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Archive: 08 August 2020

Posts in 08 August 2020

E-Form IEPF-2

August 8, 2020 20142 Views 0 comment Print

Purpose of the E-Form IEPF-2: Statement of unclaimed or unpaid amounts and details of Nodal Officer. Earlier E-form INV-5 is filed for this purpose, however after introduction of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 , E Form INV-5 is being replaced by E- form IEPF-2 i.e. Statement of […]

Aggregate turnover being more than Rs. 5 Cr during FY 2019-20 – Whether any action required by taxpayers?

August 8, 2020 7227 Views 0 comment Print

Your aggregate turnover for the financial year 2019-20 has been computed by GST system based on the returns filed in Form GSTR-3B by all registrations on the common PAN. The same has been found to be more than Rs. 5 Cr where returns of FY 2019-20 filed upto 25th July, 2020 have been considered for the […]

RBI barred opening Current Accounts for CC/OD Customers with Banks

August 8, 2020 2634 Views 0 comment Print

In a recent notification, Reserve Bank of India (RBI) on 6th August 2020, instructed all Scheduled Commercial Banks to maintain a discipline on opening of Current Account. The below are highlights from the notification: 1. No bank shall open current accounts for customers who have availed credit facilities in the form of cash credit (CC)/ […]

Place of Supply of Goods Under UAE VAT

August 8, 2020 14013 Views 1 comment Print

In VAT it is very crucial to determine place of supply of every transaction. Because, place of supply is the place where supply is considered to have taken place. Taxability on a particular supply depends upon its place of supply. Where place of supply is considered to be in UAE, tax is applicable on such […]

RBI Committee Report on Analysis of QR Code – Interesting facts on digital payments

August 8, 2020 1806 Views 0 comment Print

Report of RBI Committee on the Analysis of QR (Quick Response) Code – Interesting facts on digital payments Buoyed up by the volume of 250 million digital payments using UPI QR on monthly basis, RBI was naturally very enthusiastic to set up an expert committee under the leadership of Prof. D.P. Pathak, Professor Emeritus, IIT, […]

Email from GSTN- Aggregate Turnover more than Rs. 5 Crores

August 8, 2020 2157 Views 0 comment Print

Taxpayers have received Email from GSTN with following subject line: ‘Aggregate turnover being more than Rs. 5 Cr during FY 2019-20’ Mostly Taxpayers having aggregate turnover more than Rs. 5 Crores for F.Y. 2019-20 are receiving such Email from GSTN. The purpose of the email is to bring to the notice of  the taxpayer that […]

Return of Premium Under a Contract of Insurance

August 8, 2020 20958 Views 0 comment Print

Insurance is playing a vital role in our life now days. After this COVID-19 pandemic, we have realized the importance of insurance and government has also provided various facilities to general public to secure their lives and properties from various types of risks. Through insurance we shall reduce the impact of risk insured. The risk may […]

MSMEs- Eligibility, Benefit & Registration

August 8, 2020 36876 Views 4 comments Print

Introduction to Micro, Small and Medium Enterprises (MSMEs) MSMEs stand for Micro, Small, and Medium Enterprises, these are that classes of enterprises which works and operates on small scale in comparison to big tycoon enterprises. Undoubtedly, MSMEs are small in their size but they are large in number. This MSMEs contributes in the economy of […]

How to Convert Compulsorily Convertible Debentures into Equity Shares

August 8, 2020 90027 Views 2 comments Print

‘Debenture’ is a debt instrument, used by the companies for a long period of time in order to borrow money at the fixed rate of interest. Section 2 (30) of The Companies Act, 2013 defines debentures “includes debenture stock, bonds or any other instrument of a company evidencing a debt, whether constituting a charge on […]

Contingent Clause in Rent Deed to Increase Rent each Year

August 8, 2020 12552 Views 0 comment Print

Recently, in a matter of Civil Appeal No. 2617 of 2020, the Supreme Court, vide their judgment dated 17th June, 2020,  has observed that where a rent deed contains a contingent clause which binds the tenant to increase the rent by certain percentage each year, it cannot be read to mean that the tenancy was for a period of more than one year.

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