"07 July 2020" Archive

National Pension Scheme Tier II-Tax Saver Scheme 2020

Notification No. 45 /2020/ F. No.370142/26/2019-TPL (07/07/2020)

CBDT notified vide Notification No. 45/2020-Income Tax dated 07th July, 2020 that Tax benefit of Section 80C will be available to the Government employee if, they contributes towards Tier-II of NPS. Benefit is notified under Section 80C (2) (xxv) Income-tax Act, 1961 (43 of 1961) raad with  National Pension Scheme (NPS) Tier II-Tax Saver...

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HC dismisses plea seeking GST search in presence of advocate of petitioner

Subhash Joshi & another Vs Director General of GST Intelligence (DGGI) & Ors. (Madhya Pradesh High Court)

Subhash Joshi & another Vs Director General of GST Intelligence (DGGI) & Ors. (Madhya Pradesh High Court) Submission of counsel for petitioner is that the search should be carried out in the presence of the Advocate, but counsel for petitioner has failed to point out any statutory provision or any such legal right in favour [&hell...

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3 Controversial AAR Rulings and clarifications by CBIC

Another legacy provision that has been included under the GST laws from erstwhile tax regimes is the concept of Advance Rulings. The purpose of advance rulings is to help an applicant who is already a registered taxable person or is liable to be registered to provide clarity and understanding with regards to any supply which […]...

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Posted Under: Income Tax |

Law to protect Internet Companies – Section 230 under Review- Does India needs such a Law?

Law to protect Internet Companies – Section 230 under Review Does India needs such a Law? INTRODUCTION  In the age of Internet wherein entire domain has been transformed into one digital platform. In such era it becomes very crucial to have legal statutes to regulate the companies which are wholly operational on digital platforms. Ever...

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Posted Under: Income Tax |

Empanelment with Punjab & Sind Bank for Concurrent Audit

APPLICATION FOR ASSIGNMENT OF CONCURRENT AUDIT FOR CHARTERED ACCOUNTANT FIRM IN PUNJAB & SIND BANK Online Empanelment for Concurrent Audit of Branches of Punjab & Sind Bank for concurrent Audit is been started  and last date for online application is 15.07.2020. (APPLICATION FOR ASSIGNMENT OF CONCURRENT AUDIT FOR CHARTERED ACCOUN...

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Posted Under: Income Tax | ,

GST Exemption on Sanitary Napkins – Opening a Pandora’s Box?

This project discusses the position of taxation on sanitary pads pre and post exemption regime, discussing the effects of the same in both eras. Moreover, it also discusses the consequences of exempting the sanitary napkins completely of GST and suggests what can be the alternatives to tackle the problems of high maximum retail price and ...

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Posted Under: Income Tax |

Decriminalisation of Compoundable Company Law offences

COVID-19 Pandemic has played a significant role in changing of the companies’ working patterns. The companies are facing plenty of difficulties to fulfill their regulatory, procedural, and technical requirements governed by the Companies Act, 2013 (the Act). The Government of India is initiating various relief packages, to provide aid t...

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Posted Under: Income Tax |

Nidhi Company- Acceptance of deposit by Nidhi Company

ACCEPTANCE OF DEPOSIT BY THE NIDHI COMPANY- Rule-11 of the Nidhi Rules, 2014 1. Net owned fund to deposit Ratio Not More than 1:20 2. Maximum limit of Accepting deposit Not More than 20 Times of its Netowned Funds as per its latest Audited Financial Statements. 3. In case of Company registered under the previous […]...

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Posted Under: Income Tax |

Annual Compliance Audit under SEBI (Investment Advisers) (Amendment) Regulations, 2020

Annual Compliance Audit Under SEBI (Investment Advisers) (Amendment) Regulations, 2020 SEBI has come out with final version of amendment with respect to SEBI (Investment Advisers) Regulations, 2013 vide their press release PR No.37/2020 on 3rd July, 2020. As per the notification these amendments shall come into force on the ninetieth day ...

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Posted Under: Income Tax |

New tax regime for Individuals- Features, benefits & conditions

Should you go for the new tax regime for Individuals? what are the features, benefits and conditions? From FY 2020-21, you can choose to pay income tax under an optional new tax regime. The new tax regime is available for individuals and HUFs. ‘Lower tax rates but no deductions/exemptions’ is the key feature. Provisions of [&h...

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Posted Under: Income Tax |