"17 February 2022" Archive

Foreign Contribution Regulations in India- Brief Analysis

Introduction: The Foreign Contribution (Regulation) Act, 2010 is an act of parliament of India, by the 42th Act of 2010. It is a consolidated act whose scope is to regulate the acceptance and utilization of foreign contribution or foreign hospitality by certain individuals or association or companies and to prohibit acceptance and utiliza...

Posted Under: Corporate Law |

How Payroll Software Improves Your Business Productivity?

Every company needs to improve its operations in order to succeed, yet many are unwilling to invest money and effort in finding a solution. The demand for solutions that increase productivity and ensure return on investment (ROI) while utilizing fewer resources is growing by the day in this digital realm....

Posted Under: Corporate Law |

TDS and TCS Concept in India- AY 2022-23 – FY 2021-22

(For the year ending on March 31, 2022 – Ay 2022-23) 1. TDS on the Making Payments to a ‘Non’ Resident of India (i) Responsibility of TDS under the section 195(1) TDS is to be deducted by a person as ‘responsible’ to pay any interest or ‘any other sum’ to a non-resident of India. (ii) […]...

Posted Under: Corporate Law |

Peer Review Mandate-Roll Out by Institute of Chartered Accountants of India

The Council at its 407th Meeting of the Council held from 7th– 9th January 2022 decided to mandate the Peer Review process for coverage of more firms under Peer Review process. The roll out shall be made in four following stages: Phase – 1 Category of firms covered shall be -> Firms which have undertaken […]...

Posted Under: Corporate Law |

Issue of Privately Placed Non Convertible debentures by Unlisted NBFCs

Dear Friends , we all know that being an NBFC it has to confirm to the requirement of both Companies Act 2013 as well as RBI. Though both regulaor complement each other to the extent possible but not always and not in all circumstances because of the constitution of NBFC and apex bank’s continuous monitoring. […]...

Posted Under: Corporate Law |

Curious Case of Missing Elaichi (Cardamom) in my Paan (Betel Leaf)

AAR held that a Pan Shop Seller, is not eligible for the benefit of the ‘Composition Scheme’ under the CGST (GST) Act, by holding that a Pan shop seller also generally makes a product akin to Gutka, by mixing of betel nuts, lime, katha, tobacco and Elaichi (cardamom)....

Gujarat HC asks Custom Authorities to consider waiving Demurrage Charges in Lieu of Wear & Tear suf-fered by Importer

Hazel Mercantile Ltd Vs Chief Commissioner Of Customs (Gujarat High Court)

Hazel Mercantile Ltd Vs Chief Commissioner Of Customs (Gujarat High Court) At this stage, Mr. Nankani made two fold fervent appeals. He made a request that the earlier bond, which was furnished by his client to the respondent No.1 should be returned as the writ applicant has now been asked to furnish a fresh bond. […]...

GST on Supply of food and beverages by eating joints

Supply of food and beverages by the eating joints by way of Dine In, Take Away, Delivery, is classifiable under HSN code 9963 and will be treated as Supply of ‘Restaurant Service’ as per entry 6(b) of Sch.II, GST Act, 2017, liable to 5% GST (without ITC)....

Posted Under: Corporate Law |

Common Mistakes by Taxpayers under GST

In this Article we are going to see few common mistakes committed by tax payers in GST. These mistakes are general and can be beneficial if avoided....

Taxability of interest on Recognised provident fund (Along with calculator)

Till FY 2020-21 contribution to Recognised Provident fund (RPF) was eligible for EEE (Exempt- Exempt- Exempt) This EEE implied that full exemption from tax is given on (1) investment in PF (u/s sec 80C), (2) Interest on PF (u/s 10 upto 9.50%) and (3) withdrawal of PF (u/s 10(12) subject to 5 year service condition) […]...

Posted Under: Corporate Law |

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December 2023