Follow Us :

Archive: 21 April 2022

Posts in 21 April 2022

Company Law Committee Report Recommendation affecting Auditors

April 21, 2022 1998 Views 0 comment Print

The Ministry of Corporate Affairs (MCA) has formed the Company Law Committee (CLC) to make recommendations to the government on reforms that will improve the ease of doing business in India and simplify the Companies Act 2013.  There were numerous recommendations in the report on the overall structure of the Act; however, in this post, […]

Nidhi (Amendment) Rules, 2022 – Detailed analysis of compliances

April 21, 2022 7209 Views 1 comment Print

Nidhi Company along with recent amendments dated 19.04.2022 vide Nidhi (Amendment) Rules, 2022 Introduction:  This Article contains detailed analysis of compliances applicable to Nidhi Company. MCA has recently came out with some amendments in the Nidhi Rules, 2014 vide Nidhi (Amendment) Rules, 2022 dated 19.04.2022 wherein more stringent norms have been prescribed by Central Government […]

TDS not deductible on services rendered outside India by Non-Residents

April 21, 2022 48111 Views 0 comment Print

DCIT Vs JLC Electromet Pvt. Ltd. (ITAT Jaipur) In the present case, undisputed facts are that the commission has been paid to various non­resident entities in respect of sales affected by the assessee outside of India, the services have been rendered outside of India and the payments have been made outside of India. In light […]

ITAT restores appeal dismissed for want of prosecution despite 678 delays as same was due to Income Tax Practitioner’s Failure

April 21, 2022 1734 Views 0 comment Print

Smt. Manjulaben C. Tomar Vs ITO (ITAT Ahmedabad) The present application filed by the assessee seeks restoration of the appeal filed by the assessee in ITA No.956/Ahd/2012, pertaining to A.Y 2006-07 which was dismissed for want of prosecution vide order dated 27.03.2017. We have noted that the said appeal was disposed off without dealing with […]

Imprisonment + Fine (both) for Corporate Fraud in India

April 21, 2022 5637 Views 0 comment Print

1. Introduction on the Imprisonment + Fine (both) for Corporate Fraud under Section 447 of the Companies Act, 2013 (Act). (a) Corporate frauds are increasing in India by the person(s) those are directly or indirectly connected or even not-connected to the corporate. (b) It’s required that high standards for corporate governance and strong legal provisions should […]

Accounting for Export Transactions of Goods – GST viz a viz AS AS 9 & 11

April 21, 2022 32469 Views 2 comments Print

This Article deals with the nuances of the GST framework for Export Trade viz a viz the challenges laid down while adhering to the Accounting Standard AS 9 – Revenue Recognition and 11 – The  Effects of Changes in Foreign Exchange Rates

Support for International Patent Protection in Electronics & Information Technology (SIP-EIT)

April 21, 2022 4743 Views 0 comment Print

The Government of India had launched ‘Startup India’ with the aim to generate employment and also to create wealth. Accordingly, various Schemes are being launched under the ‘Startup India’ initiative. One such scheme is ‘Support for International Patent Protection in Electronics & Information Technology’, shortly known as SIP-EIT. SIP-EIT is launched by the Ministry of […]

AAR cannot give ruling on issues already decided in audit proceedings

April 21, 2022 741 Views 0 comment Print

In re Medreich Limited (GST AAR Karnataka) AAR observed on examination of the records that the issues/questions raised by the applicant in the instant application have already been taken up by the audit team, in the case of applicant under the provisions of the CGST Act 2017. From the audit report mentioned supra it is […]

Determination of place of supply, is beyond the scope of advance ruling

April 21, 2022 3129 Views 0 comment Print

Determination of place of supply is not covered under any of the clauses (a) to (g) of Section 97(2) of the CGST Act 2017. Further, the use of term ‘shall’, is an imperative command restricting the scope of advance ruling only to the questions enumerated in the said sub-section. Thus, to answer the question relating to determination of place of supply, is beyond the scope of advance ruling. This authority, therefore, cannot answer the first question in the application.

GST on computer software supplied to public funded research institutions

April 21, 2022 3276 Views 0 comment Print

In re Keysight Technologies India Pvt. Ltd. (GST AAR Karnataka) The Notification No.45/2017-Central Tax (Rate) dated 14.11.2017 and Notification No.45/2017-Central Tax (Rate) dated 14.11.2017 stipulates the rate of CGST / IGST @ 5%, if the goods of computer software is supplied to public funded research institutions subject to fulfillment of the conditions prescribed under column […]

Search Post by Date
April 2022
M T W T F S S
 123
45678910
11121314151617
18192021222324
252627282930