BACKGROUND 1. Under the Annual Information Return (AIR) Scheme, Specified Entities were required to report Notified Transactions to Income Tax Department. 2. Section 285BA of Income Tax Act 1961 read with rule 114E of Income Tax Act 1962 w.e.f 01.04.2015 makes it mandatory for specified reporting persons to furnish statement of financial transactions electronically. WHO […]
Key Points for Collateral free MSME loans 1. Eligibility– -All Existing MSME having outstanding balance in their loan account of upto Rs 25 crore as on 29th Feb, 2020 across all lending institution. And, -Annual Turnover should not exceed Rs 100 crore in FY 19-20. And, -Borrower account should not be classified as NPA or […]
About the Composition Scheme: ♦ Whose turnover is below 1.5 Crore in other states or 75 lakhs in North-Eastern states and Himachal Pradesh (Notification No. 14/2019 – Central Tax dated 07th March, 2019). Such person can provide services up to 10% of turnover or Rs. 5 lakh whichever is higher. ♦ For Service provider the […]
Keeping in view of this COVID 19 Pandemic situation and Distressed economy, MCA has come up with Various relaxations and schemes for the rescue to companies and LLP’s and reduce various compliance & other burdens, Some of the Key & Important measures are as follows- Relax the requirement of holding Board meetings with physical presence […]
Job Work under CGST Act, 2017 Introduction:- In the age of outsourcing, it is common to get certain operations done from another person. This latter person may carry out either a part of the process allowing its completion by another person or by the person sending the goods or May himself complete the goods. Such […]
SCORES is an online platform designed to help investors to lodge their complaints,pertaining to securities market, online with SEBI against listed companies and SEBI registered intermediaries. All complaints received by SEBI against listed companies and SEBI registered intermediaries are dealt through SCORES. All About SCORES All about SCORES Matters not consider Complaints Complaint not pertaining […]
The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 was published by Ministry of Law and Justice on 5th June 6, 2020 with number 9. 2020 and has already stirred enormous amusement, disappointment among lawyers as well as glee and satisfaction among the industries who are bearing the brunt of COVID- 19, the unknown which has […]
The issue of interpretation of agreements for avoidance for double taxation [AADT / DTAA / tax treaty] has always been ongoing. More particularly when it involves importing the meaning of any expressions from the interpretation adopted for any other tax treaty. India has signed tax treaties with various countries out of which certain DTAA’s (viz., […]
In the summer of 2015, I was having an exciting discussion with my client who had just incorporated a new technology start-up. I was, and still am, an old schooler and asked him what’s path for profitability and breaking even. He was amazed and immediately stopped me there and said we are playing the valuation […]
Initially, the body was introduced for two years but the same has been extended for two more years. Till date, the body has passed 137 orders most of which have found the suppliers guilty of profiteering. There is no appeal provision in the Act but various parties in cases of larger amounts have been preferred Writ Applications in High Courts and generally stay on the order has been granted. In some cases, the appeals have been found to be in favour of the party.
