The Scrutiny Assessments under Income Tax Act 1961 are made u/s 143(3). For many years now many of the returns of the assesses are accepted as they are being filed by the assesses and intimation is sent u/s 143(1) and only fewer cases are selected for scrutiny assessment based upon some predetermined criterias. Therefore every assessee desires that his return should be accepted as it is filed u/s 143(1) and not subjected to scrutiny.
The Capital Market Regulator on 19th Sept 2020 has settled a case related to default in due diligence in the Britannia Industries and passed a final order to pay over Rs. 46 lakh towards settlement charge to markets regulator SEBI to resolve such alleged failure to carry out due diligence before giving effect to “Transmission of shares in the […]
The Ministry of Corporate Affairs (MCA) has announced an extension in the time period to hold the Annual General Meeting taking into account the difficulties created a pandemic situation in the country extended the due date for conducting the Annual General Meeting (AGM) under the provisions of Companies Act 2013. Under the provisions of section 96 of Companies […]
Section 194O has been introduced in Union Budget 2020 to widen the tax net by bringing the E-commerce participant within the tax net. According to Section 194O, an E-commerce operator is required to deduct tax for any Sale of Goods or providing services or both through an E-commerce participant. This Section will be applicable from […]
Meaning Name Lending means when one lends his/her name and signature to be on records of the Company while that person is not on job in reality in such Company. Consequences of Name Lending 1. Brings Disgrace to the Profession: Malpractices such as name lending destroys the Brand Image of our Prestigious Institute of Companies […]
Companies (Indian Accounting Standards) Amendment Rules, 2020* The COVID 19 has not only affected health of people across the globe, but it also caused severe disturbance in global economic environment which consequentially created an impact on financial statements and reporting. Keeping in view all these drastic changes MCA on July 24, 2020, notified the Companies […]
The Companies (Amendment) Bill, 2020 was introduced in Lok Sabha by the Minister for Corporate Affairs, Ms. Nirmala Sitharaman, on March 17, 2020 and is passed by Lok-Sabha on 19th September, 2020. Further, Rajya Sabha passed the bill on 22nd September, 2020 and key amendments are highlighted below: Changes to offences: The Bill makes three […]
Wire fraud, known since 1872 gets mentioned for various crimes committed by all including many Indians in the United States of America. I would like to quote from the United States Department of Justice archives and define it as ‘The elements of wire fraud under Section 1343 directly parallel those of the mail fraud statute, […]
Computation of income tax liability in the hands of the land owners upon execution of a development agreement has been a matter of litigation for ages. The injustice is caused to the land owners due to capital gain tax liability arising on the date of execution of the DA and handing over possession of the land to the Developer.
Section 206C of the Income Tax Act provides for the collection of tax at source (TCS) on the business of trading in alcohol, liquor, forest produce, scrap, etc. In order to widen and deepen the tax net, two new sub-sections (1G) and (1H) to section 206C has been inserted by the Finance Act 2020 with effect […]
