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Archive: 21 December 2021

Posts in 21 December 2021

Application is acceptable once all conditions prescribed u/s 9(5)(i) of IBC are satisfied

December 21, 2021 4827 Views 0 comment Print

Ashimara Housing Private limited Vs Vibrus Homes Private Limited (NCLT Delhi) Facts-  An amount of Rs. 32,43,000/- was paid as an advance to the Corporate Debtor by the Operational Creditor. This deposit is towards the advance licence fee. By filing this application, the Petitioner has claimed that since the amount was not refunded, therefore, there […]

eForm MGT-7A- Form for filing annual return by OPCs & Small company

December 21, 2021 10659 Views 0 comment Print

Part I – Law(s) Governing the eForm MGT-7A Section and Rule Number(s) Pursuant to Section 92(1) of the Companies Act, 2013 and rule 11(1) of the Companies (Management and Administration) Rules, 2014. (Refer Annexure A) Purpose of the eForm MGT-7A Every OPC and small company shall prepare an annual return in the form MGT-7A containing […]

RTI Reply on New Income Tax Portal Designed by Infosys

December 21, 2021 1050 Views 0 comment Print

On which date work regarding new Income Portal was granted to Infosys, when was it commenced, when was it completed and when was it tested?

All about filing of eForm AOC-4 XBRL

December 21, 2021 18930 Views 1 comment Print

AOC – 4 X BRL – Form for filing XBRL document in respect of financial statement and other documents with the Registrar Part I – Law(s) Governing the eForm eForm AOC-4 XBRL Pursuant to section 137 of the Companies Act, 2013 and rule 12(2) of the Companies (Accounts) Rules, 2014 read with Companies (Filing of documents […]

GSTR -3B is a return under GST Law, confirmed by Hon’ble Supreme Court

December 21, 2021 14958 Views 0 comment Print

Supreme Court of India has expressly overruled the judgment dated 24.06.2019 of the Hon’ble Gujarat High Court, wherein it was ruling that FORM GSTR-3B is not a return specified under Section 39 of the CGST Act.

Annual Information Statement – Income from investment in securitization trust

December 21, 2021 3630 Views 0 comment Print

Annual Information Statement (AIS) – Income from investment in securitization trust The income tax department of India, recently, announced and made available a new Annual Information Statement on its compliance portal. Various additional information like interest; securities transactions; dividend; mutual fund transaction; foreign remittance etc. will be covered under the Annual Information Statement. Once the […]

Annual Information Statement – Income on account of repurchase of units by MF/ UTI

December 21, 2021 1647 Views 0 comment Print

Annual Information Statement (AIS)– Income on account of repurchase of units by MF/ UTI ‘Annual Information Statement’ and ‘Taxpayer Information Summary’ are two new tools recently made available by the Income Tax Department to the taxpayers. The main objective of the ‘Annual Information Statement’ is to provide comprehensive tax information to the taxpayer and also […]

eForm MGT-7 Form for filing Annual Return by a Company

December 21, 2021 17439 Views 1 comment Print

Part I – Law(s) Governing the  eForm MGT-7 Pursuant to Section 92(1) of the Companies Act, 2013 and rule 11(1) of the Companies (Management and Administration) Rules, 2014. (Refer Annexure A) Purpose of the eForm MGT-7 Every company shall prepare an annual return in the form MGT-7 containing the particulars as they stood on the […]

Availment of common input supplies on behalf of other unit/units registered as distinct person will qualify as supply of services

December 21, 2021 14136 Views 0 comment Print

AAAR held that head office using all its human resources to facilitate the operational requirements of the branch offices/units by way of procuring common input services on behalf of the branch offices/units thereby, providing the services, therefore, allocation and recovery of any amount including its employees salary cost from the branch offices/units will be subject to GST. Hence, the allocation and recovery of the salary of the employees of the head office from the branch office/units will be subject to GST.

HC imposes cost on AO for ‘gross abuse of process’

December 21, 2021 588 Views 0 comment Print

Milestone Brandcom Private Limited Vs National Faceless Assessment Centre (Bombay High Court) 1. This is another matter where Court’s precious judicial time is spent due to utter disregard for orders and remarkable ineptitude of the Assessing Officer. 2. Petitioner was served with a draft Assessment Order dated 06/05/2021 with a notice by which Petitioner was […]

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