Blog

  • Jun 30, 2020

    www.udyamregistration.gov.in - a new portal for Udyam Registration launched by the MSME Ministry

    The ministry of MSME has issued new process of MSME Registration in the name of Udyam Registration from 1st July, 2020 through the portal www.udyamregistration.gov.in. The portal guides the entrepreneurs step by step as to what they should know, what they should do. The process of classification an ...

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  • Jun 24, 2020

    Extension of various time limits under Direct Tax & Benami laws

    In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 [the Ordinance] on 3 ...

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  • Jun 12, 2020

    Clarification in respect of levy of GST on Director’s remuneration

    The Authority for Advance Ruling (AAR) Karnataka and Rajasthan has recently issued comtradictory ruling on the matter of applicability of GST on the Directors remuneration. Various represenations were made before CBEC seeking clarification on the matter. The CBEC vide its circular No: 140/10/2020 - ...

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  • Jun 12, 2020

    Recommendations of GST council (40th meeting) related to Law & Procedure

    The 40th GST Council meeting was held on 12th June 2020 under the Chairmanship of Union Finance & Corporate Affairs Minister  Smt Nirmala Sitharaman. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of ...

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  • Jun 12, 2020

    Kerala HC directed CIT(A) to decide appeal on merits without asking for deposit of 20% of tax demand

    In an important judgement, the Kerala HC directed CIT(A) to decide appeal on merits without asking for deposit of 20% of tax demand in the matter of Aranattukara Oriental Service Co-Operative Bank Ltd. v. CIT – [2020] 116 taxmann.com 900 (Kerala). The CBDT vide its Office Memorandum dated 31. ...

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  • Jun 08, 2020

    Government rolls out facility of filing of NIL GST Return through SMS

    In a significant move towards  taxpayer facilitation, the Government has today onwards allowed filing of NIL GST monthly return in FORM GSTR-3B through SMS. This would substantially improve ease of GST compliance for over 22 lakh registered taxpayers who had to otherwise log into ...

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  • Jun 02, 2020

    TReDS- an efficient alternate means of financing for MSME’s.

    MSMEs are the backbone of Indian Economy and despite the important role played by them in country’s overall economic growth, continue to face constraints in obtaining adequate finance, particularly in terms of their ability to convert their trade receivables into liquid funds. To address the i ...

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  • May 31, 2020

    CBDT notifies Annual Information Statement to replace existing form 26AS

    The Finance Bill 2020 introduced a new Section 285BB in the Income Tax Act 1961 to implement revised Form 26AS. Pursuant to the section, the CBDT has notified new Form 26AS (Annual Information Statement) vide notification no 30/2020 dated 28th May 2020 inserting rule 114-I under Income Tax Rules 196 ...

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  • May 25, 2020

    IND AS 24 Related Party Disclosures

    IND AS 24 shall be applied in:  Identifying related party relationships and transactions;  Identifying outstanding balances, including commitments, between an entity and its related parties;  identifying the circumstances in which disclosure of the items above is required; and  Dete ...

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  • May 24, 2020

    Financial Reporting & Auditing considerations on account of Covid-19

    Due to increased economic uncertainty it may have major financial reporting consequences like on Supply chains, distribution chains, cash-flows, demand, price variations, facility access, workforce availability, debt obligations, contract cancellations, are experiencing turbulence. The role of prepa ...

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  • May 22, 2020

    Impact on Residential status of an Individual in Covid-19

    Generally, number of days presence is considered as a threshold (the total number of days that an individual is present in a particular jurisdiction) for determining individual tax residency. An exception to this principle is where citizens are taxed irrespective of their presence. Due to the Covid- ...

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  • May 21, 2020

    Government notifies Safe Harbour Rules for AY 2020-21- No change in rates

    The Central Board of Direct Taxes (CBDT) has vide notification no. 25/2020, dated 20th May 2020, notified changes to Rules 10TD and 10TE of Income Tax Rules relating to Safe Harbour Rules (SHR). It notified that the rates applicable from Assessment Year (AY) 2017-18 to 2019-20 will continue to apply ...

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  • May 20, 2020

    Cabinet approves Rs 3 lakh crore emergency credit line for MSME

    The Union Cabinet on 20th May 2020 has given the following approvals: To enable additional funding of up to Rs. three lakh crore to eligible MSMEs and interested MUDRA borrowers by way of "Emergency Credit Line Guarantee Scheme (ECLGS).".Under the Scheme, 100% guarantee coverage to be provided by N ...

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  • May 17, 2020

    GST COMPLIANCE FOR RESOLUTION PROFESSIONAL (RP)

    NEW PROCEDURE FOR GST COMPLIANCE FOR IRP/RP Changes made vide Notification No. 39/2020 dated 5th May, 2020 under CGST Act, 2017 read with Circular No. 138/08/2020-GST dated 6th May, 2020 Applicability: New Procedure applicable to all Corporate Debtors (Defined in IBC) undergoing Corporate Insol ...

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  • May 12, 2020

    Imperatives for leading in the new reality - Covid 19

    The unprecedented situation thrown up by Covid 19 has made the organisations to strategies and realign the work under changed environment. The expectation and premium on leadership have never been so high. Business leaders need to work on the approach and potentialities listed below to create a coll ...

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  • May 11, 2020

    Tax Treatment of Provident Fund (EPF)

    Contribution is made in the Provident Fund for the employee's welfare by the employee and the employer. The deduction is available under section 80C. Provident fund is a kind of security fund in which the employees contribute a part of their salary and the employer also contributes on behalf of the ...

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  • May 11, 2020

    COVID-19 || Corporate Social Responsibility (CSR) || FAQ

    The Ministry of Corporate Affairs has vide General Circular No-15/2020, dt 10/04/2020 issued clarifications on eligibility of CSR expenditure related to COVID-19 activities and has issued a set of FAQs along with clarifications as detailed below: Whether contribution made to ‘PM CARES Fund&rs ...

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  • May 11, 2020

    Communication with the retiring Auditor through Email

    The existing Code of Ethics, 2009 issued by the ICAI, provides, under commentary to Clause (8) of Part-I of First Schedule to The Chartered Accountants Act, 1949 as under “Members should therefore communicate with a retiring auditor in such a manner as to retain in their hands positive eviden ...

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  • May 10, 2020

    CBDT extends registration of Charitable & Religious entities to 1st Oct 2020

    The Finance Act, 2020 rationalized the procedure relating to approval/ registration/ notification of certain entities referred to in sections 10(23C), 12AA, 35 and 80G of the Act, with effect from 1st June, 2020. As per the new procedure, the entities already approved/ registered/ notified under the ...

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  • May 04, 2020

    ESOP Taxation || Revised provisions for Eligible Start Up’s

    Employee Stock Option Plan (ESOP) has been an attractive tool to attract and retain key employees by an organisation and generally ESOP’s constitute a significant component of compensation for employees especially for Start Up’s. ESOPs are taxable as perquisites at the time of exercise ...

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  • May 04, 2020

    GST on Director’s Remuneration -The Controversy Reborn

    Under GST laws, some of the common functions carried out at an organization’s Head office like, human resource, IT functions, audit and legal operations incur cost (known as “Common Cost”) as they are identified as a service to the main functions of the organization or to the branc ...

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