The COVID-19 pandemic has already beaten black and blue the Indian markets, with the Nifty and Sensex entering the lower circuits for the second time in less than a month today. Enterprises have come to a halt on a microscopic point! Leave the tax compliances alone, but companies have a tough time handling their day-to-day […]
When it comes to financial planning, I had been fascinated from a very young age. I remember a conversation with my father where he said, money, if properly managed has the ability to change individuals, corporates and even countries.
The MCA vide its circular dated 30th March 2020 has issued Companies Fresh Start Scheme, 2020 to promote defaulting companies to make a fresh start on a clean slate and waive the additional fee as charged under section 403 of Companies Act, 2013 which is applicable on certain forms to be filed with MCA. –Companies Fresh Start Scheme, 2020 will […]
COVID-19 almost occupied each country of the World. It was first detected in the month of Jan 2020. Perhaps, it has not been considered that seriously by such countries. The statistics are as shown in the below table at the start of epidemics is really alarming. In view of the growing demand for hand sanitizers, […]
1. The provisions of CGST/SGST Act, enables a taxpayer to claim for a refund of the tax levied on the particular supply of Goods and Services. Likewise, a person having GSTregistration can claim for refundon tax paid for the intra-state supply which is consequently held to be inter-state supply and vice versa. 2. The applicant […]
Section 115BAA – New tax rate for domestic companies The Government of India has introduced the Taxation (Amendment) Ordinance 2019 on the 20th of September 2019. Several amendments are made to the Income Tax Act,1961 through this ordinance. Changes such as corporate tax rate cut for domestic companies and as well as for manufacturing companies […]
Covid-2019- Pandemic Rights, Powers and Duties of Government and Citizens Relaxation measures in compliances and relief packages announced by Government and Corporates Covid-19 COVID-19 is a new disease that is distinct from other SARS, MERS, and influenza. Although coronavirus and influenza infections may present with similar symptoms, the virus responsible for COVID-19 is different with […]
FRESH START—a new slate to Companies and LLPs in India – An opportunity to be a COMPLIANT ENTITY Let’s discuss WHY,WHAT, HOW & FOR WHOM, on the closure of financial year on 30th March 2020 and in the mid of Nationwide Locked Out situation due to outbreak of Covid-19 pandemic, the Ministry of Corporate Affairs […]
1. Management of the entity should assess the impact of COVID-19 and the measures taken on its ability to continue as a going concern. 2. The impact of COVID- 19 after the reporting date should also be considered and if, management after the reporting date either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so, the financial statements should not be prepared on going concern basis.
Section 16 of IGST Act, 2017 entitles exporters to claim refund under either of the two options: 1. Export without payment of IGST under bond or Letter of Undertaking (LUT) and claim refund of unutilized Input Tax Credit (ITC) or 2. Export with payment of IGST and claim refund of such IGST paid. The 2nd […]
