MCA has issued circular on Clarification on extension of CFSS vide General Circular No. 03/2021 dated January 15, 2021 in respect of clarification of extension of late filing of form. Many queries were received from professionals in in respect of this circular which includes- 1. Which companies are eligible to take benefits of extension vide […]
Ministry of Corporate Affairs has caused myriad amendments in the Companies Act, 2013 in the Month of December 2020. In this editorial, the author shall try to cover all such amendments along with the impact of the same on the Corporates. Amendment THROUGH NOTIFICATIONS 1. Notifications of the Companies Amendment Act, 2020: Most of the […]
With the union budget exercise gathering momentum and Finance Minister facing the worst of challenges of presenting budget in the backdrop of economic disaster caused by Covid, the hope of an economic turnaround continues in the mind of every Indian. Few suggestions for the consideration of Finance Minister as follows : –
Many GST taxpayers are getting notices for liability of late fees for delay in filing of GSTR-1. Why are such notices being issued by the GST department?
Section 36 – Other Deductions Section 36 of the Indian Income Tax Act, 1961, provides a list of explicit deductions for computing income arising from profession or business. Section 36 of the Income Tax Act elucidates the expenses which are allowed as deductions from the income earned from profession or business. illustrative list of expenses […]
Capital expenditure incurred by the telecommunication company for acquiring use of spectrum is allowable as a deduction under section 35ABA of the Income Tax Act. Notably, the deduction is allowed over the period of time the spectrum remains in use. The deduction provisions of section 35ABA are briefly taken up and explained in the current […]
EXTENSION OF CFSS – Scheme for condonation of delay for companies restored on the Registrar of Companies and form CFFS 2020 MCA Has been issued circulation vide General Circular No 03/2021 on 15th January 2021. For the EXTENSION OF CFSS – Scheme for condonation of delay for companies restored on the Registrar of Companies. Before […]
Question on which AAR sought and discussions made -The applicant sought ruling on requirement of registration under Odisha Goods and Services Act, 2017 & CGST ACT, 2017 for the consultancy services provided to Odisha Power Transmission Corporation Limited -Whether GST is payable on RCM basis by OPTCL in relation to import of services from Applicant […]
The definition of Court under Section 2(29) the Companies Act, 2013, (Act, 2013) also includes a ‘Special Court’ constituted under Section 435 of the Act, 2013. Chapter XXVIII constituting Sections 435 to 446B deals with the Special Courts under the Act, 2013. The definition of Court under Section 2(29) the Act, 2013 may be read as under: – “(29) “Court” […]
Scheme for Condonation of Delay [For Companies restored between 1st December, 2020 to 31st December, 2020 u/s 252 of the Companies Act, 2013] ♦ The Ministry of Corporate Affairs (MCA) has introduced the Companies Fresh Start Scheme, 2020 (CFSS-2020) through General Circular No. 12/2020 dated 30th March, 2020 and through General Circular No. 30/ 2020 […]
