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Archive: May, 2021

Posts in May, 2021

ECB end-use restrictions for all eligible borrowers

May 31, 2021 20115 Views 1 comment Print

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 […]

Slump Sale | Rule 11UAE | Income Tax Rules, 1962

May 31, 2021 65538 Views 1 comment Print

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 […]

Non-Consideration of material on record – A Ground for Reopening u/s 147?

May 31, 2021 2613 Views 1 comment Print

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 […]

GST Amnesty Scheme 2021 & Late Fee Relaxations

May 31, 2021 162381 Views 47 comments Print

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, […]

A Comprehensive Analysis of Limited Liability Partnerships (LLPs): Advantages, Disadvantages, Taxation & Steps to Incorporate an LLP

May 31, 2021 32679 Views 1 comment Print

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 […]

Bank Accounts Under FEMA – Detailed Analysis of Bank Accounts that can be opened by NRI’s

May 31, 2021 6822 Views 1 comment Print

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 […]

Social Security relief to dependents of Workers Passed away due to Covid-19

May 31, 2021 885 Views 0 comment Print

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 […]

Commentary on Amnesty Scheme & Late Fee Relaxation Measure Recommended By GSTC

May 31, 2021 1029 Views 0 comment Print

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 […]

Form AOC-4 XBRL

May 31, 2021 29655 Views 2 comments Print

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 […]

Tips for memorizing CGST Act, Rule, with relevant Chapter, section, forms

May 31, 2021 4584 Views 7 comments Print

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 […]

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