1. The Central Board of Indirect Taxes and Customs (CBIC) while clearing the misconceptions, in a series of tweets, has said the rule will be applicable to only 0.5% of the total taxpayers base of 1.2 crores. 2. The CBIC has introduced Rule 86B in GST …
1. CA. Atul Kumar Gupta, President, The Institute of Chartered Accountants of India (ICAI) has been elected as the Board Member of the International Federation of Accountants (IFAC) at the IFAC Council Meeting in November 2020. 2. CA. Gupta has been elected for a period of …
1. The Ministry of Corporate Affairs (MCA) notified the Companies (Share Capital and Debentures) Second Amendment Rules, 2020 which seeks to amend the Companies (Share Capital and Debentures) Rules, 2014. 2. The government amended Form No. SH-7 which pertains to the notice to the registrar of …
Judgement:- The Customs, Excises, and Service Taxes Appellate Tribunal (CESTAT), New Delhi Bench held that no o Service Tax is applicable on Liquidated damages, forfeiture of earnest money deposit and penalty. Facts of the case:- The appellant, M/s. South Eastern Coalfields Ltd. is a public sector …
1. The Ministry of Corporate Affairs (MCA) notified the new provision namely Rule 9A for the extension of reservation of name in certain cases. The Government notified the Companies (Incorporation) Third Amendment Rules, 2020 which seeks to amend the Companies ( Incorporation) Rules, 2014. 2. In …
Judgement:- The Delhi High Court while ruling in favour of the assessee held that the ITAT is ought to set aside ex-parte order, irrespective of final order decided the appeal on merits. Facts of the case:- The Petitioner, M/s Kalra Papers Private Limited filed its Return …
Facts of the case:- The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that CIT(A) cannot reject Appeal on technical grounds without giving an opportunity for Correction. The AO passed the ex-parte assessment order under section 147 or 144 of the Income Tax Act, 1961 and …
a) The Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB), a high quality globally accepted Accounting Standards. b) The IFRS Standards/IFRIC are being issued/revised by the IASB from time to time and in order to …
The Ministry of Corporate Affairs (MCA) notified that the provisions of the Companies (Amendment) Act, 2020 will be enforced from 21 December 2020. The 17 provisions includes Section 1; Section 3; Sections 6 to 10 (both inclusive); Sections 12 to 17 (both inclusive); Clauses (a) and …
