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PLI scheme for Telecom Sector gets Government’s approval

The Government in November 2020 had anno...
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Amendment to Companies (Share Capital and Debentures) Rules, 2014

The Ministry of Corporate Affairs (MCA),...
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Importer-Exporter Code (IEC)

The Director-General of Foreign Trade (D...
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Amendment to Definition of a Small Company

The Ministry of Corporate Affairs (MCA),...
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Applicability of GST on Salary paid to Director of Company

Brief Facts of the case: The appellan...
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GST is applicable on Notice Pay Recovery from Employees

Brief Facts of the case: The applican...
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Introduction of Legal Entity Identifier for large value transactions of INR 50 crores or more in Centralized Payment System

With effect from April 1, 2021, The Rese...
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Amendment- Companies (Appointment and Qualification of Directors) Rules, 2014

Ministry of Corporate Affairs has made f...
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MCA amends applicability date of CARO, 2020

In view of COVID-19 pandemic, the Minist...
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Compulsory Convertible Debentures are to be considered as Debt and not as Equity

Facts of the Case: The assessee is en...
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Extension of Due Date for filing of Cost Audit Report

Ministry of Corporate Affairs (MCA) vide...
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Online filing of application for Un-blocking E-Way generation facility

Now online application can be filed for ...
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Blocking of E-Way generation facility after 1 December, 2020

Blocking of E-way bills (EWB) generation...
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MCA extends due date for inclusion of independent director’s name in data bank

Ministry of Corporate Affairs (MCA) vide...
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Defaulting LLP allowed to file belated documents due for filing till 30th Nov,2020

Ministry of Corporate Affairs (MCA) vide...
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Code on Social Security, 2020

Ease of labour regulations and uniformit...
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Relief for taxpayers – Extension of Due Dates for Filing of Income Tax Returns

In view of challenges faced by taxpayers...
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AO does not have power to change method for share valuation opted by assessee

Facts of the Case: The assessee is en...
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Tolerance Limit for Computation of ALP

Central Government vide Notification No....
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Blocking of E-Way generation facility after 15 October, 2020

Blocking of E-way bills (EWB) generation...
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Amended Provisions for Utilization of Foreign Contribution

The Foreign Contribution (Regulation) Am...
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Recommendations of 42nd GST Council Meeting Updates

Following are the recommendations discus...
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Clarifications on TDS Provisions for e-Commerce Operators

Introduction: There have been certain...
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Amendment of ITR and Other Forms for AY 2020-21

Introduction: CBDT in line with the n...
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Requirement of Licenses for Toys may arise from March

India could introduce a phased license r...
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No Scrip wise reporting for Short-Term Listed Shares

Background and Facts: There was a r...
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Extension of compliance deadlines till 31st March, 2021

On 31.03.2020, the President proclaimed ...
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Vodafone wins arbitration against India in International Court

Background and Facts: Revenue depar...
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Relief in Late Fees of Delay in Filing of Form GSTR-4/10 and Change of Navigation of Comparison of Liability and ITC Summary

Relief in Late fees for delayed in filin...
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Guidelines for Compulsory Selection of Return for Complete Scrutiny

Keeping in view the Faceless Assessment ...
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Expenditure on Software is of Revenue Nature

Background and Facts: Assessee comp...
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Accounting treatment of indirect administrative overheads incurred during construction phase of power plant

Expert Advisory Committee (EAC) of The I...
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No penalty if it was not mentioned in notice that assessee had concealed income or furnished inaccurate details

Facts of the Case: Assessee, a part...
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Corporate Social Responsibility & Improved Business Effectiveness

With the increasing awareness and educat...
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Delinking of Debit/Credit Note from Original Invoice Reported in GSTR-1/6 or Refund Filing

Much Awaited relief to the taxpayer!! ...
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Extension of Due Date for filing Cost Audit Report

In view of the extraordinary disruptions...
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Ceiling on MEIS benefits from 01.09.2020 to 31.12.2020

To ensure that the total claim under MEI...
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Strengthening the communications and relationships between Internal Auditor & Audit Committee

Internal audit has become an important t...
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Update Regarding Enabling GSTIN on E-Invoice Portal

As a facilitation measure, all the taxpa...
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Reimbursement of cost from Indian group concern for providing business support not taxable as FTS in India

Background and Facts Assessee, a De...
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TCS on Sales of Goods: Finance Act, 2020

Introduction: Provisions related to c...
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Company Law Insights || MCA extends due date for holding AGM for FY 19-20 by 3 months

Ministry of Corporate Affairs (MCA) vide...
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Conflicts of Interest

Conflicts of Interest arise when a perso...
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To Do’s in GST return of September 2020

Last chance to do following in GSTR-1 of...
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New functionality added for TCS & Composition taxpayers

Recently GST portal added new features. ...
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New Features added on GSTN portal

Recently new features have been added on...
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Extension of time limit for compliance by Anti-Profiteering Authorities

As per the notification no.65/2020-Centr...
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New Guidelines, New WAY! – Virtual Personal Hearings

CBIC introduced virtual hearing of adjud...
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CSR Policy amended to include R&D on Drugs, Vaccines for COVID-19

Ministry of Corporate Affairs (MCA) vide...
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Business Continuity Planning

Failure and disasters can happen, as the...
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Interest on GST liability for periods prior to September 01 2020 – Clarifies Ministry of Finance

Yesterday we published an update on the ...
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Aadhar Authentication Required Now for GST Registration

CBIC vide its Notification No. 62/2020–C...
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Interest on belated GST liability payments- Shall be payable only on “cash liabilities”

One of the most awaited notifications re...
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Artificial Intelligence (AI) aligned with Accounts Payable Process

With the emerging tough and competitive ...
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MCA Clarification on extension of AGM for F.Y ended 31st March,2020

