"19 August 2020" Archive

FY 2019-20: GST Compliance – Action Points – Part II

In part I of the article we have discussed, Key consideration to comply within the timelines for FY 2019-20. In this part, i.e. Part II of this article we would discuss Procedures to be followed for the compliance of above-mentioned consideration and Practical challenges/caution to comply with the above-mentioned provisions. I. Procedure...

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FY 2019-20: GST Compliance – Action Points – Part I

We are all aware that COVID 19 pandemic has a great impact on the economy and non-compliance under any tax law due to cash flow has led to the payment of interest, late fee, and penalty. Generally, September is the compliance month for tax laws such as Income tax or GST law (previous financial year […]...

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HC upheld conviction in Cheque Bouncing Case

Rakesh Kumar Vs Jasbir Singh and another (Punjab and Haryana High Court)

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

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GST: 3 important takeaways from a recent Tribunal order…

 It is an ongoing debate since Service tax days that which functions of the Government are taxable and which are exempt. Recently Bangalore bench of the Tribunal has analysed this complex issue and here are the three major takeaways from the landmark decision on this issue…...

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No Section 271F Penalty if Reasonable Cause exists for Non Filing of ITR

Arjun Dada Kharate Vs DCIT (ITAT Pune)

The issue under consideration is whether the Penalty u/s 271F will be levied for non filing of Income Tax Return even in case of reasonable cause?...

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Change in rules for opening current account with banks

In India many reforms are taking place. Another reform is to safeguard the banks money and reduce NPA of accounts. Business houses often take CC/OD facility from one bank, open current account in another bank and perform all the business transactions in that current account....

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File GNL-1 for if looking for 2020 AGM Extension

Ministry of Corporate Affairs has surprised all by issuing a circular No 28/2020 Dated 17th August 2010 clarifying about the extension of holding Annual General Meerut for the companies completing their financial year as at 31st March 2020. The said circular has suggested an old provision for application in GNL-1 for extension of Annual G...

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Bank of Baroda invites RFP for Concurrent Auditors Appointment

RFP for Appointment of Concurrent Auditors for Branches/RLBOs/CBOs/TFBO/CPC/Other units for -5-Zones/ Groups of the Bank of Baroda for - 12- months From 01-10-2019 to 30-09-2020...

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Statutory Auditors Resignation from Listed Entities & their Material Subsidiaries

In recent times, frequent resignations by the Auditors raised eye brow often due to lack of co-ordination, non-availability of information etc. In view of the same, the SEBI has issued specific norms for procedure of Resignation as well as Appointment of Statutory Auditors for listed entity to hold accountability of outgoing as well as in...

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Section 54F exemption allowable before Intra Head Adjustment of Losses

Shri Naresh Jain Vs ACIT (ITAT Jaipur)

whether it is lawful to first compute capital gain after doing intra head adjustments and whether the deductions u/s 54F should be allowed from the net income computed after intra head adjustments?...

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