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Archive: 14 August 2020

Posts in 14 August 2020

Additional Director provisions | Section 161(1) | Companies Act 2013

August 14, 2020 37236 Views 4 comments Print

Generally, a director is appointed in the General Meeting of the Company. But sometimes the situation may require to appoint a director on an urgent basis and in that case, the Board cannot wait to convey the general meeting and appoint the director, as it requires lots of formality and hence, the decision may get […]

SBI Interest rate as on 01.04.2020 (AY 2021-22)- Valuation of Interest Free Loan As Perquisites

August 14, 2020 40740 Views 5 comments Print

Interest free or concessional loans [Rule 3(7)(i)]: It is common practice, particularly in financial institutions, to provide interest free or concessional loans to employees or any member of his household. The value of perquisite arising from such loans would be the excess of interest payable at prescribed interest rate over interest, if any, actually paid […]

Problems of Problem Solving

August 14, 2020 6447 Views 1 comment Print

Definition of Business Problem Business Problems are current or long-term challenges and issues faced by a business. These may prevent a business from executing strategy and achieving goals. In some cases, business problems also threaten the long-term survival of an Organization. A Problem may be defined as a deviation from a desired set of specific conditions or a range of acceptable conditions; these […]

Amendment in Section 44AB & applicability for AY 2020/21- Analysis

August 14, 2020 184818 Views 15 comments Print

As per Section 44AB of the Income Tax Act, 1961, every person carrying on business is required to get his accounts audited , if his total sales, turnover or gross receipts in business exceeds Rs. 1 crore in the previous year. In case of a person carrying on profession, tax audit is required if his […]

Provisions of Loan from Directors under Companies Act, 2013

August 14, 2020 345348 Views 6 comments Print

Before jumping into the main discussion, let us have a look into the important term as under: Loans is not defined anywhere in the Companies Act, 2013. However, in normal parlance, any transaction in which money is given with the intention to be returned either with or without interest is termed as loan. Deposits include […]

Appeal & Revision- Part III | Section 113-121 | CGST ACT 2017

August 14, 2020 5340 Views 0 comment Print

Simplified GST Series-Appeals-Revision/ Section 113-121/CGST ACT 2017/PART-3 Article explains Section 113 – Orders of Appellate Tribunal, Section 114 – Financial and administrative powers of President, Section 115 – Interest on refund of amount paid for admission of appeal, Section 116 – Appearance by authorised representative, Section 117 – Appeals to High Court, Section 118 – […]

Gujarat HC: Services by subsidiary to its foreign holding company qualifies as exports

August 14, 2020 5268 Views 0 comment Print

In a recent judgment passed by Gujarat High court in case of Engineering India Private Limited wherein the Hon’ble Gujarat High court held that Service provided by Indian subsidiary to it 100% holding company  abroad is export. Summary : Case law  : Linde Engineering India Private Limited Other vs. Union of India [R/Special Civil Application […]

Late Filing of Income Tax return & Misreporting – Beware

August 14, 2020 1725 Views 2 comments Print

Avoid late filing and misreporting of income tax return. Learn about the penalties and fines for missing the deadline and making mistakes.

Analysis of SC judgment in the case of Babulal Vardharji Gurjar

August 14, 2020 4404 Views 0 comment Print

Babulal Vardharji Gurjar Vs Veer Gurjar Aluminium Industries Pvt. Ltd. & anr. (Supreme Court) While setting aside the Order dated 14th May, 2019 of the NCLAT in Company Appeal (AT) Insolvency No. 549 of 2018 and Order dated 9th August, 2018 of the National Company Law Tribunal, Mumbai Bench in CP(IB)-488/I&BP/MB/2018, on the ground that […]

Chartering the rough tax-sea

August 14, 2020 1002 Views 0 comment Print

A 20 point Taxpayer Charter was launched by the Prime Minister which promises to maintain the privacy and confidentiality of income taxpayers and to reduce the cost of compliance with the tax laws. The Income Tax department adopted the taxpayers’ charter w.e.f. August, 13, 2020, which mentions that it is committed to treat every taxpayer as honest, […]

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