Self Certification basis instead of Annual Return / Reconciliation: Through amendment in Section 44 of the CGST Act, the requirement for certification of reconciliation statement (GSTR-9C) by a Chartered accountant/ Cost accountant has been removed. It is provided that the annual return, which shall include reconciliation statement, will be filed on self-certification basis. Consequently, Section […]
Frequently Asked Questions on Form 10A (Application for registration or provisional registration or intimation or approval or provisional approval) as notified vide Notification no. 19/2021 dated 26/03/2021 FAQ 1: A charitable trust has obtained registration under Section 12A of the Income-tax Act, 1961. Now, it wants to obtain registration under Section 80G of the relevant […]
Role of Election Commission (EC) in conducting elections in five States in India during COVID Pandemic Election Commission has announced poll dates for five States West Bengal, Assam, Kerala, Tamil Nadu and Puducherry on 27th February 2021. Considering the fact in this year, when whole World is sadly gripped and shattered by the deadly Corona […]
Analysis of Supreme Court Decision in Mother Superior Adoration Convent relating to interpretation of Exemption provisions Introduction Supreme Court Decision in Dilip Kumar and Company had at one point of time appeared to have closed all alternate doors of interpreting exemption provisions by clearly stating that any benefit of doubt in interpreting the exemption provisions […]
Article analyses recent Supreme Court Judgment in the case of DCIT Vs Pepsi Foods Ltd. in which while deciding the constitutional validity of the third proviso to Section 254(2A) of the Income Tax Act, 1961 it was held by SC that Any order of stay shall stand vacated after the expiry of the period or […]
Vijay Metal Vs Deputy Commercial Tax officer (Telangana High Court) 1. The point that Hyderabad comes first and Adoni comes later; ignoring the operational convenience of the transporter; is not justifiable. HC not accepted the contention of the officer that even if the goods meant to be delivered at Adoni were loaded on top of […]
Introduction: What is Limited Liability Partnership? Limited Liability Partnership is a hybrid form of structure where features of partnership and companies are combined together, and members can avail the benefit of limited liability while at the same time having the flexibility of organizing their internal management on the basis of mutually-arrived agreement, as in the […]
In order to align the interest of the Key Employees of the AMCs with the unitholders of the mutual fund schemes, it has been decided that a part of compensation of the Key Employees of the AMCs shall be paid in the form of units of the scheme(s), as under:
IAS 21 sets out the exchange rate a company uses when it reports foreign currency transactions or a foreign operation’s results in a different currency. However, the Standard does not set out the exchange rate to use when there is no observable exchange rate the company can use-such as when a currency cannot be converted into a foreign currency. The proposed amendments would help companies in determining whether a currency can be exchanged into another currency, and what accounting to apply if the currency cannot be exchanged.
Max Life argued that there was no clarity prior to the issue of Outsourcing regulations,2017 that training activity falls within the definition of Outsourcing and that there was no uniform practice across the Industry.
