"09 February 2021" Archive

Empanelment for internal audit at Bihar State Food & Civil Supplies Corporation Ltd.

Tender No. -741 (27//0/1/20)

Notice inviting request for proposals from eligible Chartered Accountant Firms for outsourcing of accounting and financial management and internal audit at Bihar State Food & Civil Supplies Corporation Limited....

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Posted Under: CA, CS, CMA |

Incorporation of Companies in current fiscal increased 21%

Release ID: 1696539 (09//0/2/20)

Ministry of Corporate Affairs Incorporation of Companies in current fiscal increased 21% as compared to corresponding period in previous fiscal Posted On: 09 FEB 2021 5:56 PM by PIB Delhi The number of companies incorporated from April, 2020 till December, 2020 (COVID 19 period) in the Financial Year 2020-21 (till 31-12-2020) compared to ...

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Posted Under: CA, CS, CMA |

MCA amended Companies Act 2013 to mitigate blow by COVID-19 pandemic

Release ID: 1696538 (09//0/2/20)

MCA has taken various measures to address the COVID-19 pandemic by making amendments in the Companies Act, 2013, Rules made thereunder and by issuing various circulars from time to time.  The details of such measures taken by the Ministry are attached as Annexure....

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Posted Under: CA, CS, CMA |

4.74 Lakh Companies benefited by availing CFSS 2020

Release ID: 1696531 (09//0/2/20)

As per records available with the Ministry of Corporate Affairs (MCA), 4,73,131 number of Indian Companies and 1,065 number of Foreign Companies have been benefited by availing the Companies Fresh Start Scheme (CFSS), 2020 for filing their pending documents....

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Posted Under: CA, CS, CMA |

Reopening on Estimate Based on Vague Information Is Not Valid

Vikas Chowdhary Vs ITO (ITAT Delhi)

Vikas Chowdhary Vs ITO (ITAT Delhi) It is well settled law that validity of the reassessment proceedings is to be determined on the basis of the reasons recorded for reopening of the assessment. The reasons are reproduced above. The AO as per NMS information which was pushed into the ITD system came to know that […]...

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No ITC on canteen services & business promotion expenses incurred by company

AAR held that Input Tax Credit (ITC) is not available with respect to canteen services provided by the employer to their employees and on business promotion expenses. Further, held that the distribution of food coupons among employees for part consideration will attract tax liability and the coupon value will form part of total taxable va...

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Posted Under: CA, CS, CMA |

GST: HC allows Advocate to be with Petitioners during interrogation

A. Y. Trading Company Vs Director General of GST Intelligence (Madhya Pradesh High Court)

A. Y. Trading Company Vs Director General of GST Intelligence (Madhya Pradesh High Court- Indore Bench) This Court, in light of the order passed by Hon’ble Supreme Court from time to time, as in similar circumstances the apex Court directed that the advocate of the petitioner should be allowed to be present during the interrogation ...

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Firm Vs. Company – Taxation & Compliance

Registration of a business as a Firm or a Company is as important as developing the right product or service that can cater to the needs of business and deliver growth in years to come. In the world of business, the two terms – firm and company, are often used interchangeably but this choice can […]...

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Posted Under: CA, CS, CMA |

Delhi School was allowed to claim carry forward of losses

DCIT Vs Delhi Public School Society (ITAT Delhi)

Adjustment of deficit of current year against income of subsequent year would amount to the application of income of the trust for charitable purposes in subsequent years within the meaning of section 11(1)(a)....

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GST on Liquidated Damages

It is stated that performance is the essence of any contract and hence each party to the contract, generally, incorporate their expectation in contract. Failure of expectation of one party i.e. failure of performance by other party as per the agreed terms, may prescribe damages for deficiency in the performance of contract known as ‘liq...

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Posted Under: CA, CS, CMA |

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