep in mind while filing income tax return (Individuals)

Income tax return filing is a nightmare for many, but its a task that needs to be done by any person liable to pay tax/claim refund. There are certain things which you need to know when you file your ITR, more importantly if you are a first timer. It is not just a penalty and […]...

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Analysis of Issues In Income Tax Search & Seizure Operations

Article covers 5 Issues In Income Tax Search & Seizure Operations which includes Issues In Income Tax Search & Seizure Operations  Search Assessment 1. Where the Assessing Officer of the Searched and Other Person Is Same 2. Whether the Assessee Can Lodge the New Claims, Claim Deductions and claim Reliefs 3. Whether Notice Under S...

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Relaxation from compliance to REITs & InvITs due to CoVID-19

Circulars No. SEBI/HO/DDHS/DDHS/CIR/P/2020/114 (01/07/2020)

SEBI further extends due date for regulatory filings and compliances for REIT and InvIT for te period ending March 31, 2020 by a month over and above the extended timelines specified vide the aforementioned  Circular....

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Due Date for Filing Refund of Voluntary Deposit under MVAT extended

Notification No. VAT-1520/CR. 64/Taxation-1 (01/07/2020)

For refund of MVAT Voluntary Security Deposit, date of application has been extended from 31/03/2019 to 31/03/2021 by Maharashtra Government Notification No. VAT-1520/CR. 64/Taxation-1 dated 1st July 2020. FINANCE DEPARTMENT Madam Cama Marg, Hutatma Rajguru Chowk, Mantralaya Mumbai 400 032, dated the 1st July 2020 NOTIFICATION MAHARASHTRA...

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SEBI SOP in cases of Trading/Clearing Member leading to default

SEBI/HO/MIRSD/DPIEA/CIR/P/2020/115 (01/07/2020)

On analysis of early warning signals or any of the following triggers, if the SE / CC is of the view that the TM / CM is likely to default in the repayment of funds / securities to its clients and / or fail to meet the settlement obligations...

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1st July 2020 | GST Day | Three Years of GST | Opinion of Eminent Professionals

CA Sudhir Halakhandi My Good wishes on the third anniversary of GST . Today is 1st. July 2020 and now 3 years have been passed since introduction of Goods and Service Tax in India. Now the time has come when we should analyse the performance of GST in our country. I have written so many […]...

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Distressed Assets Fund- Subordinate Debt for Stressed MSMEs

RBI/2020-21/09 DoR.BP.BC.No.01/21.04.048/2020-21 (01/07/2020)

RBI decided to permit banks to reckon the funds infused by the promoters in their MSME units through loans availed under the captioned CGTMSE scheme as equity/quasi equity from the promoters for debt-equity computation. Reserve Bank of India RBI/2020-21/09 DoR.BP.BC.No.01/21.04.048/2020-21 Dated: July 1, 2020 All Scheduled Commercial Bank...

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Penalties on bank branches based on customer service performance

RBI/2020-21/08 DCM (CC) No.G-1/03.44.01/2020-21 (01/07/2020)

Master Circular on the Scheme of Penalties for bank branches including currency chests based on performance in rendering customer service to members of public...

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Exchange soiled / mutilated / defective notes & Accept Coins: RBI to Banks

RBI/2020-21/07 DCM (NE) No.G-3/08.07.18/2020-21 (01/07/2020)

 All branches of banks in all parts of the country are mandated to (i) Issuing fresh / good quality notes and coins of all denominations on demand, (ii) Exchanging soiled / mutilated / defective notes, and (iii) Accepting coins and notes either for transactions or exchange....

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Master Circular 2020- Disbursement of Government Pension by Agency Banks

RBI/2020-21/06 DGBA.GBD.No.01/31.02.007/2020-21 (01/07/2020)

Reserve Bank of India RBI/2020-21/06 DGBA.GBD.No.01/31.02.007/2020-21 July 01, 2020 All Agency Banks Dear Sir/Madam Master Circular – Disbursement of Government Pension by Agency Banks Please refer to our Master Circular RBI/2019-20/57 dated September 9, 2019 on the above subject. We have now revised and updated the Master Circula...

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Master Circular 2020– Lead Bank Scheme

RBI/2020-21/05 FIDD.CO.LBS.BC.No.1/02.01.001/2020-21 (01/07/2020)

Lead Bank Scheme was introduced by the Reserve Bank of India in December 1969. The Scheme aims at coordinating the activities of banks and other developmental agencies through various fora in order to achieve the objective of enhancing the flow of bank finance tothe priority sector and other sectors and...

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Master Circular 2020 – Detection & Impounding of Counterfeit Notes

RBI/2020-21/04 DCM (FNVD) G–2/16.01.05/2020-21 (01/07/2020)

Notes determined as counterfeit shall be stamped as COUNTERFEIT NOTE and impounded in the prescribed format . Each such impounded note shall be recorded under authentication, in a separate register....

