"26 March 2021" Archive

The Game of Due Date

Every year the assessees, tax professionals and the tax departments play the game of 'Due-Dates, Due Dates'. It has become a game of cricket in which the match is not decided until the last ball is bowled. For reasons attributable to all the stakeholders like tax professionals including assessees and the tax department, the due date of th...

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Posted Under: Income Tax |

Process for Conversion of LLP into Company

Introduction A Limited Liability Partnership (LLP) is a corporate business form combining features of both Company and traditional partnership firms. It offers the benefits of a limited liability to the partners. The concept of LLP was emerged and got place in statutes in 2008 while the concept of private company is much older. LLPs offer...

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Posted Under: Income Tax |

TOPSY – Turvy Tale of Section 129 of CGST Act, 2017

What triggered Section 129: Section 129 comes into picture when any person who is incharge of a conveyance carrying goods then under the provisions of Section 68  of CGST Act, 2017 the proper officer during the transit of the goods can ask for the inspection of goods and if the officers found out any discrepancy […]...

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Posted Under: Income Tax |

Common Mistakes while doing Overseas Direct Investment & judicial proceedings

With the aim of diversifying the business abroad, Overseas direct investments (ODI) are undertaken as significant means for developing economies and emerging markets where companies need funding and expertise to expand their international sales. The importance of ODI can be accurately measured by the innumerable benefits like better econ...

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Posted Under: Income Tax |

Analysis of changes in Schedule III (Balance Sheet) of Companies

Detailed analysis of changes brought in by ministry of corporate affairs in Schedule III of Companies Act 2013; dated 24th March 2021 – Balance Sheet Section 467 of the companies act 2013, gives powers to the central government to alter any of the regulations, rules, tables, forms, and other provisions contained in any of the [&hell...

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Posted Under: Income Tax |

Applicability and generation of QR code in GST

Article explains the term ‘Dynamic Quick Response Code’ Applicability of QR code on B2B invoices (e-invoicing QR code), Applicability of QR code on B2C invoices (dynamic QR code) and Summary of Applicability of the QR code under GST. QR code provisions apply differently for both B2B transactions and B2C transactions. The present artic...

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Posted Under: Income Tax |

Year End Activities in GST for Financial Year 2020-21

Year End Activities to be done in GST for Financial Year 2020-21 – We are in the penultimate week of Financial year 2020-21. It calls for some activities to be carried out under GST and laws  for smooth transition to Financial Year (FY) 2021-22. We have listed down certain important activities for the said transition/ […]...

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Posted Under: Income Tax | ,

GSTR 3B Late filing – Levying interest on Gross Tax Liability

Section 16(2)(d), CGST Act, 2017 lays down the following condition for availment of ITC; Filing of Return u/s 39 The other four conditions for availment of ITC have been laid down under  Section 16(2)(a) to (c) and 16(2)(aa), CGST Act, 2017. The section 16(2) starts with notwithstanding clause, meaning thereby that it supersedes ...

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Posted Under: Income Tax |

Analysis of Amendment to Schedule III to Companies Act, 2013

The Ministry of Corporate Affairs, Government of India, issued notifications dated 24th March, 2021 to amend Schedule III to the Companies Act, 2013 (hereinafter referred to as ‘the Act’); Companies (Accounts) Rules, 2014 and Companies (Audit and Auditors) Rule, 2014 to enhance the disclosures required to be made by the Company in its...

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Posted Under: Income Tax |

Taxability of Interest on P.F. Contribution

The Lok Sabha has passed the Finance Bill, 2021 on March 23, 2021, with finance minister Nirmala Sitharaman introducing 127 amendments with a view to boost ease of doing business and easing compliance burden. Among the major changes is a tweak in the proposal to tax income on P.F. contribution above Rs. 2.50 lakhs in […]...

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Posted Under: Income Tax |

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