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Archive: 08 August 2020

Posts in 08 August 2020

Alternative Investment Funds: Indian Experiments & Way Forward with Tax Efficiency

August 8, 2020 39078 Views 0 comment Print

To enable ease of doing business, the taxation framework for Alternative Investment Funds (AIF) provide pass-through status to profits of the AIF (Category I and Category II) to the investors under which any income, barring business income, earned by AIFs would be exempt in the hands of such AIFs, and taxable directly in the hands of its investor(s).

e-form PAS-6 (reconciliation of share capital audit report on half yearly basis)

August 8, 2020 1854 Views 2 comments Print

E-FORM PAS 6 (Reconciliation of Share Capital Audit Report on half yearly basis) Objective:  Reconciliation of Share capital Audit Report on half yearly basis by unlisted public Companies. Legal Provision:  Ministry of Corporate Affairs (MCA) vide its notification dated 10th September 2018, inserted Rule 9A of Companies (Prospectus and Allotment of Securities), Rules, 2014, for […]

GST Profiteering established in Duracell Battery supply case: NAA

August 8, 2020 4362 Views 0 comment Print

D.S. Brothers Vs Durga Marketing Pvt. Ltd. (NAA) GST Profiteering of Rs. 1,57,200 established in the case of supply of Duracell Battery AA/6 by respondent. NAA asked to deposit the same in consumer welfare fund along with interest @ 18%. Facts of Case The brief facts of the case are that an application was filed […]

New Essentials for the New Normal

August 8, 2020 849 Views 0 comment Print

In the Era where Information is available on the tip of our hands and the technology changing hastily, we sure need to adapt ourselves for the New Normal. Not only Masks, Sanitizers and Precautions are the New Normal but some of the things that come along in the basket for a swifter functioning of our […]

Force majeure in wake of Covid-19 in general commercial contracts

August 8, 2020 2673 Views 0 comment Print

1. Meaning Force majeure’, also called ‘vis majeure’ meaning ‘superior force’ which refers to an unforeseen event or condition which occurs beyond the control of the parties to a contract, and hence the parties are prevented from performing their obligations arising out of that contract. 2. Events qualifying as force majeure Force majeure events typically […]

Whether Value of Goods gives conclusion that activity is Works Contract Service or Not?

August 8, 2020 1146 Views 2 comments Print

Whether Value of Goods gives conclusion that activity is Works Contract Service or Not? In an Application filed before AAR under GST, Maharashtra by Prasa Infocom & Power Solutions Private Limited 1. The value of goods supplied is ₹ 26.03 crores (excluding taxes), the value of Civil and Mechanical Work is ₹ 0.34 crores, the […]

Governance functionaries other than directors & statutory auditor

August 8, 2020 1383 Views 0 comment Print

Directors are appointed since incorporation of company for the management of business and statutory auditor for auditing company’s books of accounts. But as the company grows based upon their turnover, paid up capital, outstanding loans or borrowings, outstanding deposits as well as based upon various specified criteria and for compliance of corporate governance. Specified companies […]

Get Your New PAN: FREE!

August 8, 2020 6453 Views 2 comments Print

Yes, that’s correct. You can get your PAN card free of charge. Read on to know how and don’t forget to check out the bonus tip. What is PAN? PAN is an alphanumeric ten-digit unique number allotted by Income Tax Department (ITD) to the applicant. It is mandatory for financial transactions such as deposit of […]

Revocation of GST Registration Applications

August 8, 2020 3117 Views 0 comment Print

1. Revocation of GST Registration Applications Taxpayers can now file application for revocation of cancellation of registration, again, if previous revocation application is rejected. This is in pursuance of ROD Order no. 01/2020, dated 25.06.2020. Relaxation for taxpayers for filing revocation application of cancellation of GST Registration by the officer under clause (b) or clause […]

Surging Gold Prices in India

August 8, 2020 1839 Views 6 comments Print

Researchers are bullish on the yellow metal and claims that gold price may rise to Rs.65,000.00 (Per 10gm, 24k). As on july,2020 average gold price in India has already crossed Rs.55,000.00.  In the past few months, there has been a lot of buzz around the gold prices. It is rising at a massive speed. So, […]

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