The Government ordinance to empower Reserve Bank of India to supervise the Urban Co-operative Banks is a welcome step in the right direction so that they have a control over the affairs and performance and particularly the lending portfolios of the Urban Co-operative Banks. Many of them are already under RBI watch list with some […]
Company Law Fresh Settlement Scheme Question: Whether there is any extension in Due Date of DPT-3? As per the Companies Act, 2013, the Due Date of filing of DPT-3 is June 30, 2020 on an annual basis. However, due to CoVID-19 pandemic, many Companies cannot file this form until June 30, 2020. Therefore, Ministry of […]
Company Law Fresh Settlement Scheme Question: Whether the e-Form CFFS-2020 required to be filed for the forms which have been filed within due dates during the vouge of the scheme? Ministry of corporate Affairs (MCA) had in the circular dated 24 March, 2020, provides for a moratorium on delay in filing of form till September […]
Note on Section 115BAC & Income Tax Notification No. 38/2020 dated 26.06.2020 Sec 115BAC – Tax on income of individual and Hindu undivided family is introduced in Finance Act, 2020 which is applicable to financial year commencing from 1.4.2020. This section gives an option to an individual assesse to get it assessed under this section […]
Standard operating Procedure case of Trading Member / Clearing Member leading to default. Relevant Circular: SEBI Circular No. SEBI/HO/MIRSD/DPIEA/CIR/P/2020/115 dated 01.07.2020 To Protect the of non-defaulting clients of a Trading members/Non defaulting Clients/TMs of the Clearing Members in the likely event of default by TM/CM, there is a need for Standard Operating System or procedure. […]
The Government issue various ordinances which become the law for time being in force. However, there is, mostly, confusion in the mind that for what time the ordinance will remain in force. Whether it will remain in force for six weeks or six months.? Now, in this Article, we will discuss the Ordinance making power […]
New criteria for classification of Micro, Small and Medium Enterprises – GAZETTE NOTIFICATION – 26th June, 2020 The Government has always been in favor of providing benefits to Micro, Small and Medium Enterprises (MSMEs). There are many benefits of MSME registration in India, which can be only availed if the business had registered itself as […]
ICAI Press Release ICAI signs MoU with Service Export Promotion Council (SPEC) The Government of India had declared Accounting and Finance services sector as one of the 12 Champion sectors.The Institute of Chartered Accountants of India (ICAI) has been working towards formulating & implementing an Action Plan for this Champion Sector under the guidance of […]
In re Karma Buildcon (GST AAR Gujarat) Question 1. What will be the value of supply for the transaction of sale of residential/ commercial property with undivided rights of land? Answer : The value to be arrived in terms of deeming provision of Para 2 of Notification no. 11/2017-CT (Rate) dated 28.06.2017, as amended by […]
In re Giriraj Quarry Works (GST AAR Gujarat) (i) What is the classification of service provided in accordance with Notification 11/2017-CT (Rate) dated 28.06.2017 read with annexure attached to it, , for which royalty is being paid. Ans. The activity undertaken by the applicant is classifiable under Heading 9973 (Leasing or rental services, with or […]
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