"20 August 2020" Archive

Why income tax website is showing GST DATA

CBDT MOU with CBIC has resulted in income tax website now showing GST data of a taxpayer. As discussed above, the sharing of information was to avoid tax evasion and increase reporting of turnover. This sharing of information includes tracing non-filers under the Income Tax Act, 1961 and the Goods and Services Act, 2017....

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LTCG cannot be considered as bogus in absence of any evidences

Dipesh Ramesh Vardhan Vs DCIT (ITAT Mumbai)

whether addition made by AO u/s 68 as Unaccounted/Unexplained Income by treating the Long Term Capital Gain as Manipulated Transaction is justified in Law?...

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

Vrinda Sales P. Ltd Vs ITO (ITAT Delhi)

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, […]...

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Provisions Governing Appeals under GST

APPEALS UNDER GST  (PROVISIONS GOVERNING APPEALS UNDER THE CENTRAL GST ACT, 2017 WHICH ARE APPLIED TO THE STATE/UT GST ACT, 2017 & THE INTEGRATED GST ACT, 2017 MUTATIS MUTANDIS.) HIERARCHY OF APPEALS UNDER GST > The First Appeal can be filed against an order issued by Adjudicating Authority to Appellate Authority by Assessee withi...

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Higher depreciation on Lorry not eligible if party used for own

GVV Construction Pvt. Ltd. Vs. DCIT (ITAT Cuttack)

GVV Construction Pvt. Ltd. Vs. DCIT (ITAT Cuttack) If the assessee uses motor lorries partly for own use and for hire charges he is not entitled to claim excess depreciation @ 30% as per the provisions of Section 32 of the Income Tax Act. Case Summary: – Facts of the case: The assessee filed return […]...

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Start-ups: Registration, benefits & lower income tax rate of 15%

This article explains meaning of Eligible start-up, process of recognition of an entity as eligible start-up, various benefits available to a startup and related procedural & legal aspects Section/ Notification Provision Explanation (i) & (ii) to section 80-IAC Read with Notification dt. 19 Feb. 2019       “El...

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Provision for Aadhar Authentication in GST Registration notified

Notification No. 62/2020–Central Tax/G.S.R. 517(E) (20/08/2020)

CBIC notifies Provision for Aadhar Authentication in GST Registration and physical verification of the place of business before GST Registration vide Notification No. 62/2020–Central Tax Dated: 20th August, 2020. Ministry of Finance (Department Of Revenue) (Central Board Of Indirect Taxes And Customs) New Delhi Notification No. 62/2020...

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Key Amendments & Highlights under New Faceless Assessment Scheme

This write-up is all about the key amendments introduced by the Hon’ble CBDT vide Notification No. 60 dated 13.08.2020 and Notification No. 61 dated 13.08.2020 modifying the earlier ‘E-assessment Scheme, 2019’ notified on 12.09.2019 and highlights of scheme....

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Loans worth more than Rs 1 Lakh crore disbursed under ECLGS

Under the 100% Emergency Credit Line Guarantee Scheme (ECLGS) backed by a Government of India guarantee, Banks from Public & Private Sectors have sanctioned loans worth over Rs. 1.5 lakh crore as of 18th August, 2020, of which more than Rs 1 lakh crore has already been disbursed....

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Regulations on Audit and Accounts (Amendments) 2020

F. No. 11-PPG/2020 (20/08/2020)

(1) These Regulations may be called Regulations on Audit and Accounts (Amendments) 2020 (2) They shall come into force on the date of issue....

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An open letter to Union Minister of Finance for opening a window to pay under SVLDRS

Memorandum seeking a special measure for the opening of Limited Time Window to process of Payment of Taxes under Sabka Vishwas - (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS)...

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Power of Revision of Orders by Supreme Court or High Court in Review petition

In India, a binding decision of the Supreme Court or High Court can be reviewed in Review Petition. The parties aggrieved on any order of the Supreme Court or High Court on any apparent error can file a review petition. Taking into consideration the principle of stare decisis, courts generally do not unsettle a decision, […]...

