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Archive: 11 November 2021

Posts in 11 November 2021

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

November 11, 2021 107232 Views 1 comment Print

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 revised rates of minimum wages shall be applicable in respect of unskilled, semiskilled and skilled categories in all schedules employment:-

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

November 11, 2021 5727 Views 0 comment Print

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 period upto one year, the consequence that ought to follow was release of the seized consignments.

Tax Audit Series-2 – Business Vs. Profession

November 11, 2021 8322 Views 0 comment Print

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, commerce, or manufacture or any […]

Implication of GST on FMCG Sector In India

November 11, 2021 27060 Views 1 comment Print

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 […]

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

November 11, 2021 5310 Views 1 comment Print

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 […]

Tea Board cracks down on substandard imports

November 11, 2021 804 Views 0 comment Print

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 of tea […]

Impact of Delayed Payment to MSME Vendor

November 11, 2021 223452 Views 11 comments Print

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 […]

Transactions to be Mentioned in e-form MSME-1

November 11, 2021 4779 Views 0 comment Print

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 MSME. Whether […]

De-Flagging of Disqualifiation of DIN

November 11, 2021 5679 Views 2 comments Print

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 […]

Everything About E-FORM MSME-1

November 11, 2021 26121 Views 1 comment Print

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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