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Master Circular 2020 on Conduct of Government Business by Agency Banks – Payment of Agency Commission

RBI/2020-21/03 DGBA.GBD.No.2/31.12.010/2020-21 (01/07/2020)

Transactions relating to the following government business undertaken by agency banks are eligible for agency commission paid by RBI: a. Revenue receipts and payments on behalf of the Central/State Governments b. Pension payments in respect of Central / State Governments and c. Any other item of work specifically advised by Reser...

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Master Circular 2020 on SHG-Bank Linkage Programme

RBI/2020-21/02 FIDD.FID.BC.No.02/12.01.033/2020-21 (01/07/2020)

Banks should provide adequate incentives to their branches in financing the Self Help Groups (SHGs) and establish linkages with them, making the procedures simple and easy. The group dynamics of working of the SHGs need neither be regulated nor formal structures imposed or insisted upon....

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Special liquidity scheme for NBFCs/HFCs

RBI/2020-21/01 DoR (NBFC) (PD) CC.No.113/03.10.001/2020-21 (01/07/2020)

The Government of India has approved a scheme to improve the liquidity position of NBFCs/HFCs through a Special Purpose Vehicle (SPV) to avoid any potential systemic risks to the financial sector. To be eligible under the Scheme, the following conditions should be met:...

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Accounting for leases

Leases is one of the important accounting standard on which detailed improvements /modifications has been made in recent times. Therefore, this article is an attempt to demystify the relevant accounting standard on Leases. My attempt is to present the relevant standards in simple language. Following are the relevant standards relating wit...

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जीएसटी की कहानी

जीएसटी भारत में ये भारत में जुलाई 2017 से लगने वाले जीएसटी की कहानी है और इसके मुख्य रूप से दो भाग है एक तो आप मान कर चलिए इतिहास है कि भ...

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Unconstitutional? Notification dated 24.1.2020 issued by President for merger of UT of Daman & Diu

A. BRIEF BACKGROUND OF AMENDMENTS 1. Section 2(114) of the Central Goods and Services Tax Act, 2017 before amendment made under Article 240 of the Constitution read as under; “Union territory” means the territory of— (a) the Andaman and Nicobar Islands; (b) Lakshadweep; (c) Dadra and Nagar Haveli; (d) Daman and Diu; (e) Chandigarh; ...

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Financial Stringency is reasonable cause for Not levying section 221(1) Penalty

DCIT Vs Tulip Star Hotels Ltd. (ITAT Delhi)

Whether CIT(A) is correct in deleting the penalty levied u/s 221(1) by the AO on the ground that assessee has paid the self assessment  after the date of filling of return of income?...

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Furnishing details of outward/Inward supplies/GST returns/First Return | Section 37-40 | CGST Act 2017

Simplified GST Series- Returns/Section 37-40/CGST ACT 2017- Article discusses Section 37- Furnishing details of outward supplies, Section 38-Furnishing details of inward supplies, Section 39- Furnishing of GST returns and Section 40-First GST Return of /CGST ACT 2017-. Section 37- Furnishing details of outward supplies (1) Every registere...

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New MSME Classification Criteria Based on Investment & Turnover

Article discusses Classification of Enterprises as Micro, Small and Medium Enterprises (MSME) W.E.F. 01.07.2020 as amended vide Notification S.O. 2119(E) dated 26th June 2020. (1) Criteria for Classification of Enterprises as MSME (2) Become MSME *Any person intends to establish a MSME may file Udyam Registration online in the Udyam Regis...

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Important Extensions for Tax Payments for 2020-21

It could be assumed from the current scenario created by the COVID-19 has affected business functioning and revenues and it’s time for the Government of India and its citizen to come together and help each other.  Understanding the situation of the public, a notification has been issued by the Central Board of Direct Taxes (CBDT) u...

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MSME-New Classification and UDYAM Registration

In this Article, I shall discuss about the Classification of MSME, New MSME Classification criteria, Registration Procedure for new and existing enterprise and Benefits of MSME Registration. MSME registration shall be known as “UDYAM REGISTRATION” The MSME Notification passed on 26th June, 2020 will be effective from 1st day of July, ...

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Work Visa requirement in India

Article explaind Types of Indian visas, Conditions to be fulfilled for grant of a Business visa, Eligibility for a Business Visa, Duration of a Business Visa, Documents to be submitted along with application for a Business Visa,  Conditions to be fulfilled for grant of an Employment visa, Other categories of foreign nationals eligible fo...

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CSR Rules, Accounting and Taxation- FAQs

It has been observed that CSR funds have been allocated to hospital or doctors for construction of hospital building or  for their day to day OPD; while doctors are charging Rs 1000 to Rs 1500 per patient. Then, what is the public benefit arising out of CSR activity of this type ?...

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Interesting Cases for TDS u/s 195 – Foreign Remittance from India

Withholding taxes u/s 195 in respect of transactions with Non-Residents has always been a bone of contention between Assessee and tax authorities. Though liability for deduction of TDS is clear in respect of some transactions like royalties, fees for technical services, interest etc., ...

