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Archive: 17 November 2021

Posts in 17 November 2021

Voluntary Compliance Scheme for Real Estate Developers/Projects in Gujarat

November 17, 2021 1311 Views 0 comment Print

This is not the first time wherein GUJ RERA has given an opportunity to the defaulting promoter to opt for the VCS scheme. Various VCS scheme has been notified by GUJ RERA giving remedy to the Promoters. All the defaulting promoter shall take note of the VCS scheme as various suo-moto order has been passed GUJ RERA for non-compliance of Quarterly return and a penalty as high as Rs 1,25,000/- has been charged.

Intellectual Property Rights- When and Why?

November 17, 2021 849 Views 0 comment Print

Intellectual Property Rights (IPR) is the need of hour. Almost all the businesses have this Intangible Property in Form of IPR. The topic of the Article signifies when is the right time to take the IPR and Why we should take the IPR? Without wasting more time, let’s get into it. What is IPRs? IPR […]

Supply Chain Risks & Resilience

November 17, 2021 1617 Views 0 comment Print

COVID -19, lead to Supply-Chain Disruptions & Blockages that has a Significant Economic Effect, Health, Safety and Social Impacts Globally – like Delivery Delays, Increased Costs, Shortage of Labor, Shortage of Inputs, Shut down of Operations, Health Issues of People, Job Loss, Income for Survival, Increased Inflation etc… etc…. and created a lot many uncertainties. […]

Checklist for Incorporation of Foreign Subsidiary/WOS in India

November 17, 2021 35517 Views 1 comment Print

Checklist for Incorporation of Foreign Subsidiary / Wholly Owned Subsidiary in India Following details are required for WOS (to be incorporated) 1. Authorized Share Capital 2. Paid- up Capital 3. Per share value (Face value) 4. Number of Shareholders 5. Registered Office Address 6. Phone No. & Mail id of the Company 7. Copy of […]

Procedure for transfer of shares to Non-Resident- (FC-TRS)

November 17, 2021 64779 Views 2 comments Print

Foreign Currency – transfer of shares (FC-TRS) FCTRS : 1. The Form FC-TRS shall be file within 60 days from the date of receipt/date of payment of the amount of consideration. 2. There will be no official fee for filing of form FC-TRS, if the form is filed within 60 days . 3. Form shall […]

Annual Information System

November 17, 2021 2382 Views 0 comment Print

In order to promote transparency and simplifying the tax return filing process, CBDT vide Notification dated May 28, 2020 has amended Form 26AS vide Sec 285BB of Income Tax Act, 1961 r.w.r.114-I of Income Tax Rules, 1962 w.e.f. 01.06.2020. The new Form 26AS is an Annual Information Statement or AIS which will provide a complete […]

SCN Quashed – Denial of ‘transitional credit’ of cesses

November 17, 2021 1797 Views 0 comment Print

SCN Quashed – Denial of ‘transitional credit’ of cesses on basis that Explanation 3 to Section 140 – Godrej & Boyce Mfg. Ltd. (Bombay High Court) Ruling delivered recently by the Bombay High Court in case of Godrej & Boyce Mfg. Co. Ltd. (‘Petitioner’/’Godrej’). Background of the Case: The Petitioner had sought relief from the […]

All about Bad Bank

November 17, 2021 1629 Views 0 comment Print

In the Budget for FY 2021-2022, Finance Minister Mrs. Nirmala Sitharaman announced that an Asset Reconstruction Company Limited (ARC) and Asset Management Company (AMC) will be set up to deal with the stressed assets of the public sector banks. In this background, Finance Minister announced the establishment of National Asset Reconstruction Company Ltd (NARCL) a government backed Bad Bank along with IDRCL (India Debt Resolution Company Ltd)

Explanation 5 to section 43B effective only from 1st April 2021

November 17, 2021 1524 Views 0 comment Print

Held that explanation 5 to section 43B has prospective effect. Hence, learned NFAC is not justified in disallowing the belated remittance of employees contribution to PF/ESI but paid within the due date of filing the return of income under the normal provisions of the I.T. Act.

TDS implications on reimbursement of employees’ salaries in Group companies

November 17, 2021 4785 Views 0 comment Print

Brief facts: Some employees (management as well as non-management cadre) who are in the payroll of group companies are working for Parent company. Group companies recover cost of such employees from Parent company by raising debit note on actual cost basis. Issue: Whether reimbursement of salary paid by Parent company to group companies would be […]

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