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Changes in TDS/TCS Provisions

Changes in TDS/TCS Provisions

Introduction: The Ministry of Finance...
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Uplifting of Prohibition on Oxygen Concentrator imported as gift– Amendment in Foreign Trade Policy 2015-2020

Uplifting of Prohibition on Oxygen Concentrator imported as gift– Amendment in Foreign Trade Policy 2015-2020

Existing Foreign Trade Policy (FTP): ...
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Relaxation on Levy of Additional Fees for Filing of Forms

Relaxation on Levy of Additional Fees for Filing of Forms

In view of the difficulties arising due ...
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Threshold for the Purpose of Significant Economic Presence

Threshold for the Purpose of Significant Economic Presence

The CBDT notified a new Rule 11UD under ...
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Extension of Time Gap Between Two Consecutive Board Meetings

Extension of Time Gap Between Two Consecutive Board Meetings

In view of the difficulties arising due ...
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With the outbreak of Covid-19, CBIC has extended certain due dates on 01.05.2021

With the outbreak of Covid-19, CBIC has extended certain due dates on 01.05.2021

With the outbreak of Covid-19, CBIC has ...
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Relief for Taxpayer – Extension of due dates for Income Tax Compliances

Relief for Taxpayer – Extension of due dates for Income Tax Compliances

In view of challenges faced by taxpayers...
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Whether supply of food from a different section of business could be considered as supply of goods, hence eligible for ITC? AAR

Whether supply of food from a different section of business could be considered as supply of goods, hence eligible for ITC? AAR

Facts of the Case: The applicant is i...
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LOWER WITHHOLDING TAX RATE ON DIVIDENDS AVAILABLE PURSUANT TO MFN CLAUSE IN CASE OF INDIA – NETHERLANDS DTAA

LOWER WITHHOLDING TAX RATE ON DIVIDENDS AVAILABLE PURSUANT TO MFN CLAUSE IN CASE OF INDIA – NETHERLANDS DTAA

Facts of the case In a recent case th...
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Press Release for Extension of Timelines

Press Release for Extension of Timelines

Vide press release dated 24th April, 202...
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Section 56(2)(viib) is not triggered on the excess consideration/asset received by the amalgamated company in lieu of issue of shares issued

Section 56(2)(viib) is not triggered on the excess consideration/asset received by the amalgamated company in lieu of issue of shares issued

Facts of the case: In the scheme of a...
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Union Cabinet approves PLI Scheme for High Efficiency Solar PV Modules

Union Cabinet approves PLI Scheme for High Efficiency Solar PV Modules

The Cabinet has approved implementation ...
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SETTING UP OF BUSINESS v/s COMMENCEMENT OF BUSINESS

SETTING UP OF BUSINESS v/s COMMENCEMENT OF BUSINESS

Facts of the case: The assessee “Miel...
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MAT credit of the transferee company can be carried forwarded and set-off against tax liability of amalgamated company

Facts of the case: The assessee being...
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Regulation notified for Identity verification of New/Existing Exporters, Importers and CHAs

CBIC has notified the Customs (Verificat...
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Union Cabinet approves PLI Scheme for Air Conditioners and LED lights

With an objective of creating a globally...
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Changes in CbCR Reporting Threshold Limit

The CBDT on 5th April, 2021 has notified...
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PLI scheme for Food Processing Industry gets Government’s Approval

Union Cabinet on March 31 approved a Rs ...
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Amendments to Income Tax Rules, 1962

Introduction: The CBDT in order to br...
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Rates of TDS/TCS w.e.f. 01.04.2021

The relaxation period of reduced rates o...
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Companies (Accounts) Amendment Rules, 2021.

The Ministry of Corporate Affairs (MCA),...
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Amendment in Schedule III of Companies Act, 2013.

New Disclosure Requirements for Financial Statement as per Schedule III of Companies Act, 2013

The Ministry of Corporate Affairs (MCA),...
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Companies (Accounts) Amendment Rules, 2021.

The Ministry of Corporate Affairs (MCA),...
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PAYMENT TO DRIVER PARTNERS OUT OF THE SCOPE OF TDS U/S 194C

Facts of the case: The assessee “UBER...
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Significant updates which would impact the Industry from April 1, 2021

Mentioning HSN code in Invoice now manda...
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Form 15E notified by CBDT for making Application for grant of Certificate to Determine sum Chargeable to Tax u/s 195

The CBDT on 16th March, 2021 has notifie...
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Payment for use of computer software does not constitute Royalty, thus not subject to withholding tax

In a recent decision of Supreme Court of...
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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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