The CBIC issued Circular No. 135/05/2020-GST dated March 31, 2020 after receiving various representations seeking clarification on some of the issues relating to GST refunds: 1. Bunching of refund claims across Financial Years: – Issue: The restriction on clubbing of tax periods across different financial years was put in vide para 11.2 of the Circular No. 37/11/2018-GST dated […]
Understand the treatment of options in the calculation of Basic and Diluted EPS under Ind AS 33. Learn how options impact earnings per share.
As the number of Coronavirus cases are continuously growing in India which forced the Indian Government to announce a ‘Lockdown’ for 21 days starting from 00:00 Hours of March 25, 2020. This Lockdown will definitely disrupt the businesses activities of all sectors as the Nation comes to pause. By understanding the disruption of the business […]
In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on 31.03.2020 which […]
The Ministry of Corporate Affair issued the circular dated 24th March, 2020, having General Circular No. 11/2020 relaxing any additional payment payable by the company on late filing of e-Forms to ROC to provide relaxation to the corporate world causing devastating circumstances created by COVID-19 causing a global pandemic. MCA in furtherance of the above […]
In part I & II of this article, we tried to analyzed and understood provision of sub-section (1) and proviso of sub-section (1) of section 94B. In this part, we try to analyze and understand remaining portion of section 94B as below, 94B. (2) For the purposes of sub-section (1), the excess interest shall mean […]
How to file Company’s return without paying late fees- Company Fresh Start Scheme 2020 (CFSS 2020)? There have been no better time for the defaulting companies than this. The Ministry of Corporate Affairs decided to give all the defaulting companies another chance to improve their filing-related defaults irrespective of the duration. Further, as per the […]
GST on transactions under Real Estate Sector Outright Purchase of Land/Plots without tenants: – Situation where the promoter/builder purchase the plot/land on which they wish to construct their schemes, but this situation is very rare as this involves lot of working capital blocked as the cost of land is huge. Sr.no. Particulars Seller Promoter/Builder 1 […]
Finance Act, 2020 has come up with some landmark amendments in the Income Tax Act, 1961 in relation to taxation of income for Non-resident Indians making it more difficult for such people to maintain their ‘Non-resident’ tag so as to keep their foreign income out of the Indian Income Tax applicability. Indian citizens having a […]
The Ministry of Corporate Affairs (MCA) taking into cognizance the issue faced by Corporates due to COVID-19 has issued several notifications & circulars in order to grant immunities & reduce the compliance cum financial burden on the Corporates. One of the recent initiatives taken by MCA is the introduction of COMPANIES FRESH START SCHEME, 2020 […]
