With the objective of promoting ease of doing business in India, the Reserve Bank of India (RBI) has simplified and liberalised the erstwhile framework on external commercial borrowings/foreign currency denominated loans and the rupee denominated loans by notifying the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 (ECB Regulations) issued vide Notification No. FEMA 3 (R)/2018-RB […]
What is Slump Sale: ♦ A slump sale for income tax purposes would be one where an undertaking is sold without considering the individual values of the assets or liabilities contained within the undertaking. ♦ It may be important to note here that finding out individual values may be of relevance only for the purpose […]
1. Perface The Finance Act, 2021 with effect from 01st April, 2021 completely overhauled, renovated and re-regulated the provisions pertaining to section 147 of the Income Tax Act, 1961. Over a considerable period of time, the provisions of section 147 were subject matter of massive debates, dialogues and discussions with many a times, courts taking […]
The 43rd GST Council meeting under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman via video conferencing on Friday, 28th day of May, 2021 via video conferencing in New Delhi to discuss various matters which includes, GST Amnesty Scheme, Relaxation in Returns Filings, exemption on GST for hand sanitisers, face masks, […]
1. Brief Overview What is a Limited Liability Partnership (LLP)? An LLP is a form of business organization that has become popular among entrepreneurs as it gives the benefits of a private limited company (such as limited liability and separate legal entity) along with flexibility offered by a traditional partnership firm. Thus, it combines the benefits of both […]
Background: When a person becomes a Non-resident one of the preliminary compliances to be undertaken includes re-designating the bank accounts held in India. Unlike Residents, Non-Resident Indians [NRI] cannot hold standard savings accounts with Indian banks. Before we dwell on the subject let us understand the concept of ‘Non Resident Indian or NRI’ as per […]
The Ministry of Labour and Employment has announced social security reliefs to the dependents of the workers who passed away due to Covid. The enhanced social security is sought to be provide without any additional financial burden to the employers. 1. Employees State Insurance Act 1948 (E S I C): – At present for the […]
GST Council held its 43rd meeting on 28th May 2021 and in this meeting GST Council recommended various changes relating to change in GST rates and changes related to GST law and procedures but in this article we will discuss amnesty scheme for GSTR-3B, rationalization of late fee and waiver of late fee for the […]
AOC- 4 XBRL- Form for filing XBRL document in respect of financial statement and other documents with the Registrar AOC-4 XBRL is required to be filed pursuant to Section 137 of the Companies Act, 2013 and Rule 12(2) of the Companies (Accounts) Rules, 2014 read with Companies (Filing of Documents and Filing of Forms in Extensible […]
As all of you knew, since inception of Goods and Service Tax regime, many amendments / alteration has been done by Govt. Memorizing of all Chapters, Sections, forms is a big challenge. Some point of time it make you irritated, and you doubt your capability, I have below tips / techniques to help you in […]
