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, […]
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 loans to make […]
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 situation can be categorized in to […]
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 […]
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 […]
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 the Income tax Act, and […]
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 Institute means, […]
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 banks. Investment banks, mortgage lenders, money […]
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. […]
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 created at 20 centres vide S.O. 2756/57 F No. 187/3/2020- ITA- 1.
