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Archive: August, 2022

Posts in August, 2022

10 करोड़ से अधिक टर्नओवर वाली कंपनियों के लिए जरूरी होगा E-Invoice, 1 अक्टूबर से लागू होगा नियम

August 2, 2022 3357 Views 0 comment Print

GST Rules: 1 अक्टूबर से जीएसटी नियमों में बदलाव होने जा रहा है. वर्ष 2017-18 से किसी भी वित्तीय वर्ष में 10 करोड़ रुपये से अधिक का कारोबार टर्नओवर वाली कंपनियों के लिए E-Invoice जारी करना जरूरी हो जाएगा ।. GST Rules: नए वित्त वर्ष की शुरुआत यानी  1 अक्टूबर, 2022 से ऐसे कई सारे […]

Balance Sheet not signed by Directors: MCA Imposes Rs. 4 Lakh Penalty

August 2, 2022 3159 Views 0 comment Print

The breach relates to the absence of signatures from any directors on the company’s Balance Sheet for the fiscal year ending March 31, 2021. Following a hearing, penalties were levied: the company was fined Rs. 3,00,000, while each director, Mr. Veerendra Kumar Vishwakarma and Ms. Neelam Gautam, faced fines of Rs. 50,000 each.

Enforcement of Minimum Wages

August 2, 2022 1425 Views 0 comment Print

The provisions of the Minimum Wages Act, 1948, are being enforced by the Central Government and the State Governments in their respective jurisdiction. In the Central sphere the enforcement is done through the Inspecting Officers of the Chief Labour Commissioner (Central) commonly designated as Central Industrial Relations Machinery (CIRM) and the compliance in the State […]

Various outreach initiatives to spread financial and tax literacy

August 2, 2022 1116 Views 0 comment Print

Various communication and outreach initiatives to spread financial and tax literacy awareness among masses The Government has launched a series of communication and outreach products aimed at spreading financial and tax literacy awareness among masses. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question […]

1,67,080 companies registered in FY 2021-22

August 2, 2022 462 Views 0 comment Print

Minister stated that during FY 2021-22, 1,67,080 companies were registered as compared to 1,55,377 in the previous year. Further, during FY 2020-21, 43,050 LLPs were registered as compared to 42,187 in previous year.

No charge for web check-in in scheduled domestic airlines

August 2, 2022 561 Views 0 comment Print

Directorate General of Civil Aviation (DGCA) has issued Air Transport Circular (ATC)-01 of 2021 titled, ‘Unbundle of Services and fees by scheduled airlines’ as per which, some services like preferential seating have been allowed to be unbundled and charged separately from the travellers. Such unbundled services are provided on “opt-in” basis by Airlines and are […]

Private players can use drones for delivery purposes

August 2, 2022 468 Views 0 comment Print

Drones offer tremendous benefits to almost all sectors of the economy. These include – agriculture, vaccine delivery, surveillance, search and rescue, transportation, mapping, defence and law enforcement to name a few.

Duty drawback based on mis-declaration of goods rejected

August 2, 2022 1461 Views 0 comment Print

Held that deliberate concealment relating to mis-declaration of the goods and overvaluing with the intention to avail higher duty drawback is untenable

Royalty expenditure towards license right to use the know-how is revenue in nature

August 2, 2022 1101 Views 0 comment Print

Held that the assessee has secured the license right to use the know-how for the period of the agreement and the royalty expenditure in this regard is therefore revenue in nature.

Earnest money payment is not a financial debt

August 2, 2022 1629 Views 0 comment Print

Held that a Financial Debt is a debt alongwith interest which is disbursed against the consideration for the time value of money. Earnest money doesn’t satisfy the essential condition of financial debt and accordingly categorized as other creditor.

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