"02 May 2021" Archive

Accounting for Import Transactions of Goods – GST viz a viz AS 11

Accounting for Import Transactions of Goods – GST viz a viz Accounting Standard AS 11 This Article deals with the nuances of the GST framework for Import Trade viz a viz the challenges laid down while adhering to the Accounting Standard AS 11 – The  Effects of Changes in Foreign Exchange Rates Lets understand a […]...

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Mandatory Re-Registration Under Section 12A and 80G of Income Tax Act by Existing NGO before 30.06.2021 -FAQ’s

Mandatory Re-Registration Under Section 12A and 80G of Income Tax Act by Existing NGO before 30.06.2021 -FAQ’s Dear friends, NGOs are an integral part of our Society. There are many NGOs in India like The Earth Saviours Foundation, The Akshaya Patra Foundation, Iskcon, etc which are providing food and shelter to the needy peoples. To [&...

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GST Compliance Due dates as amended by Notifications on 1st May 2021

GST Compliance Due dates as amended by Notifications 9/2021, 12/2021, 13/2021-Central Tax issued by CBIC on 1st May 2021 Due Dates for March 2021 and April 2021 For Part 1 states Due Dates for March 2021 and April 2021 For Part 2 states Turnover > 5crores in preceding financial year Turnover > 5crores in preceding […]...

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Dual GST Model & GST Structure In India

1.1. INTRODUCTION TO DUAL GST MODEL Many countries in the world have a single unified GST system i.e. a single tax applicable throughout the country. However, in federal countries like Brazil and Canada, a dual GST system is prevalent whereby GST is levied by both the federal and state or provincial governments. India is a […]...

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Relief measures for taxpayers under GST in view of COVID-19

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances under Goods & Services Tax (GST) law due to the outbreak of the second wave of COVID-19 pandemic, the Government has issued notifications, all dated 1st May, 2021, providing various relief measures for taxpayers. These measures are explained b...

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Summary of NCLAT Judgement on IBC 2016 for April 2021

2nd Edition- NCLAT Judgement Summary for the Month of April’ 2021 on IBC, 2016 It gives us immense pleasure to share our 2nd Edition of NCLAT Judgement Summary for the month of April’ 2021 covering summary/ gist of finding of the Hon’ble NCLAT. The Judgement summary prepared by us is for the purpose of understanding […]...

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Initiation of IBC Proceedings against a Government Company: Shattering the questionable Conundrum under IBC

Initiation of Proceedings against a Government Company: Shattering the questionable Conundrum under IBC Introduction Section 238 of the Code is a non-obstante clause in the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as ‘the code’) which does not incorporate any distinct limitation from the Constitution to impose a comp...

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ICAI Waives Condonation Fees due to late filing of application Form 18

Amidst the current situation arising out of Covid-19, it is observed that Members and Firms are facing difficulties in filing Form 18, i.e., for re-constitution of Firm, intimating Joining/leaving of Partner(s)/Paid Assistant(s) and opening/closing of Branch Office within the prescribed period....

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New LLP: Formation of Limited Liability Partnership

Why LLP is Advantageous? Forming and maintaining LLP has always been a preferred option for small Enterpreneurs due to its structure, compliance and operational advantages. Salient features of LLP • LLP can be formed with minimum of 2 partners. • LLP shall have at least two designated partners who are individuals. • LLP is a [&helli...

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Assessment of Amalgamating Company

Understanding the provisions: Let us take a look at the provisions of Income Tax Act 1961(here referred as ‘the Act’). As per section 2(1B) of the Act, one company can amalgamate or merge with another company wherein all the assets and liabilities of an amalgamating company are transferred to the amalgamated company which is the [&hel...

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