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Students going abroad : FEMA aspect

Over the past five years India has become not only the world’s second-largest sending market – after only China – but also one of the fastest-growing sources of outbound students. Now, there are many provisions of FEMA which is applicable to students going abroad such as their Residential status, Remittance facilities, Educational l...

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Casual Vacancy due to Resignation of Auditor (with required Drafts)

Appointment of Auditor in Casual Vacancy due to resignation of Auditor under Companies Act 2013 (Including REQUIRED DRAFTS) The term Casual Vacancy (not defined in Companies Act) means any Vacancy caused due to death, resignation, and disqualification of Auditor. Different situations for Casual Vacancy of Auditors The Casual Vacancy situa...

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Board of Director’s Report: A Quick Reference

Section 134 of the Act enjoins upon the Board a responsibility to make out its report to the shareholders and attach the said report to financial statements laid before the shareholders at the annual general meeting, in pursuance of Section 129 of the Act. The Board’s Report is very important communication by the Board of […]...

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Forward Contract – Practical Accounting & Taxability of Revenue Account transaction (Actual Hedge)

Let me start with the example: The Company has sales of $5,00,000/- on 1st April 2020. Spot Rate was Rs. 70/ $ To hedge the exchange rate fluctuation the Company has sold 2 Year forward contract of $4,00,000/-  @ Rs. 72/ $. Date Spot Rate (Rs./ $) Forward Rate (Rs./ $) 31st March 2021 73 […]...

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Summary Points related to GST on Charitable & Religious Trusts

The provisions related to Charitable and religious trusts under GST has been carried forward from service tax provisions. Notification 12/2017-Central tax (Rate) specified that the exempt services supplied by the Charitable trusts along with some conditions which are explained below: ♣ If the entities is registered under Section 12AA of...

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Summary Points related to GST on Education Institutes

Article 21A of the Indian constitution makes education as fundamental right of all children of the age of 6 to 14 where Govt shall provide free and compulsory education to all such children. Under GST also, the government in order to promote education in our country, gives many exemption to the Educational Institutions. Education Institu...

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HC dismisses plea to include masks & sanitizers in Essential Commodity

Gaurav Yadav & Anr. Vs Union of India & Ors. (Delhi High Court)

Gaurav Yadav & Anr. Vs Union of India & Ors. (Delhi High Court) (a) What items are to be included under the Essential Commodities Act, 1955 as ‘Essential Commodity’, is a policy decision of the respondent/Government and, therefore, unless the decision can be shown to be manifestly unreasonable or arbitrary, this Court ...

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NBFC registration with RBI Compliance

What is NBFC? Non-banking financial companies (NBFCs), also known as non-banking financial institutions (NBFIs) are entities that provide certain bank-like and financial services but do not hold a banking license. NBFCs are not subject to the banking regulations and oversight by federal and state authorities adhered to by traditional bank...

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Disclosure of Ineligible ITC & ITC Reversal in GSTR-3B – Time to change the Practice

GSTR-3B is a summary return which came into existence since GSTR-2 and GSTR-3 never saw the light of the day due to the technical glitches in functioning of Matching System as stated in Sec 42 and Sec 43 of the CGST Act, 2017.  Recently, Rule 61(5) of CGST Rules have been amended vide Notification No. […]...

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HC restrains Govt from appointing Technical Members to GSTAT until further orders

Revenue Bar Association Vs Union of India (Madras High Court)

Revenue Bar Association Vs Union of India (Madras High Court) Madras High Court restrained the Central Government from appointing technical members to the Goods and Services Tax Appellate Tribunals (GSTAT) until further orders vide its order dated 17.08.2020. FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT Heard Mr.Rahul Unnikrishnan, learne...

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Faceless Assessment – CBDT designates Pr.CCsIT as cadre controlling authority

F No. 187/3/2020-ITA-I (20/08/2020)

With the launch of the Faceless Assessment Scheme, 2019, the Income-tax Department is moving towards minimal interface with maximum governance. In order to effect the same, the NeAC, Delhi has been created under the Principal  Chief Commissioner  of Income-tax (NeAC) and 30 ReACs under the Chief Commissioner of Income-tax have been c...

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Anti-dumping Investigation concerning imports of Phenol- Reg.

