"28 April 2021" Archive

Recent Developments & Amendments in Goods and Services Tax

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 ...

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Form 10A – Registration or provisional registration of Trust- FAQs

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 registrati...

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EC Role in conducting elections in 5 States during Pandemic

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 Co...

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Analysis of SC Decision related to interpretation of Exemption provisions

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 ...

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SC decision in Pepsi Foods on stay of demand by ITAT beyond 365 days

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 […]...

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How To Form Limited Liability Partnership ?

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 mut...

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Alignment of interest of Key Employees of AMCs with Unitholders of MF

SEBI/HO/IMD/IMD-I/DOF5/P/CIR/2021/553 28/04/2021

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:...

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Exposure Draft of Lack of Exchangeability

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 ...

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IRDAI fines Max Life Insurance Company Ltd

Ref. No:IRDAI/LIFE/ORD/MISC/105/04/2021 28/04/2021

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....

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Cabinet approves Agreement with UK for info sharing to prevent customs offences

Cabinet approves Agreement between the Government of India and the Government of the United Kingdom of Great Britain and Northern Ireland on Customs Cooperation and Mutual Administrative Assistance in Customs Matters...

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