"04 May 2021" Archive

ICSI postpones CS June 2021 Exams

ICSI with a view to protect the interests of the candidates, their well-being and safety in view of Covid-19 Pandemic situation, has decided that the Examinations for Foundation Programme, Executive Programme (Old and New Syllabus) and Professional Programme (Old and New Syllabus) scheduled to be held from 1st June, 2021 to 10th June, 20...

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Posted Under: CA, CS, CMA |

Relaxations In Certain GST Compliances

A. GSTR 3B Reduction in rate of interest and waiver of late fees – March 21 & April 21 Vide Notification No. 08/2021 – CT dt. 01.05.2021 as well as Notification No. 01/2021 – IT read with Notification No. 09/2021 – CT dt. 01.05.2021, the relaxations are as under for the given tax period: Taxpayer […]...

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Posted Under: CA, CS, CMA |

Threefold increase in production of Remdesivir in the country

The production of remdesivir is being increased at a rapid pace in the country.  In just a few days, India has achieved 3 times the production capacity of Remedesvir and will soon be able to meet the growing demand. This was announced by the  Minister of State for Chemical and Fertilizers Shri Mansukh Mandaviya today....

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Posted Under: CA, CS, CMA |

‘Ayush-64’ for treating mild to moderate cases of Covid 19- FAQs

Described by experts as a ray of hope in the time of the pandemic, the polyherbal drug AYUSH- 64 which was originally developed in 1980 for treatment of malaria, has now been repurposed for Covid 19. ...

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Posted Under: CA, CS, CMA |

CSR expense on community & welfare development before A.Y. 2015-16

NTPC Electric Supply Company Ltd. Vs ITO (ITAT Delhi)

NTPC Electric Supply Company Ltd. Vs ITO (ITAT Delhi) The facts in brief are that the assessee-company is a wholly owned subsidiary company of NTPC Ltd., a government undertaking with the objective to make foray in supply and distribution of electricity. It was entrusted with rural electrification work under the scheme of Central Governme...

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Taxability of Share Issue at Premium

In this write up, we are going to discuss the taxability, under Income Tax Law, where a private limited company issues share at a price which is more than its Face Value. Section 56(2)(Viib) of Income Tax Act, 1961, stipulates as follows:- where a company, not being a company in which the public are substantially […]...

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Posted Under: CA, CS, CMA |

FAQ’s on Relaxations of time of filling of CHARGE form

FAQ’s on Relaxations of time of filling of CHARGE form {Creation & Modification of Charge} SHORT SUMMARY: Quick Question: 1. If Charge is created/ modified on or before December 02, 2020. Company fails to file such form. Whether such Company can take benefit of General Circular No. 07/2021 dated 03rd May, 2021? As per applicability ...

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Posted Under: CA, CS, CMA |

Relaxation in GST under Covid-19

08/2021 to 14/2021 01/05/2021

RELAXATION IN GST COMPLIANCE’S UNDER-COVID-19 (NOTIFICATION NO. 08/2021 and 09/2021- CENTRAL TAX DATED 01.05.2021) INTEREST RATE RELIEF Turnover Tax period Due Date Interest Rate Relief Late Fee Relief More than 5cr March,21 April,21 20.04.2021 20.05.2021 First 15 Days-9% After 15 Days-18% 15 days from due date of return- No Late Fee Up...

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Posted Under: CA, CS, CMA |

All About Form MBP-1 Notice of interest by director

Section 184 (1) of the Companies Act 2013 requires that every director to make disclosure of his interest or concern in any company or firm or body corporate or any association of individuals at the first Board meeting or when there is any change in the interest of Directors. The provisions are founded on the […]...

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Posted Under: CA, CS, CMA |

Disclosure Requirements in IFRS Standards – A Pilot Approach

Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB) of IFRS Foundation. The IASB, before issuing the new/amendments to IFRS Standards, issues consultative documents (such as Discussion Paper (DP), Exposure Draft (ED) etc) seeking public comments from across the...

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Posted Under: CA, CS, CMA |

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