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Archive: 11 August 2020

Posts in 11 August 2020

No section 271B Penalty for Not furnishing Audit Report before ITR Filing

August 11, 2020 6657 Views 0 comment Print

Vrinda Sales P. Ltd Vs ITO (ITAT Delhi) The issue under consideration is whether CIT(A) is correct in levying penalty under Section 271B for not auditing books of accounts/ furnishing reports of the audit of books of accounts on the due date of filing Income Tax Return (ITR)? ITAT states that, in the instant case, […]

Income Tax Department searched premises of Chinese entities

August 11, 2020 5799 Views 0 comment Print

Based on the credible information that few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through series of shell entities, a search action was mounted at various premises of these Chinese entities, their close confederates and couple of bank employees.

HC upheld conviction in Cheque Bouncing Case

August 11, 2020 1986 Views 0 comment Print

Bouncing of Cheque Considered as Offence Under NI Act which leads to Imprisonment upto 2 Years alongwith compensation amount of cheque alongwith interest @9%

Section 8 Company Incorporation Process through Spice+

August 11, 2020 36306 Views 2 comments Print

ALL about Sec 8 Company Incorporation Process Walk-through and Do’s and Don’ts- Section 8 Company Incorporation Process through Spice+ In India, the organizations which have an objective of promoting the fields of arts, commerce, science, research, education, sports, charity, social welfare, religion, environment protection, or other similar objectives can be registered as a Section 8 […]

Employee Stock Option Plan – A complete concept

August 11, 2020 39108 Views 3 comments Print

Meaning of ESOP It is a system by which a company allows its employees to purchase shares of the company. In certain cases, a foreign holding company provides the employees of an Indian subsidiary with such an option. Under this scheme, employees are granted options, which allows the employee to buy the stock at a […]

Refund of input services under inverted duty structure – VKC Footsteps

August 11, 2020 4284 Views 3 comments Print

The case of VKC Footsteps – Refund of input services under inverted duty structure The historic judgement of Honorable Gujarat High Court in the case of VKC Footsteps India Pvt Ltd with respect to refund of input services, which otherwise was restricted by the rule. In this case the petitioner is engaged in the business […]

What is residential status under Foreign Exchange Management Act, 1999

August 11, 2020 61392 Views 1 comment Print

Determining the residential status is the starting point to understand the: – The extent to which a person is regulated for cross border transactions; –The extent of the Income-tax liability. Two laws were residential status is most relevant are Income-tax Act, 1961 (ITA) and Foreign Exchange and Management Act, 1999 (FEMA). We often mix the […]

Deduction under Section 80C

August 11, 2020 23946 Views 2 comments Print

Deductions under section 80C to 80U are allowed from gross total income to compute total income however deduction is allowed only from normal income. Deductions are not allowed from- ♣ Long term capital gains, Section 112 ♣ Casual income, Section 58(4) ♣ Short term capital gains on sale of short term equity shares or short […]

SEBI (IFSC) Guidelines, 2015 Amendments

August 11, 2020 780 Views 0 comment Print

1.  Eligibility criteria and shareholding limit for Clearing Corporation : 1. Any Clearing corporation or 2.  any Indian recognized stock exchange or 3. Any clearing corporation of  a foreign jurisdiction Shall form a subsidiary which provide the service of clearing corporation in IFSC wherein at least 51% of paid up share capital is held by such stock exchange or clearing corporation.

Relaxed Time to file forms for creation or modification of charges

August 11, 2020 2853 Views 0 comment Print

Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 General Circular No. 23/2020 The scheme shall come into effect from the date of issue of this Circular i.e. 17-06-2020 As per the provisions of the companies Act the Charge holder required to File Form […]

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