"12 May 2021" Archive

Covid-19 Vaccine – GST or no GST?

Since last year or so, the entire country is going through tumultuous patches for society as a whole. Present second wave of COVID-19 has put the resources of country at greater strain wherein the entire mankind is struggling to keep their hope float leave alone the prospects of future....

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Section 194N of Income Tax Act 1961 and Its Validity

Section 194N was introduced by Finance Act 2019 and substituted by Finance Act 2020. The main ingredient of Section 194N is that TDS @ 2% shall be deducted in case any person withdraws in cash an amount exceeding Rs. 1.00 Crore  In cash   from his bank account in an year. A person who has not […]...

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Issue of Bonus Shares | Section 63 | Companies Act, 2013

1. What dose Bonus Share means? Bonus shares are additional shares given to the current shareholders without any additional cost, based upon the number of shares that a shareholder owns. These are company’s accumulated earnings which are not given out in the form of dividends, but are converted into free shares. 2. What are the [&he...

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No section 195 TDS on payments by Airport Authority to Federal Aviation for technical assistance & cooperation

Airports Authority of India Vs ITO (TDS) (ITAT Delhi)

Airports Authority of India Vs ITO(TDS) (ITAT Delhi) Conclusion: TDS under section 195 was not applicable on payments made by company to the Federal Aviation Administration, USA (FAA), for providing technical assistance to AAI by way of providing its personnel and meeting on ATFM requirements and assisting AAI in connection with ATFM by d...

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Mandatory updation of UDINs in all Income Tax Forms at e-filing Portal

Members are aware that the CBDT vide its press release dated 26th November 2020 has mandated the validation of the Unique Document Identification Number (UDIN) generated from ICAI portal in all the Income Tax Form and Audit Reports uploaded at the e-filing portal....

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Share Covid vaccines liberally with those who are in dire need of it

Shri Piyush Goyal urges the countries to share Covid vaccines liberally with those who are in dire need of it, stating that Global solidarity is the need of the hour;...

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Dishonored Cheques Provision Under NI Act, 1881

Nowadays cheques are used closely everywhere for many purposes which include loan repayment, salary & wage payment, bill payment, and fee payment, etc. so on a daily basis, banks process and clear the vast majority of cheques which is used to secure evidence of payment. However, cheques are still a very common mode of payment for all nowa...

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Reconciliation under GST

What is reconciliation? The word “reconciliation” has not been defined under the GST Act. Although, in accounting terms, “reconciliation” can be explained as a process of matching balances at the end of a particular period to ensure two sets of accounting records agree with one another. With the amendments brought out in Finance B...

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CSR under Companies Act vis-a-vis UN SDG & Income Tax Act

Comparative study on Schedule VII of Companies Act, 2013 vis-a- vis UN SDG vis vis Income Tax Provision (refer to provisions relating to Charitable Institutions / Trusts / NGOs / Section 8 companies) and also mention projects / activities, clause wise, which can be covered under the different Clauses of Schedule VII presented in tabular ...

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Expenditure on COVID-19 Healthcare facilities & Infrastructure counted under CSR

General Circular No. 09/2021 05/05/2021

Expenditure on COVID-19 Healthcare facilities and Infrastructure counted under CSR Expenditure Pursuant to the General Circular No. 09/2021, issued by Ministry of Corporate Affairs, on 5th May, 2021, and in continuation to the General Circular No. 10/2020, as issued on 23rd of March 2020, the MCA hereby elaborated on various health relate...

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