Companies Fresh Start Scheme, 2020 (CFSS-2020)

In the wake of COVID 19, the Ministry of Corporate Affairs, has introduced the “Companies Fresh Start Scheme, 2020 (CFSS-2020)” and revised the “LLP Settlement Scheme, 2020” which is already in vogue to provide a ...

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Updates of 39th GST Council Meeting Decisions

GST council in its 39th meeting held on 14th March 2020 recommended extension of due dates of filing GSTR 9 and 9C (GST Annual return and Audit report), extended implementation date of E-invoicing and GST Simplified new returns, recommended changes of GST rates of certain ...

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MCA Update: LLP settlement Scheme, 2020

MCA has introduced LLP Settlement Scheme, 2020. Through the Scheme, One-Time relaxation in additional fees has been provided to the defaulting LLPs to make their default good by filing pending documents with the ROC and to serve as a compliant LLP in future.

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POST-INCORPORATION REQUIREMENTS: COMMENCEMENT OF BUSINESS (COB)

Upon incorporation of an Indian Company and Opening of its Bank Account, a Declaration is required to be filed by the Directors in prescribed e-form within 180 days from date of Incorporation of Company with the ROC along with a proof that every subscriber to the Memorandum ...

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Amendments to Vivad Se Vishwas Scheme

The Indian Finance Minister announced the introduction of the Vivad Se Vishwas scheme during her budget speech with a view to “provide for resolution of pending tax disputes”.  The scheme was introduced after the success of “Sabka Vishwas ...

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Governmeent eases Winding Up of Indian Companies.

The Ministry of Corporate Affairs has notified rules for winding up and provide an option to the small companies to shut their companies without going to the National Company Law Tribunals (NCLTs). The Companies (Winding Up) Rules, 2020, signed off on 24th ...

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New Process of Incorporation of Entity in India

Stakeholders may kindly note that the Ministry of Corporate Affairs has updated the process of incorporating Companies in India to encourage Ease of Doing Business (EODB) initiative. The new web Form ‘SPICe+’ for incorporating Indian Companies shall be deployed ...

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Analysis of proposed amendments vide the Finance Bill, 2020 under Customs

The Finance Bill, 2020 was introduced on 1st February, 2020. A number of amendments were proposed in The Costumes Act, 1962. A summary of these amendments and the impact thereof has been discussed herein.

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Analysis of proposed amendments vide the Finance Bill, 2020 under Goods and Services Tax

The Finance Bill, 2020 was presented on 1st February, 2020. A number of amendments were proposed in The Goods and Services Tax Act, 2017 and The Customs Act, 1962 respectively. A summary of these amendments and the impact thereof has been discussed herein.

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Tax & Regulatory Updates: January 2020

Section 195 of the Income-tax Act had been amended to empower CBDT to prescribe the form and manner of filing of application to Assessing officer to determine the appropriate proportion of such sum upon which tax shall be liable to be deducted u/s 195. Further, CBDT was also ...

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Recent Updates Under GST

CBIC has issued certain notifications issued on 9th October, 2019 and various circulars on 3rd October and 11th October, 2019, inter alia, to facilitate filing of GST returns for the next six months, amendment in some of the ...

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Tax & Regulatory Updates: October- 2019

Exception to monetary limits for filing appeals specified in any Circular issued under Section 268A of the Income-tax Act, 1961-reg In Circular No. 23/2019 dated 6th September 2019, CBDT has clarified regarding bogus Long-Term Capital Gain (LTCG)/Short Term ...

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Tax & Regulatory Updates: September- 2019

In Circular No. 19/2019 dated 14th August 2019, CBDT has clarified regarding no communication shall be issued by any income tax authority relating to assessment, appeals, orders, statutory, exemptions, enquiry, investigation, verification of information, penalty, ...

