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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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CBDT Notifies New Form 26AS with Widened Scope

The Finance Act 2020, in order to extend...
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Liaison Offices of a Company do not constitute a Permanent Establishment in India

Facts of The Case: Assessee is a UA...
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Golf Course Developed on Land to be Considered “Plant & Machinery”, Hence Depreciation Allowed: Delhi ITAT

Facts of the Case: Assessee is a co...
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Consideration to foreign attorneys for rendering services in field of IPRs are FTS u/s Section 9(1)(vii) of Income Tax Act: ITAT, Kolkata

Facts of the case: Assessee is a pa...
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No Refund to be Withheld unless Reasons Recorded: Supreme Court

No Refund to be Withheld unless Reasons ...
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Reforms in Monetary Policy amidst COVID-19, by Reserve Bank of India (RBI)

Reforms in Monetary Policy amidst COVID-...
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COVID-19 Relief on Tax Compliances

ECONOMY STANDS FOR ITSELF, WE SUPPORT: G...
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Mismatch in Form 26AS – No addition to be made if explanation is offered for difference: ITAT Mumbai

Facts of the Case: Assessee is enga...
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Internal Controls & SOX 2.0 in the time of COVID – 19 || REVIEW-RESET-RESTART

Sarbanes-Oxley (SOX) Act in 2002 refer S...
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Order cannot be Passed without Considering Application for Producing Additional Evidence

Facts of the case: The assessee had...
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Is Cost of the Construction to be Deemed as a Contract? : No 194C Held Bombay High Court

Facts of the case Assessee being a ...
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See-through approach u/s 9(1)(i) not available under Article 13(5) of India Belgium Treaty: Mumbai ITAT

Facts of the Case The assessee comp...
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Prior Government Approval in case of Foreign Direct Investment by Chinese Companies in India

  Department for promotion o...
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CBDT Clarifies Employer Disconcertment on New Individual Tax Regime

Issues prevailing in industry requiring ...
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No TDS on Payment Made to Indian Agent of Non-Resident Shipping Company, Section 172 to Prevail

Facts of the case Assessee filed it...
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Rajasthan Authority for Advance Ruling – Salary Paid to Directors is liable to GST under Reverse Charge?

Matters on which ruling is sought W...
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Section 68 Additions Cannot be made if Assessee has proved the Credit Worthiness of Creditors

Facts of the Case: During the yea...
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AO to Grant Refund if there is No Reason Forthcoming from him for Delayed Processing of ITR

Facts of the case: Petitioner filed...
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Sales of Shares Supported by Evidence Cannot be held as Sham Transaction

Fact of the case Assessee purchased...
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Where Assessee had Paid Taxes in a Foreign Country and since the Tax Credit is not available, Taxes Paid in Foreign Country are allowed as Business Expenditure

Facts of the case: During the Asses...
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No Tax on Closely Held Companies, if Excess Share Premium Paid by Relatives-Shareholders

Facts of the Case The assessee-comp...
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Subsidy Received for Repayment of Term Loans Undertaken for Setting Up New Unit was Non-Taxable as Capital Receipt

Facts of the case: Assessee is a te...
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Where Assessee had made payment to Foreign Celebrity, for an appearance made by him in Dubai at a product launch event for promoting business of Assessee in India, Assessee would be liable to withhold taxes from payment so made.

Facts of the case: Assessee was car...
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Where Assessee claimed deduction of interest on borrowed capital against rental income of house property, renting house to his own son and daughter, partially allowed u/s 24(b)

Facts of the case: Assessee, being ...
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Penalty to be Levied only when it is proved that Income was Concealed or Inaccurate Particular was Furnished

Facts of the Case: The assessee decla...
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Income Tax Refund cannot be withheld by Mere Issuance of Notice u/s 143(2)

Facts of the case: The assessee fil...
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Tax Benefit for Individuals and Corporates: COVID-19 PM Cares Fund

In order to encourage contributions for ...
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COVID-19 Relief to Senior Citizens related to Form 15G and 15H

To provide relief to senior citizens, wh...
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Companies Fresh Start Scheme, 2020 (CFSS-2020): COVID-19 Relief Measure

In order to facilitate the companies reg...
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DUE DATES TO FILE GST RETURNS, LATE FEE AND INTEREST, AND OTHER RELEVANT UPDATES

Due dates of Filing Form GSTR-3B ...
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Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) – Ministry of Electronics and Information Technology

