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Archive: 07 February 2021

Posts in 07 February 2021

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6501 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Analysis of recent amendment in CSR Rules & Provisions

February 7, 2021 18054 Views 4 comments Print

1. Brief Background a) The Company law in India mandates certain category of companies to carry out Corporate Social Responsibility (CSR) activities mandatorily. Section 135 of the Companies Act, 2013 enlists the companies which are mandatorily required to comply with the CSR requirements, which are: i. Net worth of Rs. 500 crore or more, ii. […]

Section 11(2) not mandate a limitation for filing notice of accumulation in Form No. 10

February 7, 2021 888 Views 0 comment Print

Infrastructure Development Fund Vs DCIT (ITAT Chandigarh) The Tribunal adjudicating on the identical issue, has held that if form No. 10 is filed during the continuation of the assessment proceedings that should have been taken into consideration by the Assessing Officer. That non filing of the Form No. 10 within stipulated period may be an […]

Creditor not become Financial Creditor if Corporate Debtor Only Gives Security by Pledging Shares without Undertaking to Discharge Borrower: SC

February 7, 2021 3633 Views 0 comment Print

Phoenix Arc Pvt. Ltd. Vs Ketulbhai Ramubhai Patel (Supreme Court) This Court held that a person having only security interest over the assets of corporate debtor, even if falling within the description of ‘secured creditor’ by virtue of collateral security extended by the corporate debtor, would not be covered by the financial creditors as per […]

Capping of interest on PF to discourage savings & investment

February 7, 2021 5280 Views 2 comments Print

Capping of interest on PF to disincentivise, demotivate & discourage savings & investment in PF The Finance Bill 2021 has introduced capping of tax free interest on PF above the contribution of 2.5 lacs in a financial year. In simple words it implies that if an assessee contributes more than Rs. 2.5 lakh in any […]

Retrospective amendment in respect of interest on delayed payment of GST

February 7, 2021 6615 Views 0 comment Print

It is stated that proviso to sub-section (1) of Section 50 of the Central Goods and Service Tax, 2017 (CGST Act, 2017) is sought to be amended to substitute retrospectively with effect from the 1’st July, 2017, vide Clause 103 of Finance Bill, 2021, so as so as to charge interest on net cash liability […]

FCRA Charter For Chartered Accountants

February 7, 2021 4047 Views 0 comment Print

Charter For The Chartered Accountants Since the Foreign Contribution (Regulation) Act, 2010 (FCRA, 2010) is dealing with national security, associations are required to exercise extreme care and caution in utilising foreign contribution. 2. Chartered Accountants (CAs) examine and audit all relevant books of accounts and Bills and vouchers of FCRA associations and then present audited […]

SC imposes fine on finding casual approach of authorities in filing SLP’s

February 7, 2021 993 Views 0 comment Print

SC on finding that the Special Leave Petition had been filed with delay of 1288 days without any cogent or plausible ground; had imposed costs on the authorities for wastage of judicial time and adopting an approach that they could walk in to the Supreme Court as and when they please ignoring the period of limitation prescribed by the Statutes, as if the Limitation statute did not apply to them.

Section 194Q TDS Applicability on Purchase of Goods

February 7, 2021 248085 Views 25 comments Print

Tax Deducted at Source (TDS) under section 194-Q  at 0.10% shall be applicable on aggregate Purchases over & above Rs 50 Lacs from a Supplier in India in a financial year.

Role of Merchant Banker in IPO Management (with case study)

February 7, 2021 91461 Views 0 comment Print

SEBI (MERCHANT BANKERS) REGULATIONS, 1992 defines ‘merchant banker’ as any person who is engaged in the business of issue management either by making arrangements regarding selling, buying, or subscribing to securities or acting as manager, consultant, adviser, or rendering corporate advisory service in relation to such issue management. A merchant banker provides various services such […]

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