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Archive: 03 October 2020

Posts in 03 October 2020

Filing of Annual Return with the ROC

October 3, 2020 7113 Views 3 comments Print

Preparation of Annual Return Every company shall prepare a return (called the ‘Annual Return’) in the e-form MGT-7 containing the particulars as they stood on the close of the financial year regarding— -its registered office, principal business activities, particulars of its holding, subsidiary and associate companies; -its shares, debentures and other securities and shareholding pattern; […]

ITAT allowed provisions of warranty claimed as expenditure

October 3, 2020 1488 Views 0 comment Print

Demag Delaval Industries Turbomachinery Pvt. Ltd. Vs. ACIT (ITAT Mumbai) The assessee had made provision for warranty of Rs. 2,76,18,000/-which was claimed as expenditure. The same was denied by the Assessing Officer on the ground that it is an unascertained liability and a contingent liability. Learned CIT(A) in principal upheld the action of the Assessing […]

TCS collected at Source (TCS) – Presentation

October 3, 2020 10242 Views 0 comment Print

TAX COLLECTED AT SOURCE (TCS) MEANING -Every seller shall collect tax from the buyer of any specified goods at the time of receiving the payment or debiting the buyer account whichever is earlier -Section 206C of the Income Tax Act governs the goods on which the seller has to collect tax from the purchaser. CLASSIFICATION […]

TDS on Fees For Professional or Technical Services

October 3, 2020 42684 Views 0 comment Print

Dear Friends as you are aware that we are a republic state and government is a representative of people of India. We Indians choose our government every five years and government will work for the welfare of the all Indians. The main sources of income of government is collection and levying of various types of […]

SEBI extends tenure of Smt. Madhabi Puri Buch as Whole-Time Member upto 04.10.2021

October 3, 2020 381 Views 0 comment Print

Central Government hereby extends the tenure of appointment of Smt. Madhabi Puri Buch as Whole-Time Member of the Securities and Exchange Board of India for a further period of one year beyond 04.10.2020 upto 04.10.2021 or until further orders, whichever is earlier.

Compromises, Arrangements & Amalgamations: A Detailed Analysis

October 3, 2020 41727 Views 0 comment Print

Section 230: Power to Compromise or Make Arrangements with Creditors and Members Section 231: Power of Tribunal to Enforce Compromise or Arrangement Section 232: Merger and Amalgamation of Companies Section 233: Merger or Amalgamation of Certain Companies Section 234: Merger or Amalgamation of Company with Foreign Company  Section 235: Power to Acquire Shares of Shareholders […]

Reg. definitive Anti-Dumping duty on Certain Glass Fibre & articles thereof’

October 3, 2020 2427 Views 0 comment Print

Notification No. (MTR Case No. 08/2019) Subject : Mid-Term Review to review the product scope of definitive Anti-Dumping duty imposed on Certain Glass Fibre and articles thereof’ originating in or exported from China PR.

GST: SOP for referring IT issues to IT Grievance Redressal Committee

October 3, 2020 2031 Views 2 comments Print

Standard Operating Procedure (SOP) for referring IT issues to the IT Grievance Redressal Committee 1. Vide Circular No. 39/13/2018 dated 03.04.2018 an IT Grievance Redressal mechanism has been set up to address the difficulties faced by a section of taxpayers owing to technical glitches on GST Portal. The method of resolution of the difficulties will […]

New TCS Provisions on Sale of Goods under Section 206C(1H)

October 3, 2020 1362801 Views 108 comments Print

A Study Of New TCS Provisions On Sale Of Goods under Section 206C(1H) Of Income Tax Act, 1961    From October 1, 2020, our Government has introduced a new provision for collecting TCS for the sale of goods and depositing the same to the Government. These provisions are given in Section 206C (1H) of the […]

TCS on Sale of Goods- FAQs | Section 206C(1H) | Tabular Presentation

October 3, 2020 41115 Views 9 comments Print

Article explains Who is Liable for TDS on Goods under Section 206C(1H), From whom tax shall be collected, Timing of Collection of TCS, What is the Definition of Goods, Whether Transactions in securities through RSE is liable to TCS, TCS on Motor vehicle, TCS on Transaction in electricity, TCS on sale of Software, TCS on […]

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