Case No. ADD-(OI) 02/2020 (20/08/2020)

Preliminary Findings of Anti-dumping Investigation concerning imports of Phenol into India originating in or exported from Thailand and United States of America MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF TRADE REMEDIES) NOTIFICATION PRELIMINARY FINDINGS New Delhi, the 20th August, 2020 Case No. ADD-...

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Approver who has been granted pardon U/s. 306(1) of CrPC can be released on bail

Rajkumar Sahu Vs State of Chhattisgarh (Chhattisgarh High Court)

Rajkumar Sahu Vs State of Chhattisgarh (Chhattisgarh High Court) Approver who has been granted pardon under Section 306(1) of the CrPC can be released on bail in exercise of inherent jurisdiction under Section 482 of the CrPC. FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT 1. Proceedings of this matter were taken for final hearing […...

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SC allows CBI probe into Sushant Singh Rajput Death Case

Rhea Chakraborty Vs State of Bihar & Ors. (Supreme Court)

Rhea Chakraborty Vs State of Bihar & Ors. (Supreme Court) Supreme Court in a deserving case, can invoke Article 142 powers to render justice. The peculiar circumstances in this case require that complete justice is done in this matter. How this is to be achieved must now be decided. As noted earlier, as because both […]...

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Section 215 of the IBC, 2016 is not mandatory: HC

Univalue Projects Pvt. Ltd. Vs Union of India & Ors. (Calcutta High Court)

Univalue Projects Pvt. Ltd. Vs Union of India & Ors. (Calcutta High Court) a) The NCLT has acted without jurisdiction and exceeded its jurisdiction that is limited within the four corners of Section 424 of the CA, 2013 by passing the impugned order in violation of Section 7(3)(a) of the IBC, 2016. Furthermore, the impugned […]...

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ESIC Covid-19 Relief For Loss of Work

No. E-13/12/9/2020-P.R. (20/08/2020)

1. Relaxation in eligibility criteria and enhancement in the payment of unemployment benefit under Atal Bimit Vyakti Kalyan yojana of ESIC  2. Establishment of ICU/HDU services at 10% of total beds in ESIC Hospitals  3. Measures taken by ESIC during Covid – 19 pandemic...

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PUC certificate at the time of renewal of Insurance of Vehicle

Ref. No: IRDAI/NL/CIR/MISC/215/08/2020 (20/08/2020)

PUC certificate at the time of renewal of Insurance of Vehicle – Directions given by Hon’ble Supreme Court of India in WP(C) No.13029 of 1985 in the matter of M.C. Mehta Vs. Union of India...

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Solvency certificate can be insisted for Grant or Renewal of Excise Licenses of Liquor

Gopinath Sahu Vs Amar Kumar Mohanty (Orissa High Court)

whether the Government of Orissa in its Department of Excise can insist on furnishing Bank Guarantee, instead of Solvency certificate, for grant or renewal of Excise Licenses in respect of liquor?...

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Draft Order framed u/s 144C(1) on Non-Existent Company is Void-ab-Initio

BOEING India Pvt. Ltd. Vs ACIT (ITAT Delhi)

The issue under consideration is whether order passed by the AO held that the draft order framed under Section 144C(1) of the Income Tax Act is in the name of a non-existent company is sustainable in law?...

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Companies to apply to ROC for extension of Due date of AGM

General Circular No. 28/2020 (17//0/8/20)

Pursuant to the provisions of Section 96 of the Companies Act, 2013, every company other than OPC is required to hold its Annual General Meeting (AGM) as follows:- ♠ In case of first AGM, within a period of 9 Months from the date of closing of the financial year. ♠ In any other case, within […]...

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ESI Registration in India

ESI stands for Employee State Insurance managed by the Employee State Insurance Corporation which is an autonomous body created by the law under the Ministry of Labour and Employment, Government of India.  What are the Conditions for eligibility criteria? Under Sec2 (12) of the ESI Act, 1948 any individual working in the non-seasonal fac...

