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Archive: 07 September 2020

Posts in 07 September 2020

Provisions of Companies Incorporated Outside India

September 7, 2020 4884 Views 0 comment Print

1. Section 379(2) Application to act in Foreign Company Where not less than 50% of the paid up share capital, whether equity or preference shares of  a Foreign Company is held by- a. one or more citizen of India, or b. one or more companies or bodies corporate incorporated in India, c. one or more […]

CBIC: Compassion & not Exploitation is key to success

September 7, 2020 651 Views 0 comment Print

Let us pay attention to the very basics. The Parliament mandates promotion of exports through DGFT as policymaker & Customs administration is put in place to conduct International trade in accordance with the law. Particularly, in case of exports (which is necessary evil for a developing country to subsidize & conduct exports), there is no […]

Taxability of Gifts

September 7, 2020 31425 Views 1 comment Print

Taxability of Gifts {Section 56(2)(x) of Income Tax Act, 1961} To prevent the practice of receiving sum of money or the property without consideration or for inadequate consideration, section 56(2)(x) brings to tax any sum of money or the value of any property received by any person without consideration or the value of any property […]

Share based employee benefits – Regulatory aspects

September 7, 2020 21846 Views 0 comment Print

Human Capital is a pivotal pillar for the prosperity of a company. With the growing economy and increase in opportunities, it has become essential for the companies to come out with beneficial remuneration schemes to retain their senior employees as well as attract superior talents. The Employee benefit schemes have become leading channels for rewarding […]

All about input tax credit under Goods & Services Tax

September 7, 2020 3114 Views 0 comment Print

Input Tax Credit Input Tax Credit or ITC is a credit that can be used to pay off tax liability of registered taxpayer. It is a tax paid by the person registered under the GST Act when he purchase goods or avail any services from a registered taxable person. It help the registered taxpayer to […]

Registration of Private Limited Company

September 7, 2020 29109 Views 0 comment Print

Private limited Company can be incorporated through Form SPICe+ which has been introduced by MCA recently. The form offer 10 consolidated services in just single web form:

Annual compliance to be done by public limited company through out the year

September 7, 2020 24069 Views 0 comment Print

A Public Limited Company has been defined under Section 2(71) of the Companies law. Public Limited Company offers shares to the general public and has limited liability. A Company which is a subsidiary of a public company shall be deemed to be a public company for the purpose of this Act even where such subsidiary […]

Interest on delayed GST Payment to be charged on Cash Component from September 1

September 7, 2020 6057 Views 0 comment Print

Interest will be levied on the cash component on delayed GST Payment from September 1, 2020, the Central Board of Indirect Taxes  and Customs (CBIC) said giving relief to industry. The GST Council, in its 39th meeting held on 14.03.2020, has made the recommendation that  Interest for delay in payment of GST to be charged […]

Section 54F deduction cannot be denied for subsequent letting of property for commercial use

September 7, 2020 2217 Views 0 comment Print

The issue under consideration is whether deduction u/s 54F can be denied for the reason that assessee had later on let out new property for commercial purpose to run restaurant?

Companies (Acceptance of Deposits) Amendment Rules, 2020

September 7, 2020 8481 Views 0 comment Print

MCA notifies Companies (Acceptance of Deposits) Amendment Rules, 2020 vide Notification No. G.S.R. 548 (E) dated 07th September 2020 and amended rule 2, in sub-rule (1), in clause (c), in sub-clause (xvii) of Companies (Acceptance of Deposits) Rules, 2014. Extract of Revised Rule 2(1)(c)(xvii) is as follows:- (c) ‘Deposit’ includes any receipt of money by […]

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