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Archive: 06 July 2020

Posts in 06 July 2020

Infrastructure sub-sectors business – section 10(23FE) exemption

July 6, 2020 4590 Views 0 comment Print

CBDT specifies business, for the purposes of section 10(23FE)(iii)(b), to be the business which is engaged in the infrastructure sub-sectors mentioned in Updated Harmonised Master List of Infrastructure Sub-sectors vide Notification No. 44/2020- Income Tax dated 6th July, 2020. Section 10 (23FE) provides for exemption to specified income of certain entities including notified SWF & […]

Extension of last date of filing of Form NFRA-2 to 270 days

July 6, 2020 1650 Views 0 comment Print

It has been decided that the time limit for filing of Form NFRA­-2, for the reporting period FY 2018-19, will be 270 days from the date of deployment of this form on the website of National Financial Reporting Authority (NFRA).

GST Interest & Late Fee Auto Calculator for new Extended due dates

July 6, 2020 19401 Views 4 comments Print

GST Interest and Late Fee Auto Calculator Not. No 51 to 57 for New Extended Date February 20 to July 20 Due to Covid -19 Government is changing GST return filing due dates again and again. Further, dates are also bifurcated between different types of assesses with different turnover and principal place of business. The […]

News report of Merger of CBIC & CBDT is factually incorrect

July 6, 2020 3318 Views 0 comment Print

A news item has been published today in a leading newspaper that the Government is considering proposal to merge the Central Board of Direct Taxes and Central Board of Indirect Taxes and Customs.

Companies Act, 2013: Financial Statement & Board Report

July 6, 2020 24381 Views 1 comment Print

Article discuses Provision of Section 134 of the companies Act, 2013 related to Financial Statements & Boards Report and Rule 8 of the Companies (Accounts) Rules, 2014 which deals Important matters to be stated in the Board Report. Section -134 of the companies Act, 2013 (Financial Statements & Boards Report) Sub-Section Heading Provisions 1 Approval […]

Unjust Enrichment To CBDT- 21 Examples

July 6, 2020 8787 Views 3 comments Print

Concept of Unjust enrichment refers to situations in which one person is enriched at the expense of another in circumstances which the law treats as unjust. Whenever the word unjust enrichment is told by someone two names immediately crept in the mind one is highest authority of indirect tax i.e. CGST and other one is […]

Taxation of income from hydroponic farming

July 6, 2020 19398 Views 2 comments Print

1. Introduction The Hydroponic farming is an emerging trend in Indian agricultural sector, which is far different from traditional agriculture activities carried on in the country. In this method plants are grown without using soil, by using mineral nutrient solutions in a water solvent. Further, in this method of farming plants are grown in plastic […]

New MSME Udyam Registration (Applicable from 01.07.2020)

July 6, 2020 57243 Views 45 comments Print

Introduction: > The Central Government, after obtaining the recommendations of the Advisory Committee in this behalf, notified following: > Certain criteria for classifying the enterprises as micro, small and medium enterprises > Specifies the form and procedure for filing the memorandum (Udyam Registration), w.e.f 1st day of July, 2020  Classification of Enterprise: How to become MSME? […]

Payment for VRS to employees prior to Section 35DDA Insertion fully allowed

July 6, 2020 1479 Views 0 comment Print

The issue under consideration is whether the payment made by the company to its employees under the Voluntary Retirement Scheme (VRS) is allowed as deduction?

Govt. sign $750 million Agreement with World Bank for MSMEs

July 6, 2020 654 Views 0 comment Print

The World Bank and the Government of India today signed the $750 million agreement for the MSME Emergency Response Programme to support increased flow of finance into the hands of micro, small, and medium enterprises (MSMEs), severely impacted by the COVID-19 crisis.

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