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Brief note on e-form PAS-6 to be filed with ROC by Unlisted Public Companies

♦ Introduction Initially, reconciliation of Share Capital Audit Report was applicable only for Listed Companies and was required to be filed with Stock Exchanges on a quarterly basis as per SEBI (Depositories and Participants) Regulations. Now, Central Government (Ministry of Corporate Affairs) has introduced a similar concept  under t...

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Municipality or Panchayat cannot Increase Terminal Tax Rate of transportation of Coal

South Eastern Coalfields Ltd. Vs State of Chhattisgarh (Chhattisgarh High Court)

whether Municipal Corporation/Municipal Council or the Nagar Panchayat are empowered to increasing the rate of Terminal Tax imposed upon the transportation of coal?...

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Cognizance of Section 188 offence of IPC cannot be taken on the basis of police report

State of Chhattisgarh Vs Rikki Sahu (Chhattisgarh High Court)

State of Chhattisgarh Vs Rikki Sahu (Chhattisgarh High Court) Offence under Section 188 of the IPC can be taken cognizance of by the learned Magistrate under Section 190 of the CrPC except in accordance with Section 195(1)(a)(i) of the CrPC and unless complaint in writing is filed by the concerned public officer, on the basis […]...

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Govt notifies NSE to undertake Aadhaar authentication

Notification No. G.S.R. 516(E) (20/08/2020)

Securities and Exchange Board of India, hereby notifies the reporting entities specified below to undertake Aadhaar authentication service of the Unique Identification Authority of India under section 11A of the Prevention of Money-laundering Act, 2002, namely:-M/s National Stock Exchange of India Limited....

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Payment of Royalty for Purchasing Right to Re-Produce Film-Music is a Revenue Expense

Saregama India Ltd. Vs DCIT (ITAT Kolkata)

The issue under consideration is whether payment of minimum guarantee royalty for purchasing right to reproduce film-music is considered as capital expense or revenue expense?...

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ITAT refer TP adjustment for Notional Interest to Special Bench

Ampacet Cyprus Limited Vs DCIT (ITAT Mumbai)

The issue under consideration is whether transfer pricing adjustment as notional interest and charging it to tax, disregarding the provisions of Article 11 of India Cyprus DTAA is justified in law?...

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Section 153C instead of section 153A is Void ab Initio

S.P.S. Ahluwalia Vs ACIT (ITAT Delhi)

The issue under consideration is whether the issue of notice u/s 153C instead of section 153A is considered as valid assessment or not?...

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Notification No. 39/2020-Customs (N.T./CAA/DRI), Dated: 20.08.2020

Notification No. 39/2020-Customs (N.T./CAA/DRI) [S.O. 2894(E)] (20/08/2020)

Notification No. 39/2020-Customs (N.T./CAA/DRI), Dated: 20.08.2020 – Appointment of Common Adjudicating Authority. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (DIRECTORATE OF REVENUE INTELLIGENCE) Notification No. 39/2020-Customs (N.T./CAA/DRI) New Delhi, the 20th August, 2020 S.O. 2894(...

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Notification No. 38/2020-Customs (N.T./CAA/DRI), Dated: 20.08.2020

Notification No. 38/2020-Customs (N.T./CAA/DRI) (20/08/2020)

Notification No. 38/2020-Customs (N.T./CAA/DRI), Dated: 20.08.2020- Common Adjudicating Authority appointed MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (DIRECTORATE OF REVENUE INTELLIGENCE) NOTIFICATION New Delhi, the 20th August, 2020 Notification No. 38/2020-Customs (N.T./CAA/DRI) S.O. 2893(...

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Notification No. 37/2020-Customs (N.T./CAA/DRI), Dated: 20.08.2020

Notification No. 37/2020-Customs (N.T./CAA/DRI) [S.O.2892 (E)] (20/08/2020)

Notification No. 37/2020-Customs (N.T./CAA/DRI), Dated: 20.08.2020 – Appointment of Common Adjudicating Authority. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (DIRECTORATE OF REVENUE INTELLIGENCE) Notification No. 37/2020-Customs (N.T./CAA/DRI) New Delhi, the 20th August, 2020 S.O.2892 (...

