A. As per Companies Act 2013 RULE 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 The Ministry of Corporate Affairs(MCA) vide its Notification dated January3, 2020, mandated every Company(including Private Company):- having outstanding loans or borrowings from banks or public financial institutions of one hundred crore rupees or more. (Rs. 100 […]
Pre- requisite for Conversion of Partnership Firm into Limited Liability Firm -All the partners of the partnership firm shall be the partners of the LLP, which means there shall be no new partners or the existing partners cannot cease to be partners while making the application. -It is mandatory for all partners of the partnership […]
Waiver of interest and late fee to normal taxpayers (filing return on monthly or quarterly basis) and composition taxpayers, for the tax periods of March and April, 2021 Government has granted waiver from payment of interest and/or late fee to normal (Monthly / Quarterly) & composition taxpayers for the tax periods of March and April, […]
I hope that you all are aware about the Ordinance i.e. Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 which has been come into effective at once, promulgated by President on 4th April, 2021.This Ordinance amends the Insolvency and Bankruptcy Code 2016 (‘IBC or Code’) to allow the Central Government to notify such pre-packaged process for […]
Time And Tide Wait for None But Tax collectors Have to Wait This Time The Covid 2.0 has taken a lot of toll and has wreaked Havoc in 2021. The bugle of war between Human Race and the Virus has already been sounded and this is raging like a war for human survival. In this […]
No Idea about Capital Gain Tax but Property Under Re-Development? Here’s all you Need to Know!! The Finance Act, 2017 inserted a new sub-section 5A in section 45 which deals with the capital gain in case of re-development of any land or building or both. But first, let us understand the meaning of capital gain […]
The Rule of Law is that ‘No Innocent person should be punished’. Under GST Regime as we feel that this rule is not being followed by the GST Officers all over India. Even sending a notice to the innocent registered person is one of the punishments. The GST Authority, now-a-days, are sending notices to every […]
A new section 194Q, has been introduced in Finance Act, 2021, to the Income Tax Act, which requires a buyer to deduct TDS of seller, while purchasing of goods. This section will be applicable from 1st Jul, 2021. As we have seen, last year, a similar provision of section 206C(1H) was introduced, where seller needs to collect TCS from buyer on sale of goods.
Section 269ST relaxations announced in Covid 2.0 times especially for payment of medical bills of INR 2 lacs or more; vide Notification No. 56/2021-Income Tax Dated: 7th May, 2021 for a period of 2 months. Penalty on receipt of an amount of Rs. 2 lakh or more in cash Section 269ST (as inserted by the […]
The use of gift vouchers or prepaid vouchers/cards in businesses has gained popularity, not only in B2C transactions but also in B2B transactions. Voucher -Under GST Regime: “Section 2(118) “voucher” means an instrument where there is an obligation to accept it as consideration or part consideration for a supply of goods or services or both […]
