"22 August 2020" Archive

Aadhar Authentication Process Rolled In for GST Registration

Aadhaar Authenticatiobn process has been introduced, for the persons applying for GST registration as Normal Taxpayer/ Composition/ Casual Taxable Person/ Input Service Distributor (ISD)/ SEZ Developer/ SEZ Unit etc, in Form GST REG 01....

Read More

Surplus doesn’t defeat the purpose of charitable activity!

This article aims to highlight the meaning of 'Purpose of charitable activity' in the context of surplus arising from the activity during the period. Whether surplus defeats the purpose of charitable activity??...

Read More

Company Secretary (CS) Appointment under Companies Act 2013

A company secretary is a senior position in a private sector company or public sector organisation. The company secretary is responsible for the efficient administration of a company, particularly with regard to ensuring compliance with statutory and regulatory requirements and for ensuring that decisions of the board of directors are...

Read More

Applicable ITR for Assessment Year 2020-21

It is advised to choose the correct ITR form in order to avoid further notice of defective return. Following forms below gives you insight to file correct ITR form as per Nature of Income and Status of person A.Y. 2020-21: ITR 1: (SAHAJ) 1. Resident Individual whose total income does not exceed 50 lakhs can […]...

Read More

Events after Reporting period (Latest & Simplified version)

There may be a time gap between the balance sheet date (reporting date) and the date on which the financial statements are approved. During this gap of time, some events shall take place. Such events are called events after reporting period. For Example, a company prepares its balance sheet on 31/3/2021, but it is approved […]...

Read More

MSME need NSIC- Single Point Registration Scheme

As we know that the Government is also largest buyer of a variety of goods & services. The Government Stores Purchase Programme was launched in 1955-56 to create opportunity in increasing the share of purchases from the small-scale sector, Further Single Point Registration Scheme (SPRS), a startup scheme launched in 2003 and managed b...

Read More

Interest on delayed GST payment- Whether automatic or adjudication is called for -Saga continues

Interest on delayed GST payment- Whether automatic or adjudication is called for -Saga continues In my earlier article, case of M/s LC Infra Projects Pvt Ltd [ Writ Petition No. 28876 of 2019 (T-RES, Karnataka High court) ] was highlighted wherein department issued demand notice for recovery of interest and also served a letter for [&hell...

Read More

Extended date of conducting AGMs for Financial year ended 31.03.2020

Extension for date of Holding Annual General Meeting under the Companies Act for Financial year ended 31.03.2020 with objective of Ease of doing Business & Minimum Government & Maximum Governance....

Read More

Changes in GST Registration Process WEF 21st August 2020

CBIC has issued Notification No 62/2020 – Central Tax dated 20th August, 2020 modifying the process for grant of GST Registration. While making a GST application, an applicant may now get the same authenticated with his Aadhar Number. If the registration authority does not take any action (does not issue any SCN) within 3 days […...

Read More

GST Updates | 22 August 2020

1. GST DEADLINES 1.1. Deadlines- 30th Sep 2020 -GST Audit and Annual return (GSTR-9 and GSTR-9C) due date 30th Sep 2020 for FY 18-19. For regular taxpayers whose Aggregate Turnover during the financial year is more than Rs 5 Crore. -GST Annual Return (GSTR-9) optional for taxpayers with Aggregate Turnover less than Rs 2 crore. […]...

Read More

RERA Rules Notified by Jammu & Kashmir Govt

The Union Territory of Jammu & Kashmir has notified the Rules under Real Estate (Regulation and Development) Rules 2020. Implementation of RERA in Union Territory of Jammu & Kashmir will lead to a new era of Transparency & Accountability in the Real Estate Sector. RERA will ensure regulation & promotion of Real Estate ...

Read More

Surrender of Director Identification Number (DIN)- Procedure

Surrender of Director Identification Number (DIN) A Director Identification Number (DIN) is a unique number allotted to an individual who intends to become or who is a director of a Company. Surrender of DIN The Central Government or Regional Director (Northern Region), Delhi or any officer authorised by the Regional Director may, upon be...

