"19 July 2020" Archive

Deemed Approval for GST Registration applications filed in COVID

Deemed Approval for GST Registration applications filed in COVID Registration drive by Department dated 17 July 2020 till 28th July 2020 The Central Goods and Services Tax (Third Amendment) Rules, 2020 notified via Notification No. 16/2020 – Central Tax dated 23rd March, 2020 where in amendment in rules 8, 9 and substitution of rule 25 ...

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MCA Form PAS-6 and its Applicability

MCA Form PAS-6 and its Applicability  Form PAS-6 (Reconciliation of Share Capital Audit Report on half yearly basis) and It’s Applicability Provision: Filing of Form PAS-6 under Rule 9A(8) of the Companies (Prospectus and Allotment of Securities) Rules, 2014 Objective of the Form PAS-6: Reconciliation of Share capital Audit Report on h...

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Inclusive Wealth of Nations: UNEP Study – you, me & an oyster

United Nations Environmental Program’s report titled “UNEP’s Inclusive Wealth Report 2018 is an eye-opener for all of us due to recent Pandemic which has drawn all of us to the study table, visualize what went wrong with us, to verify if there is any future for us or how to correct imbalances, if measurable, on […]...

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Cryptocurrency: A change in an Era with Constitutional Perspective

Blockchain as a term can be divided into two words i.e. block (a digital piece of information) and chain (number of information add-ups), which cannot be more than 1MB. It aims to provide Digital information that can be stored uniquely and cannot be edited further....

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Deduction in respect of Health Insurance Premium (section 80D)

Deduction in respect of Health Insurance Premium (Section 80D) Everybody knows medical emergencies can occur at any time or at any age in the life of any individual and nobody can guess about these emergencies so it is very safe to take health insurance policy. And in order to promote these policies government take very […]...

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Detailed Analysis of The Consumer Protection Act, 2019

The Consumer Protection Act, 2019 (New Act) Notification No. S.O. 2351(E) dated 15th July 2020  The Consumer Protection Act, 2019 (‘New Act’) received the assent of the President of India and was published in the official gazette on 9th August 2019. This New Act will replace the old Consumer Protection Act, 1986 (‘Old Act’). The ...

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Form PAS-6: Reconciliation of Share Capital Audit Report- Analysis

As per MCA Notification dated September 10, 2018 they amend the Companies (Prospectus and Allotment of Securities) Rules, 2014 by inserting Section 9A: Issue of securities in dematerialised form by unlisted public companies and same shall be effective from October 02, 2018. Applicability: This Rule is applicable on all unlisted public com...

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Extended Due dates Manual- Income Tax Act due to Covid-19

Detailed Analysis on Extension of Due dates & other relaxation given by Government of India for various Statutory compliance under Income Tax Act,1961 through ‘THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS) ORDINANCE, 2020‘, which came in pubic domain on 31st March 20 and other notifications issued from tim...

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E-Campaign for Voluntary Income Tax Compliance : CBDT

The income-tax department will start a 11-day e-campaign starting July 20, 2020, for voluntary tax compliance aimed at such assesses who are either non-filers or have discrepancies/deficiency in their tax returns for financial year 2018-19. As per the statement of Central Board of Direct Taxes (CBDT), issued on Saturday i.e. July 18, 2020...

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Exhaustive List of Company Law compliances with Fees & Penalty

After incorporation company has to follow to certain compliances, and certain compliances which has to follow annually, hence to know about these compliances please take a look below mentioned table. List of compliances for Companies Sr. No. Particulars Time Limit Fees and Penalty Remarks 1 After Incorporating company have to deposit Paid...

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Right Issue- Companies Act 2013 -Analysis of Provisions

As we already know any corporate organization need fund to grow and that fund can either be raised by way of debt or by through share capital when we raise share capital, we increase the authorized share capital, subscribed share capital, and paid-up share capital and there are different methods through which we can raise […]...

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Tax Deducted at Source (TDS) | Section 51 | CGST Act 2017

Tax Deducted at Source Section 51 of CGST Act (1) As per section 51 of the CGST Act Tds will be deducted by the deductor (person who is the recipient of goods or services or both) while paying or credited the amount to the deductee ( person who is supplying the goods or services or […]...

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Stamp Duty on Transfer of Shares in Dematerialized Form

Revised Stamp Rates: The Finance Act has also amended the Schedule I of the Stamp Act, to change some existing duties and provides for new duties in case of transactions related to transfer....

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Special Provisions for computing Profits & Gains of Business on Presumptive Basis ( Section 44AD )

Special Provisions for computing Profits and Gains Of Business on Presumptive Basis (Section 44AD) Eligible Business  The presumptive Taxation scheme under Section 44AD covers all small businesses with total turnover/gross receipts of up to ₹ 200 Lakh (Except the business of plying, hiring and leasing goods carriages covered under sect...

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Registration of Charitable and Religious trust under income tax Act 1961 as amended by Finance Act 2020

Income tax Act 1961 provides exemption to the Public Charitable trust and Religious trust (herein after referred to as Trust in this article)u/s 11(exemption from Income from property held for charitable or religious purposes) and u/s 12 ( exemption Income of trusts or institutions from contributions). However to claim exemption under the...

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Input Service Distributor | Section 20 | CGST Act 2020

Large Corporation usually has operation/place of business at multiple states which has common services like, Internal Audit fees, Statutory Audit fees, Banking Charges, Group Insurance, Consultation fees, etc. for the day today’s operation. The GST paid on such common services cannot be availed in any one particular state or any particu...

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Moratorium of loans ending- Urgent need to extend moratorium or restructure loans

Moratorium of loans ending- Urgent need to extend moratorium or restructure loans The Government had announced Moratorium of loans till 31, 2020 and the deadline is approaching fast. The Government had anticipated that Covid pandemic would end by this time and both business & life would normalise but things have not gone the way as [&...

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New Form 26A introduced by CBDT

Faceless hand-holding of the Taxpayers Government of India, Department of Revenue, Ministry of Finance and Central Board of Direct Taxes has came out with a New Form 26AS which is the Faceless hand-holding of the Taxpayers to provide full details of their financial transactions. Aim is to prevent suppression of information by taxpayers. ...

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