Ministry of Corporate Affairs (MCA) vide...
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New facility added on GST portal-Option to download invoice wise detail of Table 8A of Form GSTR-9 (Annual return)

A new feature has been added on the GST ...
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Fourth Industrial Revolution (Industry 4.0)

Development in technology has no way lef...
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Green Internal Audit

“Green” is a definition of everything re...
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Transparent Taxation – Honouring the Honest

In the era of structural reforms, Indian...
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AO cannot change the method of Valuation of Shares opted by the Assessee

Facts of the Case: The assessee is ...
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Revised Guidelines for Opening Current Accounts by Banks – More Discipline

Reserve Bank of India vide its notificat...
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Risk associated with Corporate Governance in Organization and Changes in COVID 19

Corporate Governance means processes and...
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Clarification on Existing Entrepreneurs Memorandum/ Udyog Aadhar Memorandum (UAM)/ New Udyam Registration

Ministry of Micro, Small & Medium En...
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HR Audit: An Essential Improvement Tool

The HR (human resources) function has ev...
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Segregation of Duties and COVID 19

This pandemic has resulted in job losses...
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Extension of due date for filing of Form GSTR- 4 for FY 2019-20

Central Board of Indirect Taxes and Cust...
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Digital transformation and role of Internal Audit

This pandemic has seen a significant ris...
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Rapid changes in Company’s Internal Controls- Impact of COVID-19

COVID-19 has disrupted most business are...
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Amendment to Indian Accounting Standard-116 Leases

Ministry of Corporate Affairs (MCA) vide...
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Amendment in Form GST INV-01 and Aggregate turnover limit for issuing E-invoice

The format for the Form GST INV-01(E-inv...
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Measures to Protect Customer Data

A business can’t get far without custome...
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Outsourcing and Managing Third – Party Relationship

Drivers: Organizations are increasing...
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Extension of due date for filing of FLA Return for FY 2019-20

Reserve Bank of India (RBI) through an a...
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SEBI extends time for submission of financial results for the Quarter/ Half year/ Financial year ended 30th June,2020

The Securities and Exchange Board of Ind...
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MCA notifies amendments to Indian Accounting Standard-1

Ministry of Corporate Affairs (MCA) vide...
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AO is not justified to change the earlier method of accounting adopted by the assessee to determine the income tax on estimate basis: HC Karnataka

Facts of the case: Assessee, is eng...
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Transfer of Development Rights of a property would not attract the provisions of u/s 2(47)(v) of the Income Tax Act, if only part payment has been received.

Facts of the case: The assessee, is...
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Memorandum of Understanding between CBDT and MoMSME

CBDT has issued a press release regardin...
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New Form 26AS is faceless hand-holding of taxpayers to e-file returns: CBDT

CBDT has issued a press release regardin...
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Interest free advances are presumed to be from Interest free borrowing, subject to sufficiency, for disallowance u/s 14A: Bombay HC

Facts of the case: Assessee during ...
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Digital content developed by an animation company is a copyrighted intangible asset and not a computer software. Therefore, eligible for depreciation at the rate of 25%.

Facts of the case: The assessee is ...
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Expenditure incurred towards objectives ancillary to main objective of society shall be considered as exempt u/s 11 of the Income Tax Act, 1961

Facts of the case: The assessee is ...
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One Time Relaxation for Verification of ITR which is Pending for Non-Filing of ITR-V

Issue: Hitherto, Central Board of Dir...
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When Merits are Fragile, Pre-Deposit of Recovery Amount is Must: Delhi High Court

Facts of the case Assessee, being a...
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When Merits are Fragile, Pre-Deposit of Recovery Amount is Must: Delhi High Court

Facts of the case Assessee, being a...
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Extension of relaxation for conducting Board Meeting to approve Financial Statements till 30th September,2020

Ministry of Corporate Affairs (MCA) vide...
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GOVT. FURTHER EXTENDS LATE FEES WAIVER AND REDUCED INTEREST RATE FOR GST RETURNS FILING

  S.no Class of registered ...
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Extension of due date for filing of FLA Return for FY 2019-20

Reserve Bank of India (RBI) through an a...
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Employees Allowed to Claim I-T Exemption on Conveyance Allowance Under New Tax Regime

CBDT has notified new rules to enable in...
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Advance Tax Liability can be adjusted against Cash Seized by Income Tax Dept. from Assessee: HC

Facts of the case:  The assessee is...
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UDYAM Registration for MSME

The Central Government vide its notifica...
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SEBI extends time for submission of financial results for the Quarter/ Half Year/ Financial Year ending 31st March 2020

The Securities and Exchange Board of Ind...
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Amendment in Companies (Appointment and Qualification of Directors) Rules, 2014 regarding inclusion of Independent Director’s Name in data bank

Ministry of Corporate Affairs (MCA) vide...
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COVID-19 Relief – Ease for Taxpayers, CBDT Further Extends Compliance Due Dates

In view of the challenges faced by taxpa...
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Key Recommendations of 40th GST Council Meeting

Key Recommendations of 40th GST Council ...
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CBIC Issued Clarifications for GST Officers i. GST on Director’s Remuneration, and ii. Refund of Accumulated ITC

CBIC has recently issued two clarificati...
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Monetary Policies || Government Growth Booster for MSMEs

Small & medium Enterprises are the b...
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Incentive Scheme || Ministry of Electronics and IT SPECS Disbursement PolicyMinistry of Electronics and IT SPECS Disbursement Policy

Incentive Disbursement Guidelines under ...
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Key Changes related to Provident Fund

  The Government of India in its...
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Key Changes to the New ITR Forms 1 to 7 Notified by CBDT for AY 2020-21

Common Changes in ITR 1, 2 and 4 Pa...
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