The 2020 has been a recessionary year unlike earlier ones, perhaps the longest one but not due to economic reasons. The sources of recession or slow down is neither financial nor economic one but the economy got adversely affected by Covid-19 pandemic, locally as well as globally. It destroyed social and productive capital badly, also […]
Enhance the security of your Income Tax e-Filing account with ‘e-Filing Vault’. Learn how this two-level authentication adds an extra layer of protection.
The total number of companies registered in the country as on 31st December, 2020 stood at 2108614. Of them 753091 companies were closed. 2247 companies were assigned dormant status as per the Companies Act, 2013; 6841 were under liquidation; 39913 companies were in the process of being struck-off.
Introduction: Export and Import trade is regulated by Directorate General of Foreign Trade (DGFT), it is a body functioning under the Ministry of Commerce and Industry, Department of Commerce, Government of India. DGFT is the regulator, promotor and facilitator of Import and Export. DGFT implements the policies and procedure from time to time for Export […]
DIRECT TAXES : VIVAD SE VISHWAS File Declaration Upto 31st Jan., 2021 Without Tax ! Vivad se Vishwas scheme was introduced with an aim to reduce direct taxes litigations pending at various appellate forums. The scheme has an attractive provision to deposit only tax and waives interest and penalty relating to disputed tax and if […]
Companies Act 2013 stipulates various compliances which every company incorporated under the provisions of the Act are required to adhered to. There are some compliances whose applicability depends on the type of Company, paid up capital, turnover etc. Below is given a gist of all such compliances. Annual Return Certification Sec 92 Format MGT 8 […]
Cybercrime is emerging as one of the most dangerous threats to public safety and organisations of all types. In 2019, India witnessed many cases of cyberattacks, including information leak of 6.7 million users of an LPG brand Indane, Facebook database leak, and spyware Pegasus hacked into phones of around 1,400 users including Indian journalists and […]
Central GST department has been issuing Show Cause Notices (SCNs) for differences in receipts as per Service tax returns & Income tax returns for different FYs- 14-15, 15-16 and so on. It seems Crores of rupees tax notices have been issued to taxpayers without proper evaluation, and even fulfilling the required law mandates. This is a critical topic to discuss upon.
An overview of the fiduciary duties of Directors under Indian law. Section 166 of the Companies Act, 2013 lays down the fiduciary duties of Directors. They owe these duties not to individual entities of the Company e.g.- shareholders, creditors, etc.; but solely to the Company. These are- (i) Director should be acting in accordance with […]
Rule 86B :- Restrictions on use of amount available in electronic credit ledger [notification no. 94/2020 dated 22/12/2020] ♦ Notwithstanding anything contained in these rules, the registered person shall not use the amount available in electronic credit ledger to discharge his liability towards output tax ♦ in excess of 99% of such tax liability, in […]
