Simplified GST SERIES –Appeals & Revision -Section 109-112-Part 2- Article explains Section 109 – Constitution of Appellate Tribunal and Benches thereof, Section 110-President and Members of Appellate Tribunal, their qualification, appointment, conditions of service, etc., Section 111- Procedure before Appellate Tribunal and Section 112-Appeals to Appellate Tribunal. Section 109 – Constitution of Appellate Tribunal and […]
The Securities and Exchange Board of India notified on 3rd Aug 2020 that it shall be compulsory for the proxy advisors to share their report with its clients and the company at the same time. This is the first time the regulator has come out with guidelines for local proxy advisors after framing regulations in 2014. This notification shall […]
Generally, Employers give an allowance for house rent as part of the salary paid known as House Rent Allowance or HRA which can be claimed as deduction by the employees for the rent paid by them. However, sometimes the employer pays the entire salary as basic salary without any bifurcation or in cases where the […]
The RBI has, vide notification dated 06.08.2020, issued a new framework for resolution of stressed loans caused by Covid-19. I am discussing the relevant portion of this notification in my own words in simple and clear language in three parts. Part-I (General overview of the framework) Existing frameworks for restructuring of loans before issue of […]
A company has to meet with numerous compliances apart from Annual Returns, but companies might not know the other mandatory and routine compliances applicable on them which could attract a good amount of penalties. Here is the list of few penalties for contravening the routine compliances/Provisions under Companies Act, 2013 which many of the Companies […]
FAQ for Submission of Response on High Value Transactions on Compliance Portal CBDT to launch e-campaign to ask certain taxpayers to file returns or report accurate details. The income-tax department will reach out to certain taxpayers who have either not filed income-tax returns (ITR) for AY2019-20 (relevant to FY 2018-19) or failed to accurately report […]
Indian Subsidiary Company providing Consulting Engineer Services to Foreign Parent Company is Export of Services and the Show Cause Notice (SCN) issued beyond jurisdiction as it was mis-interpreted by the proper officer that Indian Subsidiary Company and Parent Company outside India are merely establishment of distinct persons.
Can you imagine any company or firm survive without revenue earning? The answer is NO; Revenue is the fuel for the organization for the survival and growth prospect of the company. With the passage of time, the source of earning not comes by producing goods or value addition by service but also various other forms. […]
Furnishing Details of Outward Supplies [GSTR 1] – Sec 37 – CGST Act 2017 (GST Series – Part 24) 1. The details of outward supplies are required to be furnished by all the normal and casual registered taxpayers in a monthly Statement ie GSTR 1. Section 37 of the CGST Act read with Rule 59 […]
CBDT Circulars CBDT Circulars to Reduce Litigation S.No. Section of Income Tax Act Circular No. & Date Summary of Circular 1 2(22)(e) Circular No.19/2017 [F.No.279/ Misc./140/2015/ITJ], Dated 12-6-2017 Trade advances, which are in the nature of commercial transactions, would not fall within the ambit of the word ‘advance’ in Section 2(22)(e) of the Act 2 […]
