"September, 2020" Archive - Page 4

Board Meetings & Restrictions on Powers of Board of Directors

The board of directors of a company is primarily an oversight board. It oversees the management of the company to ensure that the interest of non-controlling shareholders is protected. It also functions as an advisory board.[1] This paper is divided into two parts. The first part of the paper talks about the corporate governance provision...

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Posted Under: Company Law |

Big Clarifications on TCS on sale of goods w.e.f 1st Oct 2020

Big Clarifications by government on TCS on sale of goods w.e.f 1st Oct 2020 Analysis of New Section 206C(1H)  1. The Government of India has introduced a new Section 206C(1H) with regards to ‘Tax Collection at Source‘. Applicable to everyone having turnover of Rs. 10 crores in last financial year. 2. Every seller who has [&he...

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Posted Under: Company Law |

GSTR 2B with effect from August 2020: All You Need to Know

 Quick View:  GSTR 2B :  An informative statement Useful for  :  All taxpayer Effective from  :  August 2020 onward Available to download :  12th of subsequent month Nature  :  Static (data will not be changed once published)  Introduction GSTN has incorporated a new functionality on its portal by enabling GSTR 2B with effect f...

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Posted Under: Company Law |

Complete Analysis of TCS under Section 206C(1H)

Complete Analysis of Tax Collected at Source under Section 206C (1H) of the Income Tax Act, 1961 Tax Collected at source (TCS) is Income Tax which is required to be collected by the seller (Collector) from the Buyer along with the Price of Goods and applicable taxes. Provisions relating to tax Collected at Source has […]...

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Posted Under: Company Law |

Accounting Treatment of Refundable Security Deposit

As per Ind-As 32– Financial Instruments- Presentation – para 11 – A financial asset is any asset that is: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another en...

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Posted Under: Company Law |

CBIC prescribes 5% BCD on Open Cell for LED/LCD TV Panels

Notification No. 35/2020-Customs [G.S.R. 599(E)] 30/09/2020

CBIC further amends notification No. 50/2017-Customs dated 30th June, 2017 so as to prescribe 5% BCD on Open Cell for LED/LCD TV Panels vide Notification No. 35/2020-Customs dated 30th November 2020. MINISTRY OF FINANCE (Department of Revenue) New Delhi, the 30th September, 2020 Notification No. 35/2020-CUSTOMS G.S.R. 599(E).—In exercis...

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Sea Cargo Manifest and Transhipment (Third Amendment) Regulations, 2020

Notification No. 94/2020-Customs (N.T.) 30/09/2020

(1) These regulations may be called the Sea Cargo Manifest and Transhipment (Third Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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Implementation of Sea Cargo Manifest and Transhipment Regulations

Circular No. 43/2020-Customs 30/09/2020

Sea Cargo Manifest and Transhipment Regulations seek to bring about transparency, predictability of movement, advance collection of information for expeditious clearance and supersedes the earlier regulations viz. Import Manifest (Vessels) Regulations, 1971 and Export Manifest (Vessels) Regulation, 1976....

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Latest Insider Trading Regulations: Prohibitions & Exceptions

This article aims at understanding the complex legal aspects of the latest insider trading regulations which were notified in 2019. The insider trading regulations of 2019 completely replaced the regulations of 2015 and created a completely new legal framework. The new regulations introduced various prohibitions and exceptions to the prac...

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Posted Under: Company Law |

Playing Big Brother to Big Bosses: Assessing Responsibility of Auditors Under Indian Law

The auditors play a very important role in overseeing the company’s financial matters. As per S. 141 of the Companies Act, 2013 (‘Act’) only chartered accountants can be auditors. S. 143 provides that the auditor of a company shall have access to the books of accounts of the company at all times....

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Posted Under: Company Law |

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