On occurrence of default in repayment of financial debt of a company or LLP, the financial creditor either by itself or jointly with other financial creditors, or any other person on behalf of the financial creditor, as may be notified by the Central Government can file an application for initiating corporate insolvency resolution process(CIRP) against the company or LLP (In IBC say, corporate debtor) before the Adjudicating Authority(NCLT).
We come across a common saying ‘Cash is King,’ however idle cash can never generate any interest income, therefore channelizing the idle money into digital mode shall generate income. The Cashless economy is a system where majority of transactions take place by modes other than cash. These modes may be credit cards, debit cards, wallets or digital modes where flow of cash is non-existent or is bare minimum.
A Board report is a document produced by the board of directors under the requirements of The Companies Act, 2013, which details the state of the company and its compliance with a set of financial, accounting and corporate social responsibility standards. The requirement for directors’ reports arose out of a general move for greater transparency in corporate governance. It is useful for […]
It is a well settled principle that ‘Income-tax’ of a taxpayer is a not an allowable business expenditure. However, whether the ‘Income-tax’ payable by the taxpayer also includes ‘Cess’ or does not include such ‘Cess’ is a matter of debate.
RESIDENTIAL STATUS We already know, tax is charged on Total Income. The computation of this total income further depends upon the residential status. The followings are the importance of residential status; Importance of Residential Status: 1. Total Income of an assessee cannot be determined without knowing his residential Status. 2. Residential Status shall be determined […]
DIPP issues standard operating procedures to decide fate of FDI under approval route -System of approving foreign investment proposals in India by an inter-ministerial body is now officially replaced with approval by distinct administrative ministries / departments in accordance with the standard operating procedure issued by DIPP. -Foreign investment proposal proposed to be approved within […]
Hello, in this post we will talk about the Presumptive Taxation under Section 44AD of the Income Tax Act, 1961. Businesses adopting the presumptive taxation scheme are not required to maintain regular books of account. They can declare the income at a prescribed rate. The Income-tax Act has framed the presumptive taxation scheme under sections 44AD, […]
Today I will talk about some due dates extension. Just to update you about your compliance calendar. If you are feeling worry about that how to file compliances on time as due dates is going to end soon than don’t worry as there are so many extension is made by Income tax department and SEBI […]
On 24th Central Board of Indirect Taxes and Customs has come up with 1) Notification No. 51/2020 – Central Tax 2) Notification No. 52/2020 – Central Tax 3) Circular No.141/11/2020-GST A quick summary is presented as follows: GSTR 3B Due Date and Interest Payable from Feb 2020 to Jul 2020 Class I Taxpayers having aggregate […]
Equalisation Levy or commonly referred to as ‘Google tax’ was brought in the year 2016 by the then Finance Minister Late Sh. Arun Jaitley as part of implementation of OECD (Organization for Economic Cooperation and Development) Action Plan on taxation of digital transactions (BEPS Action Plan-1). It was observed that business these days is conducted […]
