"13 March 2021" Archive

Budget 2021 – Goodwill, no longer a depreciable asset [effective from April 1, 2021]

Treatment of goodwill: ♣ Accounting Standard 14 (Accounting for Amalgamation) allows amortization of goodwill, acquired in a business acquisition, over a period not exceeding 5 years unless a longer period can be justified. ♣ Ind AS 103 (Business Combinations) requires amortization of goodwill over its useful life if the same is finit...

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Posted Under: Income Tax |

SEBI Master Direction to get KYC updation to Legal Entities (LES)

The purpose of this article is to get an overlook about the direction by Board to Registered intermediaries (RI) to upload the KYC records with Central KYC Records Registry (CKYCR) as well as to get deep understanding about the entity details and documents need to be submitted on Central KYC Records Registry (CKYCR) by Legal […]...

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Posted Under: Income Tax |

Competition Commission of India (CCI) – February – 2021 Updates

1. PRESS RELEASE No. 58/2020-21 – 10.02.2021 CCI approves acquisition by Siemens Healthineers Holding I Gmb (SHS GmbH) of Varian Medical Systems, Inc. (Varian) under Section 31(1) of the Competition Act, 2002, today. The proposed combination relates to the acquisition of 100% of shares of common stock and sole control of Varian, by SHS ...

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Posted Under: Income Tax |

Logic of Minimum Board Meetings In A Company

Earlier under the Indian Companies Act, 1913 there was no concept of minimum number of board meetings but Companies Act, 1956 brought in the concept of minimum number of board meetings. The purpose for having statutory backing for minimum number of board meeting was to avoid infrequency and irregularity of board meeting because directors ...

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Posted Under: Income Tax |

Refund under GST Regime Up To Date 12-03-2021 – Detailed Analysis

Refund is very important term under the GST for the person who is eligible to claim the refund and for the GST Authority who issues the refund order. Both persons i.e. who claim the refund and who issues refund should have fully conversant with the provisions and law in regard of Refund under the GST.  […]...

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Posted Under: Income Tax | ,

Unclaimed Dividend Recovery of Reliance from IEPF: Why Is It a Good Option?

Unclaimed Dividend Recovery of Reliance from IEPF: Why Is It a Good Option? ‘Rs. 10000 invested in Reliance Industries Limited in 1977 during its IPO would have made the shareholder a Crorepati today.’ No! this is not a joke. This information was revealed by Reliance group’s Managing Director and One of the Richest Person in...

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Posted Under: Income Tax |

Financial Year Closing Month March 2021 – Preparation & Precautions

Dear Sir, I am finding, this is right time for a wakeup call because last month of Financial Year is crucial as 11th April, 2021 & 20th April 2021 is last day for GST Books closing and for your business if any Purchases left or sales left then it goes to next year and will […]...

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Posted Under: Income Tax |

AO cannot issue consolidated notices for different Assessment Years

Barnala Steel Industries Ltd Vs ACIT (ITAT Delhi)

Barnala Steel Industries Ltd Vs ACIT (ITAT Delhi) Consolidated Issue of Notice In Search Case For Different Assessment Years Makes Entire Assessment Order Invalid We have heard both the parties and perused all the relevant material on record. From the perusal of the notice issued u/s 153A r.w.s. 153C/143(2) of the Act, it is a […]...

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Prior Approval of RBI for Management Change of NBFCs

Non Banking Finance Company plays a vital role in the Indian economy as it provides loan to > Start-ups as business loan > Salaried employees as Personal loan to fulfil their essential requirements > Farmers as Agriculture Loan > People in need of Assets as Assets Finance Loan and etc. To set up a Non […]...

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Posted Under: Income Tax |

No bar on investigation by different officers independently investigating different matters without any overlapping

No bar on investigation by different officers independently investigating different matters without any overlapping The Hon’ble Punjab & Haryana High Court in Kaushal Kumar Mishra vs. Addl Director General & anr [CWP-21387-2020 (O&M), decided on February 12, 2021] dismissed the petition and refused to interfere with the inve...

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Posted Under: Income Tax |

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