Pursuant to Sec 56 of LLP Act along-with schedule 3 deal with conversion of Private Limited to LLP PRE-REQUISITIES: > Every member of the company must agree with the decision of conversion. > All the members become the partners of an LLP and no one else. > The latest copy of Income tax return is […]
DENA BANK (NOW BANK OF BARODA) VS. C. SHIVAKUMAR REDDY CIVIL APPEAL NO. 1650 OF 2020. FACTS In 2011, the Dena Bank had sanctioned a Term Loan and Letter of Credit Cum Buyers’ Credit in favour of M/s. Kavveri Telecom Infrastructure with an upper limit of Rs. 45.00 Crores. In 2013, the Loan Account of […]
By declaring freight transport is critical to India’s growing economy, Niti Aayog vide its publication on “Fast tracking freight in India – A roadmap for clean and cost-effective goods transport” has produced a 140 pages report which is reproduced below: https://www.niti.gov.in/sites/default/files/2021-06/FreightReportNationalLevel.pdf The following information is mind boggling and is relevant to India’s logistics sector which […]
D. Kalirajan The Central Government recently notified the much-awaited Remission of Duties and Taxes on Exported Products Scheme (‘RoDTEP Scheme’) with retrospective effect i.e., for exports from 1 January 2021, with certain exclusions. The RoDTEP Scheme has been notified under Chapter 4 of the Foreign Trade Policy 2015-20 (‘FTP’) which deals with the Duty Exemption/Remission […]
♦ Whether there lies any Goods and Services Tax (GST) on the discount provided by Principal Company M/s Castrol India Ltd. (Principal Company) to its dealers through the Appellant. ♦ Whether the amount shown in the commercial credit note issued by Appellant attracts proportionate reversal of Input Tax Credit (ITC).
Company Secretary (CS) is one of the most sought after and best-paid professions in the 21st century. CS plays an important role in terms of corporate governance and dealing with legal issues within an organization. Given the prestige, responsibility, and power that a professional position holds, it’s no surprise that the majority of candidates are […]
Ignore amendments in Corporate Social Responsibility (CSR) provisions at your own risk ! CSR provisions are applicable to every company including its holding or subsidiary company having net worth of INR 500 crores or more or turnover of INR 1000 crores or more, or Net profit of INR 5 crores or more during the immediately […]
Hello friends greetings for the, in the current article we will discuss blocking of input tax credit (ITC) under section 17 in case of input tax credit which cannot be availed. There has always been ambiguity or confusion regarding ineligible credit as certain terms are not self-explanatory itself. As per section 17(5)(h), the input tax […]
♦ APPLICABILITY: Every company having Net worth of Rs 500 cr. Or more or Turnover of Rs 1000 cr. or more or Net profit of Rs 5 cr. or more, during immediately preceding financial year shall constitute a separate CSR (CORPORATE SOCIAL RESPONSIBILITY) committee. However where the amount to be spent for CSR activities does […]
Whether there should be interest on entire net tax liability or should be on the amount which were deposited beyond due date of filing GST return? 1. Section 50 of CGST Act is about interest on delayed payment of Tax. Section 50 says – Interest on delayed payment of tax.— (1) Every person who is […]
