Sometimes when the Company is in need of funds without diluting its equity state, the Company opts for Debentures Issue. Debenture is debt to the Company. It’s like a loan which needs to be repaid over a certain period of time. Debentures carry fixed interest rate. Lets discuss more on debentures. Both corporations and governments […]
IN order to facilitate and promote export of Goods and Services from India and make it hassle free, CBIC has issued three nos. of clarification circulars dt. 20.09.2021 to clarify certain issues which are being litigated / disputed by the department and field officers. The issues being clarified are as below: 1. Refund of un-utilized […]
On 15th September, 2021, the Union Cabinet approved major reforms in the Telecom sector. According to the telecom minister, Ashwani Vaishnaw, the said reforms will have the effect of overhauling the framework of the entire telecom sector, as well as broaden the industry. The telecom sector has remained cash-strapped for a fairly long period of […]
Background The Commissioner of Income Tax (Appeals) [the CIT(A)] is a first appellate authority under the Income-tax Act, 1961 (‘the Act’) and has authority to hear and dispose the appeal filed by the assessee against the assessment order passed by the assessing officer. The CIT(A) has wide power under the Act, among other things the […]
Extension of last date of filing Cost Audit Report by MCA vide General Circular No. 15/2021 Dtd. 27th September, 2021 The MCA vide its General Circular dtd. 27th September, 2021, has extended the last date of filing Cost Audit Report (CAR) to the Board of Directors under rule 6(5) of the Companies (Cost Records and Audit) […]
CHAPTER 1 – INTRODUCTION 1.1 ABSTRACT The enactment of Insolvency and Bankruptcy Code, 2016 (IBC) is for giving effect towards a highly time bound process for resolution of insolvency of partnership firms, corporate persons and individuals. Speedy resolution and to maximise recovery for lenders is its objective. The code provides a framework in which an […]
There has been a confusion among the dealers whether the consideration for supplies can be paid by book adjustments under GST Act. In many businesses, the dealers buy and sell goods or services from one another for which they don’t make payment in cash rather they adjust the book entries for such purchases and sales. […]
Key Point ♦ The Income Tax Department has changed the E-filing portal for the convenience of taxpayers and tax consultants. ♦ As the due dates of Tax Audits and Income tax return filing have been extended, the Ministry of Corporate affairs also had to extend the due date by 2 months with the condition for […]
In BMG INFORMATICS PVT. LTD. v. UNION OF INDIA [Case No. WP(C)/3878/2021 dated September 02, 2021], BMG Informatics Pvt Ltd (the Petitioner) after submitting a claim for a refund under FORM-GST-RFD-02 under Section 54(3)(ii) of Central Goods and Services Tax Act, 2017 (CGST Act) received a Show-Cause Notice dated April 10, 2020 (SCN) rejecting the […]
Extended period of limitation can be invoked only when ‘suppression’ or ‘collusion’ is wilful with an intent to evade tax In M/s. SOTC Travels Services Pvt Ltd. v. Principal Commissioner of Central Excise, Delhi-I [SERVICE TAX APPEAL No. 50046 of 2016 dated September 20, 2021] the current appeal has been filed challenging Order in Original […]