Read More

Covid 19 Impact on Annual General Meeting under Companies Act 2013

IMPACT OF COVID 19 ON ANNUAL GENERAL MEETING (AGM) UNDER COMPANIES ACT 2013: Pursuant to the provisions of Companies Act, 2013 (Act) read with rules made thereunder, it is required for every Company other than a one person company to hold an Annual General Meeting (AGM) within 6 months (9 months in case of first […]...

Read More

Guidelines for Virtual Hearing by CBIC

The Central Board of Indirect Taxes & Customs (‘CBIC’), vide Instruction dated 21st August 2020, has made it mandatory for the adjudicating, appellate and compounding authorities to conduct personal hearing through video conferencing facility. This mandate has been made applicable to any proceedings under the Customs Act 1962, Cen...

Read More

RBI Guidelines on Opening of Current Accounts of Borrowers by Banks

Fund diversion has always been a major problem in our banking system. It has been observed in all major cases of wilful default or fraud that the funds borrowed from banks have been diverted elsewhere and the banks had no control on utilization of funds. This situation is caused due to the fact that there […]...

Read More

Aadhaar or Physical premises verification mandatory for GST registration

Aadhaar verification or Physical verification of premises mandatory for GST registration from 21.08.2020 (Notification 62/2020) 1) CBIC has issued Notification No 62/2020-Central Tax dated 21st August 2020 which seeks to make Tenth amendment to the CGST rules. These rules may be called the Central Goods and Services Tax (Tenth Amendment)...

Read More

Faceless Assessment ( A path to transparent taxation)

I. Background The existing system of scrutiny assessments in the Income-tax Department involves a high level of personal interaction between the taxpayer and the Department, which leads to certain undesirable practices on the part of tax officials. To eliminate such instances, and to give shape to the vision of the Hon’ble Prime Ministe...

Read More

Disqualification, Liability & Penal Consequences for Company Directors

Disqualification, Personal Liability and Other Penal Consequences for Directors of a Company Disqualification of Directors as per Companies Act Ineligibility Of Being Appointed As A Director Section 164 of the Companies Act, 2013 prescribes certain conditions which make a person ineligible for appointment as a Director in any company. As ...

Read More

MHA removes curb on inter & intra state movement of persons & goods

D.O. No. 40-3/2020-DM-I(A) (22/08/2020)

MHA issued revised clarification on 22nd August on its order dated 29th July 2020, wherein No curb on inter and intra state movement of persons and goods. Now henceforth no separate permission/approval/e permit will be needed for such movement. Home Secretary Government of India North Block, New Delhi D.O. No. 40-3/2020-DM-I(A) Dated : 22...

Read More

SOP for travel on Vande Bharat & Air Transport Bubble flights

F. No. 40-3/2020-DM-I(A) (22/08/2020)

Standard Operating Protocol (SOP) for travel on Vande Bharat and Air Transport Bubble flights- In order to contain the spread of COVID-19 pandemic, Central Government had taken a series of steps to curtail the inward/ outward movement of international passengers (both foreigners and Indians) in a calibrated manner. Further international a...

Read More

Maintenance Charges & Law on Payment of Interest under RERA

MAINTENANCE CHARGES AND THE LAW ON PAYMENT OF INTEREST MAINTENANCE CHARGES AND INTEREST Real Estate (Regulation and Development) Act, 2016 1. Maintenance charges involve a contractual element between the buyer and the developer. It is included in the allotment letter, initially issued to the buyer after he has paid the booking amount. 2. ...

Read More

Advance Ruling | Section 18(3) | Credit in case of Sale, Transfer, Merger & Amalgamation

Overview Of Sec 18(3) –  Availability of credit in special circumstances (3) Where there is a change in the constitution of a registered person on account of sale, merger, demerger, amalgamation, lease or transfer of the business with the specific provisions for transfer of liabilities, the said registered person shall be allowed t...