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Proof of Identity, Address & Date of birth for PAN/TAN application

Recently CBDT has prescribed 4 more documents acceptable as ‘Proof of date of birth’ for PAN Application vide Notification No. 38/2015, Dated: April 10, 2015. After Considering this and earlier Notification we have compiled List of Documents acceptable as proof of identity, proof of address and proof of date of birth as per Rule 114 ...

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Details of Various Types of PAN Applications

Download Revised Form No. 49A in for Application for Allotment of Permanent Account Number for residents, Revised Form No. 49AA Application for Allotment of Permanent Account Number for Foreign Companies, Citizens and Foreign Entities as applicable from 16.05.2014....

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Sale of Developed Plots of Land To Attract GST Levy

Under the GST framework of India, no GST is charged on the sale of land or building GST as it is subject to stamp duty. Still, questions arose whether in case of the sale of a developed plot of land that comes with amenities including underground cables, roads, and water pipelines. Recently, the Gujarat Authorities for Advance Ruling...

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SEBI Updates from 25th June 2020 to 30th June 2020

Article compiles 5 Circulars issued by SEBI between 25.06.2020 to 30.06.2020 which related to Collection of stamp duty on issue, transfer and sale of units of AIFs, Relaxation in Timelines for compliance with regulatory requirements, Guidelines for Portfolio Managers- Extension of Implementation timeline, Relaxation of Gap between two boa...

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IRDAI Working Group to study suitability of offering of Surety Bond

Ref. No: IRDAI/NL/ORD/MISC/170/07/2020 (01/07/2020)

Due to the COVID 19 pandemic and consequent economic impact on liquidity and cash flow issues in the Indian Banking sector, the Ministry of Road Transport and Highways (MORTH), Government of India, has requested to examine possible offering of Surety Bondby the general insurance companies....

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Due Date of Filing Form DPT-3 for Financial Year 2019-20

DPT–3 form is the statement return which is required to be filed by every company other than a Government Company and a class of company specify, which has accepted deposits under section 73 of the Companies Act, 2013 (‘Act’) and rules made thereunder. Generally, every amount accepted from public (including members) is treated as pu...

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All About One Person Company (OPC) with FAQs

Article explains Section and Rules of Company Law Applicable to One Person Company (OPC), Forms Applicable to One Person Company (OPC), FAQs on One Person Company (OPC) and Points to be kept in mind while drafting MOA and AOA of OPC. Section and Rules of Company Law Applicable to One Person Company (OPC) Rule 3, […]...

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Can Financial Markets Predict Banking Distress? Evidence from India: RBI study

R.B.I. periodically publishes its research papers titled “Occasional papers” every year. On March 17, 2020, it published one under the title ‘Can financial markets predict banking distress: evidence from India’ which was undertaken by Dr. Snehal S. Herwadkar, Director and Mr. Bhanu Pratap, Manager in the Department of Economic and...

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Has your Competitor usurped your brand Here’s a way to undo it

Every entrepreneur or a brand owner aims to attain brand recognition in the market and accordingly invests his time, money and energy to attain the same. During their journey, they often overlook the benefits of brand protection and fail to obtain a trademark registration. This mistake, in turn, becomes an opportunity for their competitor...

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ESI Return due date Extended till 15th July, 2020

No.P-11/12/Misc./1/2019(M) Rev.II (01/07/2020)

ESI Return due date Extended for October – 2019 to March 2020 Period In continuation to the Employees State Insurance Corporation, Circular no. P-11/12/Misc./1/2019(M)-Rev.II dated 18th March, 2020 ESIC department has further extended the due date and provide Relaxation of time limit for filing and depositing ESI Contribution for the mo...

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Relaxations related to Board meetings & Independent Directors

 Further relaxations by the Ministry of Corporate Affairs till September 30, 2020 for conduct of Board meetings to approve its financial statements through VC or OAVM and registration of Independent Directors in the Independent Directors Data Bank....

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Loans worth more than Rs 1 lakh crore sanctioned under ECLGS

Under the 100 % Emergency Credit Line Guarantee Scheme (ECLGS) backed by a Government guarantee , Banks from Public & Private Sectors have sanctioned loans worth over Rs. 1 lakh crore as of June 26, 2020, of which more than Rs 45,000 crore has already been disbursed.  This would help more than 30 lakh units of MSMEs & other businesses re...

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Independent Director -Brief Background for Databank Registration

‘Independent directors’ is a very important topic and there are various interpretation issues which everyone faces while explaining or reading the topic but still we have good examples which will ensure to understand this concept in a better manner. It’s a Great Move of Ministry of Corporate Affairs which do regulates the fu...

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Site where employees are deputed for machine maintenance qualifies as fixed establishment : AAR

In re IZ-Kartex named after P G Korobkov Ltd (GST AAR West Bengal)

In re IZ-Kartex named after P G Korobkov Ltd (GST AAR West Bengal) It is evident from the above discussion that the MARC Holder maintains suitable structures in terms of human and technical resources at the sites of BCCL. It ensures supervision of the equipment, supply of spares and consumable and overheads for 5000 annual […]...

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December 2020