"26 July 2020" Archive

Delay in getting GST Registrations during Lockdown – Analysis of Legal Provisions

GST was introduced to ease compliance burden and promote ease of doing business. Many processes like registration, return filling, notices, etc were made online to fulfil this purpose. Also, strict timelines were fixed on tax officers for completing various processes and tasks. This was a welcome change in Indirect tax system of our count...

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Income Tax on Shares Buy Back by Unlisted Companies

As we know, a company is a safer form of doing business. A company is a separate person than its shareholders/ members; it has its own personality and having power to assessed separately. The shareholders or members of the company are the real owners of the assets of the company. The company is doing business for the benefit of its stake ...

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TDS liability on payment to non-residents which is exempt under DTAA

TDS liability on payment to non-residents which is exempt under DTAA The Supreme Court in its recent judgment in the case of  PILCOM vs CIT in SLP (CIVIL) No.7315 of 2019  has created a controversy on the withholding tax provision on the payment to be made to Non-resident. The recent judgement of Supreme Court has […]...

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Sale of Timbers: Does ‘Karnataka Timber Depot’ Works as Agent of Coffee Garden Owners?

DOES ‘THE KARNATAKA TIMBER DEPOT’ WORKS AS AGENT OF COFFEE GARDEN OWNERS- FOR THE PURPOSE OF SALE OF TIMBERS? -A question arise from the orders of the AAR & AAAR.  One advance ruling was pronounced by Hon’ble Advance Ruling Authority, Karnataka vide order No. KAR ADRG 99/2019 dated 27/09/2019 in the case of Tata Coffee ...

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Section 194N: Payments of Certain Amounts In Cash

To reduce the black money generation and flow, cash transactions need to be reduced. For this purpose Government taken various steps like demonetization. Section 194N is also a step taken by the Government for this purpose. Section 194N was introduced through Finance (No. 2) Act 2019 with effect from 1 September 2019.  Description of pro...

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TDS under Section 194N of Income Tax Act 1961

SECTION 194N OF INCOME TAX ACT 1961- Payment of certain amounts in cash Section 194N was introduced by the Government in July 2019 to discourage the cash transactions in the country and promote a digital economy by making tax deducted at source (TDS) at the rate of 2 per cent applicable on cash withdrawals over […]...

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FAQ related to Central Processing Center (CPC)

Article deals with FAQ related to Non receipt of ITR-V, Intimation u/s 143(1), Rectification order U/s. 154 and how to request for reissue of them online. It further deals with CPC Email ID, Helpline Number Working Hours etc....

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How to file Online Income Tax Rectification application u/s 154

Article explains Procedure for Filing Online Request for Rectification of Mistake U/s. 154 of the Income Tax, Prerequisites for Filing Such Application, Common mistakes while filing Rectification, Important Notes before e-Filing Rectification, Tips on filling Income Tax Return to avoid mistakes....

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How to file an appeal with ITAT?

How to file an appeal with ITAT? Introduction ITAT i.e. Income Tax Appellate Tribunal is a quasi-judicial authority. It looks into litigation cases for the Direct Taxation Regime (i.e. only Income Tax cases currently as wealth tax was abolished w.e.f FY 2015-16) and is the final authority for judgments pertaining to facts. In other words ...

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Petition In SC for Display of ‘Country of Origin’ on E-Commerce Sites

Petition In Supreme Court Seeks Law on Compulsory Display of ‘Country of Origin’ on E-Commerce Sites Like Amazon and Flipkart Recently a petition has been filed in Supreme Court. This petition argues that buyers will be able to make a better decision about product if they know the country of origin of the product. Buyers [&hel...

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How to File Company Income Tax Return (ITR) Without Company Law Audit

A situation arose in which a company could not call its board meeting due to NCLT embargo and other reasons. The auditor was appointed, but balance sheet and financial statements could not be signed as requirement of sec 134 of companies act 2013 was not fulfilled. Section 134 requires a board meeting to take place and approve the account...

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Reconciliation of Share Capital Audit Report | Form PAS-6

Central Government hereby makes the Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2018 to amend the Companies (Prospectus and Allotment of Securities) Rules, 2014 Effective Date: October 02, 2018. As per MCA Circular dated September 10, 2018, MCA amended the Companies (Prospectus and Allotment of Securities) Ru...

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4 Point Sustainable Business Modal After Covid 19

What can businesses do to protect themselves? How, what and where to focus on after COVID 19 Introduction : The economic impact of the 2019-20 coronavirus pandemic in India has been hugely disruptive. World Bank and credit rating agencies have downgraded India’s growth for FY 2021 with the lowest figures India has seen in three [&he...

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Mindspace Business Parks REIT IPO

MINDSPACE BUSINESS PARKS REIT, the second big company is coming with public issue, in the month of July, 2020. Soon this company is going to launch its public issue of Rs.4500 crores. It comprises of Rs.1000crores of fresh issue and Rs.3500crores of offer for sale. It is the second REIT to come out with IPO […]...

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E-form required to be filed with MCA- Event & Non Event Based

For the compliance of provisions of Companies Act, 2013, there is requirement of filing E-Form at web portal of Ministry of Corporate Affairs (MCA). MCA is notifying provisions and E-form on regular basis accordingly Company and officers are required to file E-form with MCA. Here we are discussing about E-form which are required to file [...