Read More

Registration of NGO as trust

A trust can be either private or public. Private trusts are governed by the Indian Trusts Act, 1882 and are used for private purposes, such as running a private estate or institution. For doing a charitable work for public, Public charitable trusts can be set up. India doesn’t have a national level law to govern charitable trusts, [&h...

Read More

eNAM – Electronic trading portal for agriculture – unknown facts

National Agriculture Market (eNAM) is a pan-India electronic trading portal which networks the existing APMC mandis to create a unified national market for agricultural commodities. Small Farmers Agribusiness Consortium (SFAC) is the lead agency for implementing eNAM under the aegis of the Ministry of Agriculture and Farmers’ Welfare, G...

Read More

Whether Ban on Crypto is likely to happen?

We have seen a lot of speculations in the Indian market on cryptocurrency after the Apex court gave its verdict in March 2020 favoring the crypto traders. As per the recent news, the Regulators have been working on preparing a note to pen down the proposal to the government. It is also very evident from […]...

Read More

TCS under section 206C(1H) – Practical Challenges

1. The Law Every person, being a seller,   who receives any amount as consideration for the sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India or goods covered in Section 206C of sub-section (1) or sub-section (1F) or sub-secti...

Read More

Job Work under GST- A Comprehensive Study

Job work sector constitutes a significant industry in Indian economy. It includes outsourced activities that may or may not culminate into manufacture. The term job work means processing of goods supplied by the principal. The whole idea is to make principal responsible for meeting compliances on behalf of the job worker on the goods proc...

Read More

Ind AS 40 – Investment Property – Analysis

Background Ind AS 40 deals with recognition, disclosure and measurement of Investment Property. As per this standard Investment Property should be disclosed as a separate line item on the face of the balance sheet and cannot be clubbed as part of Property, Plant and Equipment. Scope of Ind AS 40 Ind AS 40 does not […]...

Read More

Section 206C(1H) of Income tax Act, 1961 – TCS for Traders

All about provision of section 206C(1H) of Income tax Act, 1961 – Tax Collection at Source for Traders Government introduced new provision vide section 206C(1H) applicable from FY 2020-21, however due to pandemic the applicability of the provision deferred to 01.10.2020 i.e. the provision of said section will be effective from 01.10.202...

Read More

Filing Form GSTR-4 Annual Return by Composition Taxpayers on GST Portal

1. What is Form GSTR-4 Annual Return: – With effect from 1st April, 2019, all Composition Taxpayers are required to file Form GSTR-4 Annual Return, on annual basis, for each financial year. 2. Who are required to file Form GSTR-4 Annual Return: All registered taxpayers who have opted for composition scheme or were under composition ...

Read More

CS-Executive : Company Law

CS-EXECUTIVE PROGRAMME PAPER:1. COMPANY LAW CHAPTER-1: INTRODUCTION 1. MEANING & DEFINITION OF COMPANY: In terms of the Companies Act, 2013 (Act No. 18 of 2013) a “company” means a company incorporated under this Act or under any previous company law [Section 2(20)]. 2. NATURE & CHARACTERISTICS OF COMPANY: The most striking ch...

Read More

1st April Onward CBDT issued refunds of over Rs. 88652 crore

As per tweet by CBDT on its official Handle-From 1st April onwards CBDT has, so far, issued refunds of over Rs. 88,652 crore to more than 24.64 lakh taxpayers from 1st April, 2020 onwards. Income tax refunds of Rs. 28,180 crore have been issued in 23,05,726 cases & corporate tax refunds of Rs. 60,472 crore […]...

Read More

More than 8 lakh net subscribers added during first quarter of FY 21: EPFO payroll data

The provisional payroll data published by EPFO on 20th August 2020 reveals that the subscriber base of EPFO increased by around 8.47 lakh members during the first quarter of FY21. The COVID-19 pandemic outbreak had adversely affected the enrolments in the month of April and May 2020....

Read More

Income Tax Department conducts searches in Bhopal

The Income Tax Department carried out a search and seizure operation on 20.08.2020 at various locations in Bhopal. The key person of one of the groups covered used to run a bangles shop. Another person covered is a property builder/developer and is also running a cricket academy....

Read More

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30