While on one hand recently recovered from Covid – 19 virus, Mr Boris Jhonson, Prime Minister England finally published their 50-page ‘road map’ plotting a route through three stages to get the country up and running followed by guidance for health and safety in workplaces. All workers are being urged to return to duties in sectors such as food production, construction, manufacturing, logistics, distribution and scientific research in laboratories.
Gift is usually used to convert black money into white money. To stop practice of converting black money into white money a section 56(2)(Vii) introduced by Finance Act , 2009 and amended by Finance act , 2010. This section deals with law of taxation of gift. The term “Gift” implies – any sum of money […]
As a result of the receipt of multiple representations from various stakeholders for granting this time opportunity to make the default good, the Ministry of Corporate Affairs (MCA) vide circular no.12/20 has notified a scheme for the companies registered in India who have defaulted in filing necessary documents & returns in the past, giving them an opportunity […]
Relaxation with the Procedure of Right issue The right issue has always been a lucrative option for companies for raising funds for them. These days the whole nation has its eye on the next big upcoming right issue of the Reliance Industries Limited (RIL). The right issue has been set up to raise Rs. 53,125 […]
The amount spent by a company towards CSR cannot be claimed as business expenditure. The Finance Act, 2014 provides that any expenditure incurred by an assessee on the activities relating to corporate social responsibility referred to in section 135 of the Companies Act, 2013 shall not be deemed to be an expenditure incurred by the assessee for the purposes of the business or profession. As per section 37(1) of Income Tax Act, 1961 the expenses incurred by the companies on CSR are taxable.
To start with an amendment made in Para 4 of Schedule II by Finance Act, 2020, let’s start discussing with Section 7 of CGST Act (Scope of Supply) . Schedule II of CGST Act, 2017 specifies Activities or Transactions to be treated as Supply of Goods or Services. Section 7 of CGST Act 2017– Scope […]
What is wrong with the labor law of India? What modifications does it require, Do you believe that Modi can do this? Indian Labor Law is one of the most controversial laws present today. The capitalist term it as the one which is discouraging industries to set up factories in India and favouring other countries […]
After the lockdown, industries are going to face various issues related to production, finance, laborers, cost, sale etc. Few are common problems which are described in this article. 1. Migrated Labor Issue: We all know that millions of laborers work in various industries, far away from their home towns in states all across the country. […]
1. Overview of Composition Scheme under GST? Composition scheme is mainly focused to benefit the MSMEs and small taxpayers. Composition scheme helps the MSMEs and small taxpayers to avoid complex monthly Formalities under GST Act and opt to discharge their GST liabilities at a predefined fixed rate. Further a dealer under composition scheme is required […]
What is Remote Auditing??? The remote audit also may be referred to as E Auditing is exactly same as an audit but in involves use of electronic means to collect Audit Evidence. Remote Auditing techniques involve sharing files via email, Google drive etc., providing documents by sharing its desktop screen or via video conferencing using […]
