"18 April 2021" Archive

10 Things to Consider before Filing March 2021 GST Return

Below are the 10 things a businessman should consider before filling GST Return for the month of March 2021: 1. File GSTR-3B i.e., GST Return before 20 April or 22nd April as the case may be. To avoid late fees and penalties. 2. ITC reflected in GSTR-2A should be reconciled with books before filling GSTR-3b. If there is a difference betwe...

CRUX of Section 80JJAA of Income Tax Act 1961

Applicability of of Section 80JJAA of Income Tax Act 1961: -Assessee who are covered under Section 44AB. -Profit & Gains derived from business. Amount of Deduction under Section 80JJAA of Income Tax Act 1961: 30% of additional employee cost. Three Assessment years including assessment year relevant to the previous year in which such e...

Draft Format of MOA of Section 8 Company

There are so many Rules for drafting the Memorandum of Association of Section 8 Company which are required to be complied with , below is the draft Memorandum of Association for Section 8 company. MEMORANDUM OF ASSOCIATION OF (Name of Company to be written here without Brackets) (Limited by share not for profit under section […]...

Section 193 & Section 194A : An insight into some Issues

There are some issues under these sections which need discussion; an effort has been made on my part to cover some of them in the form of this article. Firstly, whether discount portion of certificate of deposits /commercial papers etc is covered under these sections and whether TDS is required to be made on that […]...

Government of Maharashtra notifies SOPs for long distance trains

Notification No: DML1/2020/CR. 92/DisM-1 18/04/2021

All passengers to compulsorily wear masks in a proper fashion throughout the journey and at the railway stations. All passengers to maintain proper social distancing while boarding/ alighting from the trains or when getting tested/ checked at the stations when needed. Thermal scanners to be made available at entry/ exit points at all s...

Analysis of guidelines of attachment of property | Section 83 | CGST Act

Analysis of procedure of provisional attachment of property under section 83 GST Act under section 83 read with Rule 159 of Central Goods and Services Tax Rules, 2017 (CGST Rules) talks about the provisional attachment of property of taxable person to protect the interest of revenue in case of pendency of any proceeding under following [&...

New Income Tax Regime vs Old Tax Regime

The new tax regime was seems to be a gift for the taxpayers by offering the lowest tax rates. But unfortunately it came with a  lots of drawbacks. It has created a lot of confusions among the tax payers to choose between these two schemes. However,Salaried and pensioners have the option to change according to […]...

Biggest Myth about Professional Examinations

Have you ever heard that Professional examinations are very difficult to crack or it is not everyone’s cup of tea? You are on the right page then. Read till the end to know the truth. Let me just remind you of days when you used to study just a day before examinations in school or […]...

Legality of Emergency Arbitration In India: Understanding Future Retail Group vs. Amazon

After a highly publicized conflict between Future Retail Ltd. and Amazon.com Investment Holding LLC, the field of emergency arbitration resurfaced in India. There have only been a few cases in India that have dealt with the enforceability of an emergency arbitrator's decision....

Priority of Secured Creditors over Government Dues

Till 31.08.2016 and with effect from 1.9.2016, the Government dues have lost priority of its tax dues against the banks or financial institutions secured creditors ('secured creditors') since the Recovery of Debts and Bankruptcy Act, 1993 and Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2...

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