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Archive: May, 2021

Posts in May, 2021

Legal Term: Ratio Decidendi, Obiter Dicta, Re-Judicata & Stare Decisis

May 26, 2021 65379 Views 1 comment Print

In the judicial context, it is the reason which is cited for arriving at a decision in a case. Such reason is not the law that is getting attracted in the contemporary case but is the necessary notion which helps the court arrive at a particular decision.

Procedure for Adding new Designated Partner in LLP

May 26, 2021 10446 Views 0 comment Print

After LLP Incorporation is completed and if there is requirement for adding new Designated partner/Partners in LLP then need to follow below mentioned procedure: I. Consent of Partners To add a new Partner to an existing LLP, consent of all existing Partners is usually required. However, if the LLP agreement permits, single Partner can also […]

Differences between Ind AS-103 & AS-14 & Carve out/in Ind AS-103 from IFRS-3

May 26, 2021 28368 Views 5 comments Print

Article contains Easy Analysis of Differences Between Ind AS-103 and AS-14 and Carve-Out, Carve-In in Ind AS-103 from IFRS-3. It explains  Significant differences between Ind AS-103 and AS-14 and Carve-Out in Ind AS-103 from IFRS-3.  1- Introduction There is no single Accounting standard which addresses accounting treatments and disclosures where one entity obtains control of […]

IND AS-36: Impairment of Assets- Analysis and its Testing at end of each reporting period

May 26, 2021 1734 Views 0 comment Print

Understand the IND AS-36 standards on Impairment of Assets. Learn about the analysis and testing required at the end of each reporting period.

Methodology adopted under best judgment assessment order without following any principle is arbitrary

May 26, 2021 2661 Views 0 comment Print

HC set aside the best judgment assessment order passed for non-compliance with the request to file GSTR-3B return, by the Assistant Commissioner under Section 62 of the Central Goods and Services Tax Act, 2017

Business Responsibility and Sustainability Reporting (BRSR) – overview

May 26, 2021 14952 Views 0 comment Print

In the current situation, the major investing organizations across the world review the non-financial data to take decisions on investment in any new venture or project. It provides trust to the interested parties to a business, such as financial & capital providers, customers, regulatory bodies, suppliers & subcontractors, workforces, population affected by the operation of […]

Independent Director – Introduction, Eligibility, Powers, Appointment Terms

May 26, 2021 78732 Views 2 comments Print

Independent Director – A Brief Introduction About Eligibility, Powers, Appointment Terms An Independent Director has always been a person of high regard and intellect, he is always been a person who is  a face of governance in the Board.  An independent director is a non-executive director of a company who meets the criteria of being […]

LLP & External Commercial Borrowings (ECBs) in India

May 26, 2021 3078 Views 3 comments Print

Amidst the recent global challenges and trade wars, many developing countries, including India, faced macro-economic issues due to weakness in their currencies. The Indian government has taken many steps to stabilize the volatility in the rupee by carrying out open market operations in the currency markets, boost exports, additional import duties, etc. India has also […]

GST on Mats, Matting & Floor Covering of Coir backed by PVC, Rubber, Latex

May 26, 2021 4077 Views 0 comment Print

In re United Rubber Industries (GST AAR Kerala) Whether ‘Mats, Mattings and Floor Covering of Coir’, if backed by PVC, Rubber, Latex etc. would fall under Tariff Headings 5702, 5703 & 5705 at SI. No.219 of Schedule — I of Notification No.1/2017-CGST (Rate) dated 28.06.2017, within the 5% tax net, depending upon the respective manufacturing […]

TCS on Sale of Goods vs. TDS on Purchase of Goods

May 26, 2021 269670 Views 17 comments Print

Section 206C(1H) of Incoem Tax Act, 1961 is already applicable from 01-10-2020 and Section  194Q will be applicable from 01-07-2021 Article explains Section 206C(1H) and Section 194Q considering confusions prevailing currently in industry regarding TDS & TCS under both these sections. Article also contains PICTORIAL FLOW CHART OF INTERPLAY BETWEEN  Section 194Q VS Section 206C(1H). […]

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