Vide Income Tax Notification No. 35/2020 dated 24.06.2020 govt extends Due date for ITR for FY 2018-19 upto 31.07.2020, Last date for investments to be eligible for deduction under Chapter VI-A i.e. 80C, 80D etc for the FY 2019-20 [AY 2020-21] upto 31.07.2020, Last date for ITR for FY 2019-20 [AY 2020-21] upto 30.11.2020, Last […]
MCA has issued Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2020 which are applicable from 23rd June 2020 and by this Registration of details of Independent Directors in Independent Directors Data Bank who were director on 1st December 2019 is been allowed till 30th September 2020. Revised rules now provide that Every individual […]
Companies (Meetings of Board and its Powers) Second Amendment Rules, 2020- MCA further relax the requirement of holding Board meetings with physical presence of directors under section 173 (2) read with rule 4 of the Companies (Meetings of Board and its Powers) Rules, 2014 for approval of the annual financial statements, Board’s report, etc. Such […]
MCA amends Clause (vi) of CSR Schedule VII of Companies Act 2013 to includes measures for the benefit of Central Armed Police Forces (CAPF) and Central Para Military Forces (CPMF) veterans, and their dependents including widows vide Notification No. G.S.R. 399(E) dated 23rd, June 2020. MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 23rd, June […]
At a time when a fragile economy is sucking the lifeblood out of most people, making regular loan payments is challenging. For those who have taken home loans, where the EMIs are incredibly high, this challenge becomes tougher. Cutting down EMI payments seems to be an efficient way of surviving in a lousy economy. As […]
An agriculturist could not part his agricultural land to a non-agriculturist through a Will and the prohibition against transfers of holding without the previous sanction of the concerned authorities was to be seen in that light as furthering the cause of legislation.
AMP expenditure of assessee did not have a direct bearing on the promotion of brands of its AEs as the issue stood decided in favour of assessee by the decision of the Tribunal in assessee’s own case for the preceding assessment years i.e., A.Y. 2007-08 and 2008-09.
Notification No. 2/2015 dated 13/07/2015 regarding Electronic Verification Code (EVC) for electronically filed Income Tax Return as an alternative mode of verification released. EVC would verify the identity of the person furnishing the return of income .
Where the regular Income Tax payable for a Previous Year by a person (other than a company) is less than the Alternate Minimum Tax payable for such Previous Year, the Adjusted Total Income shall be deemed to be the total income of such person and he shall be liable to pay Income-tax on such Total Income at the rate of 18.5% [Section 115JC(1)]
In the process of integration of the Indian economy with the world economy, a number of companies are going for restructuring to gain benefits from large scale operations and focus upon its core competencies. In the restructuring exercise, certain companies sell off their unprofitable business activities and the business activity as a whole is sold along with assets and liabilities.