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Consumer Protection Act 2019- An Overview

Changes brought in by Consumer Protection Act 2019 The new provisions in the new Act are a step towards betterment of the consumer legal fraternity and strengthens the grips of law towards the consumers while filling up the gaping gaps of the Act of 1986. A lot will now depend on its implementation by the authorities as well as litigan...

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Appointment of Director From Backend

Section 167(3) of Companies Act 2013 provides that where all the directors of a company vacate their offices under any of the disqualifications specified in sub-section (1), the promoter or, in his absence, the Central Government shall appoint the required number of directors, by making a Request Letter to Registrar of Companies, who shal...

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Financial Stability of Banking Sector – Bank & Borrower

THE FINANCIAL STABILITY OF THE BANKING SECTOR THE BANK AND THE BORROWER A RELATIONSHIP OF TRUST, FAITH, HOPE AND UNDERSTANDING. The advent of banking reforms in India has brought the concept of NPA (Non-Performing Asset) which has changed drastically the perception and approach of the bank and the customer when dealing with loans financed...

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House Rent Allowance : Tax Saver For Salaried Person

House Rent Allowance (HRA) is generally considered as a part of salary component and is generally added in the salary structure to help the individual to save taxes. House rent allowance deduction is given under section 10(13A) of the Income Tax Act accordance with Rule 2A of the Income Tax Rules. If you stay in […]...

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How Maruti Suzuki is able to maintain more than 40% market share in Passenger Car Segment from past 20+ Years

How Maruti Suzuki is able to maintain more than 40% market share in Passenger Car Segment from past 20+ Years Introduction: Maruti Suzuki India Limited (MSIL) which was founded by Govt of India to merge with Suzuki Motor Corporation of Japan for manufacturing & selling of passenger vehicles in India. MSIL is 15 years older […]...

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Loan to Managing/Whole–time Director under Companies Act, 2013

Loan to Managing Director/Whole–time Director by the Company (Public and Private Company) Under Companies Act, 2013.  Background: Section 185(1) of the Companies Act,2013 No company shall, directly or indirectly, advance any loan, including any loan represented by a book debt to, or give any guarantee or provide any security in conne...

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Is PAN Mandatory For Some Transactions?

A. PAN in Returns or Certificates or Correspondence Every person shall quote his permanent account number (PAN) in all his returns or challans or correspondence with any income-tax authority. Other than this, every person shall quote his PAN in all documents pertaining to the transactions specified in rule 114B and given in the table belo...

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Financial year & First AGM of newly incorporated Company

Financial year and First Annual General Meeting (AGM) of newly incorporated Company. Under the Companies Act, 1956 (‘Old Act’), it was open to the Companies to determine any period as their financial year (for example- 1st April to 31st March or 01st January to 31st December). However, the Companies Act 2013 (‘New Act’) did ...

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Common Misconceptions of Salaried Income Tax Payer

Common Misconceptions or Doubts with Salaried Persons About Income Tax While conversing with many of my friends who are having job but do not belong to CA/taxation background I often come across few of the common misconceptions or doubts they have regarding filing of their income tax returns, I am sharing the same below in […]...

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Just Start – Don’t wait for right opportunity

Just start – don’t wait for right opportunity – create it. There are numerous ideas which are comes in our mind in a single day. Out of that two to three ideas are such that we should start work on it. But we shouldn’t. Why? Following are some of the myths / reasons going in […]...

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ITAT allows exemption of Rs 220 cr to Tata Education & Development Trust

Tata Education and Development Trust Vs ACIT Exemption (ITAT Mumbai)

In a major relief for Tata Education and Development Trust, the Income Tax Appellate Tribunal (ITAT) bench consisting of Justices PP Bhatt, President, ITAT, on 24th July ruled in favour of the trust in their appeal against commissioner income tax (CIT) appeal order wherein a demand of more than Rs.220 crore was levied by the tax departme...

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Hurry up!!! Last date to file FLA RETURN is 31ST July, 2020!!

FLA is Return on Foreign Liabilities and Assets which is governed by FEMA, 1999. The RBI has started a web-based system online reporting portal – Foreign Liabilities and Assets Information Reporting (FLAIR) for submission of foreign liabilities and assets (FLA) return. Applicability of FLA return Following entities are required to file ...

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SC lays conditions for exercise of power under Article 139A to transfer cases from HC to itself

Sunil Rathee & Ors. vs The State of Haryana & Ors. (Supreme Court)

In a recent judgement dated 23 July, 2020 in the case of Sunil Rathee & Ors. vs The State of Haryana & Ors., the Apex Court had an opportunity to explain the circumstances when cases can be transferred from High Courts to itself under Article 139A of the Constitution of India....

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ICSI relaxes requirement of Complying with Pre-Examination Test

RELAXATION FOR COMPLYING WITH THE REQUIREMENT OF PRE-EXAMINATION TEST AND ONE DAY ORIENTATION PROGRAMME FOR ENROLLMENT TO COMPANY SECRETARIES EXAMINATIONS, DECEMBER 2020 SESSION (IN VIEW OF UNPRECEDENTED CRISIS IN THE COUNTRY DUE TO CORONA VIRUS OUTBREAK)...

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10 recent Important decisions taken by Council of ICSI

Granting One More Attempt to Executive Progrmme (2012 old Syllabus) and Professional Programme (2012 Old Syllabus) Students in December, 2020 Session of Examinations. The Council approved to grant one more attempt to Executive Programme (2012 old syllabus) and Professional Programme (2012 old syllabus) students in December, 2020 session ...

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