this modern legislation is working towards bringing a paradigm shift in the manner of resolution of distressed firms in the country, it is important to note that the practice of recovery of debt from the person of the debtor has been a common practice since the inception of insolvency law.
The Sabka Vishwas Legacy Dispute Resolution Scheme, 2019, that was initiated by the government from the 1st of September 2019, has since been the cynosure in the indirect tax spectrum. Indirect tax litigation pertaining to the pre-GST regime is an ocean and this scheme is mainly aimed at containing the said ocean in a bottle. […]
With the introduction of the Insolvency and Bankruptcy Code, 2016 (Code), the consolidation of fragmented laws relating to reorganisation in distressed situations, insolvency resolution to reconstitute the company’s promoters, novate the loan agreements, settle dues of workmen and employees and pay the financial creditors (FCs) and operational creditors (OCs) and provides for liquidation relating to corporate persons.
If you are planning to register one person company then you MUST know the drawbacks of One Person Company registration. A) One of the biggest disadvantage of company registration is that the owner of one person company cannot incorporate or register another one person company and the nominee of one person company cannot become nominee […]
Hello Friends, as per worldwide survey data, approx 85-90% startup closed in the first 5 Years of their opening. The main reason for their failure is no proper strategy planning before starting their business and no control over cost after starting a business. Today, I am going to elaborate on the topic ‘How to start […]
Key provisions of latest RBI/FED/2018-19/15 – FED Master Direction No.5/2018-19 dated March 26, 2019 in relation to External Commercial Borrowing 1. Meaning of ECB ♠ Generally External Commercial Borrowings (ECB) refer to commercial loan availed by eligible resident entities from non-resident lenders i.e. from foreign sources. ♠ A source of funds for financing expansion of […]
Filing of Annual return – Option Scheme for MSME – Critical Analysis of the possible impact Annual return in form GSTR-9 is required to be filed by every registered person (other than an Input Service Distributor, the person paying tax under section 51 or 52, a casual taxable person and a non-resident taxable person) for […]
All about eForm MSME Form-I (Filling half yearly return with the registrar in respect of outstanding payments to MSME due date 31st October, 2019) Purpose to file the eForm All companies, who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed 45 days […]
There is a lot of confusion on deduction under section 15 with respect to the discounts. Discounts are offered by various businesses to boost sales. In this article an attempt has been made to summarise the tax treatment (pre-GST and GST regime) on such discounts.
Several goods are taken out of India on consignment basis for exhibitions or other export promotion events. These goods are sold only when approved by the prospective customers abroad. The unsold goods are then brought back to India. This is a widespread practice in various sectors, including the gems and jewelry industry. Exporters of these […]
