Annual Return on Foreign Liabilities and Assets (FLA Return)– An Analysis (Key Points, FAQ’s and Important Definitions) 1. Compliance Particular: Annual Return on Foreign Liabilities and Assets (FLA Return) 2. Requirement: FLA Return is required to be submitted mandatorily by all the India resident companies which have received FDI and/ or made ODI in any […]
Introduction: The author in this article has analyzed the provisions of the various Acts with regard to the definition of a relative. A comparative analysis has been done among the definitions provided under: Companies Act, 2013 Income Tax Act, 1961 Accounting Standards Goods & Service Tax Tax Act, 2017 Analysis: Comparative chart of the definition […]
Section 12A registration is one time exemption obtained by most Trusts, right after incorporation to be exempted from paying income tax. Trusts and NGOs having 12A registration enjoy exemption from paying income tax on the surplus income of the Trust or NGO. Income tax exemption is available for all non-profit NGOs. Hence, it is important […]
Clause 25 – Proposed section 80EEA – Tax incentive for affordable housing – Certain concerns to be addressed In order to promote affordable housing, the Finance (No. 2) Bill, 2019 proposed to introduce a new section 80EEA so as to provide an additional deduction of up to Rs 1,50,000/- for interest paid on loans borrowed up to 31.03.2020 for purchase of an affordable house valued up to Rs 45 lakh.
The present article covers the provisions of TDS applicability on insurance commission contained under section 194D of the Income Tax Act, 1961. Provisions of section 194D of the Income Tax Act, 1961 As per provisions of section 194D, the person who is responsible for making payment to a resident person for the below mentioned income […]
Form GST CMP –08- Statement for payment of self-assessed tax for Composition Taxpayers Vide notification no. 20/2019 – Central Tax dated 23rd April 2019, the Central Goods and Service Tax (Third Amendment) Rules, 2019 were introduced. With the said introduction, the return filing requirement of the Composition Scheme dealers was modified. Further, vide notification no. […]
Ministry of Corporate Affairs vide its notification dated 13/06/2018, had notified the Companies (Significant Beneficial Owners) (SBO) Rules, 2018 along with Section 90 of the Companies Act, 2013 as amended by the Companies Amendment Act, 2017 to eradicate money laundering and to unmask the hidden owners of the company. Further,On 08.02.2019 M.C.A has revised the […]
There have been a significant number of instances of abrupt resignation of Statutory Auditors from listed entities in recent times. In most of the cases, the statutory auditors have suddenly resigned without completing their assignments for the year, generally citing ‘pre-occupation’ as the reason for resignation. The Watchdog SEBI on 18th July 2019 proposed stricter norms, […]
Definition of Information Memorandum under IBC. Section-5 (10) information memorandum means a memorandum prepared by resolution professional under sub-section (1) of section 29;
Easy monthly installment or Equated monthly installment is a fixed amount paid by a borrower to a lender at a specific date in every month during the life of the sum borrowed. The loan is fully paid off along with the interest within the specified period. In case on non-payment or untimely payment the same […]