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Draft Food Safety and Standards (Contaminants, Toxins and Residues) Amendment Regulations, 2020

F. No. 01-SP (PAR) Notification-Pesticides/Stds-FSSAI/2017 (20/08/2020)

1. (1) These regulations may be called the Food Safety and Standards (Contaminants, Toxins and Residues) Amendment Regulations, 2020. (2) They shall come into force with effective date for implementation to be either 1st January or 1st July subject to a minimum of 180 days from the date of their final publication in the official Gazett...

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Interest on Bank deposits eligible for Section 10A or 10B deduction: HC

CIT Vs. Sankhya Technologies Pvt Ltd. (Madras High Court)

CIT Vs. Sankhya Technologies Pvt Ltd. (Madras High Court) It has been brought to the notice of this Court that there is a judgment of the Full Bench of the Karnataka High Court, to which one of us (Dr.Vineet Kothari, J.) was a party, in which the Full Bench has held that the interest on […]...

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New GST Provision Effect on Gold Jewellery

A panel of State Finance Ministers veered around to agree on a proposal to levy 3% GST on sale of old gold and jewellery to check tax evasion, Kerala Finance Minister Thomas Isaac said. The Group of Ministers (GoM) also decided to implement the e-way bill system for transportation of gold within a State....

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CBIC notifies Rate of Exchange of Foreign Currencies wef 21.8.2020

Notification No. 80/2020-Customs (N.T.) (20/08/2020)

CBIC notifies Rate of Exchange of Foreign Currencies against India Rupees wef 21.08.2020 vide Notification No. 80/2020-Customs (N.T.), Dated: 20th August, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 80/2020-Customs (N.T.) New Delhi, dated the 20...

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Extension of AGM for Financial Year ended 31st March, 2020 by MCA

Extension of the Annual General Meeting (AGM) for the Financial Year ended 31st March,2020 by MCA Due to the widespread of COVID-19 and social distancing norms and consequential restrictions linked thereto, MCA has received several representations to allow companies to hold their Annual General Meeting for the financial year ended on 31st...

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Declared absconder entitled to anticipatory bail if section 82 CrPC not followed

Suresh Chandra Khandelwal Vs State of Chhattisgarh (Chhattisgarh High Court)

Suresh Chandra Khandelwal Vs State of Chhattisgarh (Chhattisgarh High Court) Procedure prescribed u/S 82 CrPC not followed before declaring an accused absconder. Such accused is not disentitled for availing benefit of anticipatory bail u/S 438 CrPC. FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT 1. The applicant has preferred this applicati...

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MCA stops displaying Residential Address of Directors, KMP & DPs

MCA Removed ‘present Residential Address’ of Directors, KMP and Designated Partners (DPs) Till 18.08.2020, With the help of View Signatory Details tab given under the MCA Services Tab on the website of Ministry of Corporate Affairs (MCA), one can view the following information about Directors, KMP and Designated Partners (in c...

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Provision of review petition – an overview 

The term 'Review' means re-examine or verification. In a legal sense filing of application before the Hon’ble court to re-examine the material of facts and verification of records relating to pronounced judgment is called as review petition. It is legally given another chance to the aggrieved parties to file review petition before the c...

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TDS under GST – Section 51 – CGST Act 2017: A Detailed Study

Deduction of taxes at source has been an integral part in the history of Indian Income Tax. However the concept of TDS has also been incorporated in the GST Act(s). The basic concept remains the same that is withholding a certain percentage of amount as tax before paying the contract value to the supplier in […]...

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Checklist on SS-4 Report of the Board of Directors

Checklist on SS-4 Report of the Board of Directors Reserves 1. If amount is transferred to reserves then mentioned the same. 2. If no amount is transferred to reserves the note should be mentioned in report. Dividend 1. Amount of dividend per share, percentage and dividend distribution tax thereon is to be mentioned. 2. Amount […]...

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Empanelment with Indian Bank for Concurrent / Stock Audit

Indian bank is in the process of making a Fresh Panel for concurrent auditors / Stock Auditors. Applications are invited from eligible Audit Firms for empanelment as Concurrent Auditors / Stock Auditors as per the eligibility criteria and other terms and conditions given below. Last date for applying online for emanelment as  concurrent/...

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