"07 June 2021" Archive

Direct & Indirect Taxes Updates- May 2021

Recent circulars/ notifications/ rules/ clarifications/News ♦ Furnishing & upload of Form No. 34BB on Income Tax E-filling Portal (Notification No. 05 of 2021-Income Tax 24/05/2021) ♦ CBDT notifies Rule 11UAE Computation of Fair Market Value of Capital Assets for the purposes of section 50B of Income-tax Act, 1961 (Notification No...

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Posted Under: CA, CS, CMA |

Anti-dumping investigation on imports of Resin Bonded Thin Wheels

Notifications No. AD-OI-09/2021 07/06/2021

Case No. AD-OI-09/2021 Initiation of Anti-dumping investigation concerning imports of Resin Bonded Thin Wheels originating in or exported from China PR....

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Anti-dumping investigation on imports of Plain Medium Density Fibreboard

Case No. SSR-AD-03/2021 07/06/2021

Case No. SSR-AD-03/2021Initiation of sunset review anti-dumping investigation concerning imports of Plain Medium Density Fibreboard having thickness 6mm and above from Vietnam....

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Advanced ICITSS – Adv. IT Test – Computer Based Mode

Notification No. 13-CA (EXAM)/Advanced ICITSS/December, 2020 01/01/1970

It has been decided to conduct Advanced ICITSS - Adv. IT Test – in Computer Based Mode (CBT) on Tuesday, the 12th January, 2021 from 10.30 AM to 12.30 PM (IST)....

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Posted Under: CA, CS, CMA |

Audit Reports for Corporates FY 2020-21

Ministry of corporate affairs (MCA) has recently notified some major changes in reporting requirements of financial statement by notifying amendments in Schedule III of companies Act 2013 to be applicable from FY 2021-22 these changes will correspondingly effect reporting and preparation of independent auditor’s report as well, thou...

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Posted Under: CA, CS, CMA |

Rules for calculation of FMV of Capital Assets in case of Slump Salele

Section 50B read with Section 48 of the Act provides that capital gains on slump sale will be the difference between the full value of the consideration received/ accruing as a result of transfer of capital asset and the net worth of the undertaking sold....

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Posted Under: CA, CS, CMA |

Applicability of Income Tax on Tribals of North Eastern States

A critical analysis of Section 10(26) of Income Tax Act 1961 Introduction: Section 10(26) of Income Tax Act 1961 says “In the case of a member of a Scheduled Tribe as defined in clause (25) of article 366 of the Constitution, residing in any area specified in Part I or Part II of the Table […]...

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Posted Under: CA, CS, CMA |

A Brief Coverage of Startup’s In India

About Startup Startup India is a flagship initiative of the Government of India, intended to catalyze startup culture and build a strong and inclusive ecosystem for innovation and entrepreneurship in India. Since the launch of the initiative on 16th January, 2016, Startup India has rolled out several programs with the objective of suppor...

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Posted Under: CA, CS, CMA |

Summary of NCLAT Judgement on IBC 2016 for May 2021

NCLAT JUDGEMENT SUMMARY FOR THE MONTH OF MAY’ 2021 ON IBC, 2016 It gives us immense pleasure to share our 3rd Edition of NCLAT Judgement Summary for the month of May’ 2021 covering summary/ gist of finding of the Hon’ble NCLAT. The Judgement summary prepared by us is for the purpose of understanding in short […]...

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Posted Under: CA, CS, CMA |

Issue & Redemption of Preference Shares by A Private Limited Company

According to the provisions of Section 55 of the Companies Act 2013 a company limited by shares, if authorized by the Articles of Association [AOA] of the company may issue preference shares which are liable to be redeemed within 20 years from the date of their issue. No company shall be allowed to issue irredeemable preference shares....

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Posted Under: CA, CS, CMA |

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