"11 November 2021" Archive

Delhi govt notifies revised Minimum Wages w.e.f. 01/10/2021

F.No.12 (142)/02/MW/VIII/Part file/4456 11/11/2021

Government of National Capital Territory of Delhi after adjustment of the average All India Consumer Price Index Number of the period from January 2021 to June 2021 which is 345.21, an increase of 4.26 points, hereby declares the following Dearness Allowances, which shall be payable for all categories w.e.f 01.10.2021. 4. The following...

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Release of seized goods in absence of notice u/s 124 within extended time limit to keep consignments

Indosheel Mould Limited Vs Union of India (Bombay High Court)

With respect to seized goods, there was neither any notice under clause (a) of Section 124 issued to assessee within six months of the seizure nor had the period of six months been extended for a further period of six months, therefore, in the absence of there being any notice as required by the first proviso even within the extended peri...

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Tax Audit Series-2 – Business Vs. Profession

BUSINESS VS PROFESSION Section 44AB of the Income Tax Act, 1961 defines separate limit for business and profession, so it is essential to understand what is business and what is profession. Business Profession The term “business” is defined in section 2(13) of the Act, as under: “Business” includes any trade, comme...

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Posted Under: Corporate Law |

Implication of GST on FMCG Sector In India

INTRODUCTION Fast moving consumer goods (FMCG) is the 4th largest sector in the Indian economy. There are three main segments in the sector – food and beverages, healthcare and household and personal care which accounts for almost half of the sector. FMCG Companies are looking to invest in energy efficient plants to benefit the society ...

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Provision of Tax Deducted at Sourse (TDS) is Genuinely Tedious

Under Income Tax Act, Tax Deducted at Source (TDS) is really a Tedious for all the assesses. There are different sections 192 to 194 having subsections, analyses as under: Section 192 TDS on Salary Section 193 TDS on interest on securities Section 194 TDS on Dividends Section 194A TDS on Interest other than Interest on […]...

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Posted Under: Corporate Law |

Tea Board cracks down on substandard imports

Tea Board cracks down on substandard imports The tea buyers directed not to blend imported tea with teas of Darjeeling/Kangra/Assam (Orthodox)/Nilgiri (Oththodox) All importers directed to ensure that origin of imported tea is mentioned in all their sale invoices and not to pass off imported tea as teas of Indian origin All distributors o...

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Posted Under: Corporate Law |

Impact of Delayed Payment to MSME Vendor

In this editorial author shall discuss the implication and effects of delay in payments to MSME vendor along with their reporting in Companies Act as well as MSME Act, 2006. A. Provisions of Companies Act, 2013 As per MCA Notification dated 22nd January, 2019, MCA has directed that all companies, who get supplies of goods […]...

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Posted Under: Corporate Law |

Transactions to be Mentioned in e-form MSME-1

Many readers asked ‘details of transactions to be mention in e-form MSME-1′. As there are lot of confusions in this form since the inception. In this editorial author shall discuss about the transactions with example required to be mention in MSME-1 along with below mentioned questions: i. If a Company itself registered in MSM...

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Posted Under: Corporate Law |

De-Flagging of Disqualifiation of DIN

As we are aware that, Ministry of Corporate Affairs has disqualified lakhs of Directors on 01st November 2016 due to non-compliance of Section 164(2) by such directors. As per Companies Act, 2013 once a director disqualified u/s 164(2) shall not be eligible to be re-appointed as a director of that company or appointed in other […]...

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Posted Under: Corporate Law |

Everything About E-FORM MSME-1

In this editorial author shall discuss about each aspect of MSME-1 form. MSME-1 form first time introduced by MCA notification dated 22 January 2019. A. PURPOSE OF E-FORM: Purpose of this form is to inform ROC about default in payment by Companies to their MSME (Micro and small) vendors. B. APPLICABILITY: If a Company (All […]...

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Posted Under: Corporate Law |

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