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Archive: 29 July 2020

Posts in 29 July 2020

CBDT extends due date for Income Tax Returns for FY 2018-19

July 29, 2020 79800 Views 27 comments Print

In view of the constraints due to the Covid pandemic & to further ease compliances for taxpayers, CBDT extends the due date for filing of Income Tax Returns for FY 2018-19(AY 2019-20) from 31st July, 2020 to 30th September, 2020,vide Notification No. 56/2020-Income Tax dated 29th July, 2020. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL […]

MHA issues Unlock 3 Guidelines

July 29, 2020 1653 Views 0 comment Print

MHA issues Unlock 3 Guidelines, opens up more activities outside Containment Zones, Strict enforcement of lockdown in Containment Zones till 31st August 2020. New MHA guidelines Ministry of Home Affairs (MHA) issued new guidelines today, for opening up of more activities in areas outside the Containment Zones. In Unlock 3, which will come into effect […]

All about National Education Policy 2020 ((NEP 2020)

July 29, 2020 47595 Views 2 comments Print

Cabinet Approves National Education Policy 2020 (NEP, 2020) paving way for transformational reforms in school and higher education systems in the country The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved the National Education Policy 2020 today, making way for large scale, transformational reforms in both school and higher education sectors. The […]

Taxability under GST of Freight on Agricultural Produce

July 29, 2020 29310 Views 2 comments Print

Introduction The Goods and Services Tax (GST) law have created several complexities by triggering large number of disputes between the taxpayers and the revenue. Various disputes relating to interpretation of the terms and provisions under the GST are arising. As a result, it is of utter significance that such issues are discussed comprehensively One such […]

VRS- A Complete Guide for Tax Planning

July 29, 2020 76056 Views 14 comments Print

A Salaried man can receive VRS more than once in his lifetime. But he can plan his tax liability only once. VRS (Voluntary Retirement Scheme) – VRS is often offered by the corporates for retrenchment of its surplus work force and directly to cut short it’s one of the major operating expense in form of […]

Section 68 Addition not Justified for Unexplained Deposit in Bank Account

July 29, 2020 12489 Views 0 comment Print

The issue under consideration is whether the AO is justified in making addition u/s 68 towards alleged unexplained deposit in the bank account in as much as a bank account is not a book of account maintained by the appellant?

HC dismisses PIL to include Advocates in Definition of ‘Professionals’ under MSMED Act

July 29, 2020 1317 Views 0 comment Print

Whether the public interest litigation (PIL) challenging non-inclusion of advocates in the definition of the word ‘professionals’ under the MSMED Act, 2006 will be entertained by High Court?

Transfer & Transmission of Securities under Companies Act, 2013

July 29, 2020 12201 Views 0 comment Print

1. Section 56(1) For transfer of shares there shall be following conditions- a. Proper instrument of transfer of shares in physical form shall be in Form SH-4 i.e Share Transfer Deed. b. shall be duly stamped; c.  Shall be dated and executed by or on behalf of the Transferor and the Transferee, d. Share Transfer […]

Modes of Payments under SEBI (SAST) Regulations 2011

July 29, 2020 2748 Views 0 comment Print

1. Regulation 9(1) The payment of offer price shall be made in; a. Cash; b. by issue or transfer, or exchange of listed shares in the equity capital of the acquirer or PAC with him; c. by issue or transfer, or exchange of listed shares in the equity capital of the acquirer or PAC with […]

List of 30 Initiatives of ICAI Committee for Members in Practice

July 29, 2020 7284 Views 0 comment Print

We are pleased to inform you about the various initiatives of the Committee for Members in Practice for the benefits of the profession. Please find the appended brief details of the Initiatives of the Committee along with the web link of the initiatives for your reference & perusal.

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July 2020