Relaxation related to Companies Act, 2013 1. Moratorium No additional fees shall be charged for late filing during a moratorium period from April 01, 2020 to September 30, 2020, in respect of any document, return, statement etc., required to be filed in the MCA-21 Registry. 2. Relaxation with regard to Board meetings […]
Facts of the case-Tax Bar Association (“the Petitioner”) filed a petition raising the issue of non-functionality of the Department’s (“the Respondents”) portal i.e. www.gst.gov.in, as a consequence of which, various assessees are unable to upload their annual returns in GSTR-9 and GSTR-9C. Due to non-functionality of the portal, the Respondents issued a Notification No. 06/2020-Central […]
Background: Numerous cases of monetization of credit fraudulently obtained or ineligible credit through refund of Integrated Goods & Services Tax (“IGST”) on exports of goods have been detected in past few months. On verification, several such exporters were found to be non-existent in a number of cases and in all these cases it has been […]
Blocking of GST Credit and Restriction of ITC to 10% of GSTR 2A (Notification No 75/2019-Central Tax dated 26th December, 2019). W.e.f. 1st Jan 2020, Input tax credit to the recipient in respect of invoices or debit notes that are not reflected in his FORM GSTR-2A shall be restricted to 10 % of the eligible […]
Taxpayer having turnover of ₹5 crores or more in previous financial year (monthly return)- February 20, 2020 Taxpayer having turnover of less than ₹5 crores in previous financial year (monthly return) in the state of: February 22, 2020- • Chhattisgarh • Madhya Pradesh • Gujarat • Daman and Diu • Dadra and Nagar Haveli • […]
DIRECT TAX 1. Corporate tax for new manufacturing Companies & power generation companies brought to 15% and existing companies to 22% . 2. Govt. has exempted individual with income upto Rs. 5 lakh 3. New Simplified new tax for FY 2021-22 are as: Taxable IncomeSlab (`) Existing Tax Rates New Tax Rates 0-2.5 Lakh Exempt […]
SECTION CURRENT PROVISIONS PROPOSED PROVISIONS EFFECT Section 2(114) – Definition of Union Territory “Union territory” means the territory of-……..(c) Dadra and Nagar Haveli and Daman and Diu; “Union territory” means the territory of-……..(c) Dadra and Nagar Haveli and Daman and Diu;(d) Ladakh Seeks to align the definition of “Union territory” in line with the Jammu and Kashmir Reorganization […]
Article contains the various Rules and section that are applicable to class or classes of companies as per companies Act, 2013. It explains Applicability of Cash Flow Statement, Annual Return and Company Secretary (CS) in practice, Certification of Annual Return by a CS in practice, Corporate Social Responsibility, Internal Auditor, Women Director, Appointment & Reappointment of Auditor, Auditors Committee, Nomination […]
A new provision namely Section 269SU was inserted in the Income-tax Act 1961, vide the Finance (No. 2) Act 2019, which provides that every person having a business turnover of more than Rs. 50 Crore during the immediately preceding previous year shall mandatorily provide facilities for accepting payments through prescribed electronic modes. The following electronic […]
As per section 135(1) of Companies Act, 2013, following Companies having, Net worth of Rs. 500 crore or more Turnover of Rs. 1000 crore or more Net profit of Rs. 5 crore or more Shall constitute Corporate Social Responsibility committee of the board consisting of 3 or more directors, out of which 1 director shall […]