The Government on 01.04.2020 has come up...
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Production Linked Incentive – Ministry of Electronics and Information Technology

Ministry of Electronics and Information ...
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Advance Forfeited in Ordinary Course of Business: Allowability under Income Tax

Facts of the Case Assessee, being a...
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Relaxation for realization & repatriation of export proceeds: COVID-19 Relief Measure

In view of disruptions caused due to COV...
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No Deemed Dividend where Money Lending is Substantial Part of Business

Facts of the Case: Assessee was hol...
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Application for Lower Tax Withholding Certificate: COVID-19 Waiver

Due to outbreak of the pandemic Covid-19...
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Assesses may file Refund Application of IGST paid on ‘Ocean Freight’ – Gujarat High Court

Facts of the case: Applicant filed wr...
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Brought forward Business Losses can be adjusted even after 8 years for computation of Adjusted Book Profit u/s 115JB

Facts of the case: The assessee had...
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Not updating the vehicle no. in E-way bill is a procedural lapse, liable to penalty of Rs. 10,000 only: Appellate Authority – GST

Facts of the case: Appellant (trans...
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Waiver of Loan for Acquiring Capital Assets is not taxable as Business Income under Income Tax Act – Supreme Court

Facts of the Case: Mahindra And Mah...
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HC Directs Assessee to File ITR in Paper Form as he was unable to Claim Set Off of Losses while E-Filing

Facts of the Case: The assessee is an...
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Relief in COVID-19 Pandemic to Corporate Sector

With an objective to boost the enthusias...
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Relief announced by Finance Ministry during the Press Conference held earlier today.

We are with you in Pandemic COVID-19 Out...
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Clarification on Spending of CSR Funds for COVID-19

Keeping in view of the spread of novel C...
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Sum Advanced to Subsidiary Company would be Capital Asset within Meaning of Section 2(14)

Facts of the Case: The assessee advan...
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Training Services Provided by Sub-Contractor to State Government are Taxable @18%:   AAR-Karnataka

Facts of the case: Applicant is expec...
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CAR (Company Affirmation of Readiness towards COVID-19) Form – 2020

The Novel Corona-Virus (COVID-19) has hi...
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No Addition Towards Notional Rent if Property Remained Vacant due to Obstruction Caused by Ongoing Metro Project

Facts The assessee was engaged in t...
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Relaxation from Compliances with SEBI Regulations due to COVID-19 Virus Pandemic

The Securities and Exchange Board of Ind...
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ITC Not Permissible on Goods and Services used in Construction of Warehouse for Letting Out on Rent – AAR Maharashtra

Facts of the Case: Applicant, being...
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Notifications Levying IGST on Importer on Component of Ocean Freight Paid by Foreign Seller Unconstitutional

Facts of the case: Applicant import...
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Recommendations made in 39th GST Council Meeting held on 14th March, 2020

Extension and Deferment Revocatio...
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Applicability of Legal Entity Identifier (LEI) by RBI on Non-Derivative Forex Transactions

Reserve Bank of India (RBI) vide its cir...
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Where Competent Authority had detained goods under transport as well as vehicle and thereafter passed an order for confiscation of goods and vehicle, since goods were duly accompanied by valid documents, there was no reason for Competent Authority to confiscate the same.

Facts of the case: Petitioner is en...
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CG Introduces “LLP Settlement Scheme, 2020” for Defaulting LLPs

The Central Government (CG) has introduc...
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Detention of goods and vehicle on account of different route opted by driver not justified

Facts of the case: Competent Author...
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Writ petition for payment of interest on belated GST liability which is paid in Cash, admitted – Honorable High Court of Madras

Petition has been filed before Honorable...
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Import of Diamonds for Re – Export would be in Nature of Services for Claiming Section 10AA Deduction

FACTS Assessee is a partnership fir...
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BRANCH OFFICE ENTITLED TO AVAIL FULL ITC OF TAX PAID BY HEAD OFFICE WHERE PAYABLE ARE ADJUSTED AGAINST RECEIVABLE: AAAR

FACTS OF THE CASE: Appellant, the branc...
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Refund of IGST paid on exports cannot be denied where assessee inadvertently claimed drawback under wrong provision

Facts of the case: Under pre - GST ...
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Recovery of Parental Insurance Premium from employees is NOT a ‘Supply of Service’ by company

Recovery of Parental Insurance Premium f...
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