To summarise, while the Code is purely a legislation that codifies the run of the rule of law governing insolvency and bankruptcy proceedings in relation to companies (insolvency of individuals is yet to be brought under the ambit of this law), its sheer operation in the ecosystem has led to various consequences on behaviour of parties involved and persons affected by it.
One of the most significant changes observed on implementation of the Code is the behavioural change in the stakeholders involved in the resolution process.
Article explains Conditions necessary for obtaining ITC under GST, Allowability of Depreciation on the GST tax component of capital goods and Time limit for taking ITC under GST. Input Tax Credit (ITC) is one of the core concepts of the Goods and Services Tax. “Input Tax” in relation to a taxable person under the GST […]
With a view to simplify the labour law structure in India, the parliament enacted the Code on Wages, 2019 (Code) on August 08, 2019. The Code is one of the 4 labour codes that were proposed by the government in order to consolidate around 40 above labour law legislations in India. The other codes are […]
a) How to compute the tax charge – current tax and deferred tax charge for the current quarter ending 30 Sep 2019 – Q2 (under the revised rate structure)? b) Will the tax charge for the preceding quarter ended 30 June 2019 (calculated under the then applicable income tax rate – base rate of 30%) need to be restated/revised for the financial result preparation?
The new scheme, called the ‘E-assessment Scheme, 2019 (Scheme), was notified by CBDT on 12 September, 2019. It will be an online system, which will use artificial intelligence, automated tools to randomly and automatically allocate cases for assessment within the Income Tax Department. It aims to bring in more transparency.
Notification No. 49/2019-Central Tax has been issued by CBIC last week carrying our various amendments in the CGST Rules. One of the important amendments in the Rules which was pronounced in the GST Council press release is to permit the credit to the recipient only if the corresponding supplies have been reported in the GSTR-1 by his suppliers.
As per recent notification no. 49/2019 central tax dated 09/10/2019 ITC to be availed by a registered person can-not be more than below:- 1. 100% of eligible ITC appearing in GSTR-2A and; 2. 20% of eligible ITC appearing in GSTR-2A in respect of invoices/debit notes not reflecting in GSTR-2A. 3. Total of 1 & 2 […]
A business loan is a highly effective credit product availed by entrepreneurs for establishing and expanding their business. Business loans are usually secured loans and hence borrowers are required to pledge collaterals while availing a small business loan. Nowadays, with increasing financial institutions and online loan providers, availing a business loan has become far more […]
UDIN is Unique Document Identification number is system generated 18 digit number which needs to be mentioned on the documents either by printing or it can be handwritten on the document issued. This 18 digit number means first 2 digit means of the year (Current year i.e. in case of 2019 it would be 19) Next 6 digit would consist of the membership number (A12345) and next 10 digits would be system generated randomly generated alpha numeric number.