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Procedure for identification and processing of cases for prosecution under Direct Tax Laws

CBDT has come up with certain initiatives to make the regime more tax friendly and to ensure that the rigorous measures should be used in certain limited cases. One such measure is extension of compounding procedures and other is restriction on initiating prosecution ...

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Tax & Regulatory Updates: August -2019

In Circular No. 14 /2019 CBDT has clarified regarding taxability of income from investment made by the non –resident investor through these AIFs , outside India (off-shore investment).The Board is of the view that the investment made by category I or category II AIFs ...

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Tax & Regulatory Updates: July 2019

In Circular No. 13/2019 , CBDT has clarified that pensions granted to members of His Majesty 's naval, military or air forces who have been invalided for naval, military or air force service on account of bodily disability attributable to or aggravated by such service ...

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Tax & Regulatory Updates: June 2019

In this notification CBDT seeks to amend form 15H (To prevent TDS on your Income). This amendment seeks to clarify the filling procedure of Form 15H. Person shall accept declaration in case where his income is less than rebate available under 87A of income tax act. This ...

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Updates For 35th G.S.T. Council Meeting

The GST council held its 35th meeting on 21st June 2019 and made certain decisions and recommendations relating to changes in law and procedure and tax rates on goods and services. It also involved consideration of simplified new GST Returns ...

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Tax & Regulatory Updates: May 2019

In this notification, CBDT seeks to amend Form 16 (TDS certificate for salaries) and Form 24Q (quarterly TDS statement in respect of salaries). The amended forms seek more details especially about exempt allowance u/s 10. The amendments shall come into force on 12th day of ...

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Updates for GST Council 32nd meeting

In the 32nd GST Council meeting, held on January 10, 2019, the council proposed various relief for MSME sector and other decisions all of which would be effective from the April 1, 2019. Key takeaways of 32st GST Council meeting are as follows:

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GST Updates - 31st Meeting

The 31st meeting of Goods and Service Tax (‘GST’) Council took place at New Delhi on Saturday, 22nd December 2018. The Council while announcing several reliefs and measures for the taxpayers has slashed the GST rates on various ...

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GST Audits

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GST Updates - 27th Meeting

The 27th meeting of Goods and Service Tax(‘GST’) Council took place at New Delhi on Friday, 04th May, 2018. The GST Council has recommended significant measures in order to attenuate the concerns of the taxpayers pertaining to ...

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Implementation Update on E-Way Bill

CBIC has notified 1st April 2018 for implementation of e-way bills mandatory for inter-state movement of goods throughout India vide Notification no 15/2018 Central Tax on 23rd March 2018.

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Updates for GST Council 23rd Meeting

The 23rd meeting of Goods and Service Tax (‘GST’) Council took place at Guwahati on Friday, 10th November 2017. The GST Council in order to alleviate the concerns of the taxpayers pertaining to return filing glitches and higher tax ...

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How can a foreign entity/investor open a company in India?

A step by step guide to open a company in India. The process discusses the nuances for applying DIN, DSC, Name & filing various registration documents. 

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Starting Operations in India

India has become the fastest growing country in the world. With the new economic reforms with respect to ease of doing business, India is now considered as the most attractive country for business expansion. There are various options for MNC’s to route their Foreign ...

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Tax & Regulatory Updates: October 2016

The CBDT has issued a notification clarifying special provision regarding the determination of the cost of acquisition of shares received in different cases which are subject matter of buy-back. Such as shares received through employee stock option or sweat equity shares, ...

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New guidelines regarding establishment of Liaison Office (LO), Project Office(PO) and Branch Office

India is one of the fastest growing economy in the world. The government is making all the efforts to make it one of the best places for doing business. The latest RBI guidelines regarding establishment of Liaison Office, Branch Office, Project Office have been issued with ...

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Due date for filing tax returns for Businesses extended from 30th September to 17th October

Due Date for filing income tax returns for businesses that are required to get their accounts audited under the Income Tax is 30th September.  CBDT has extended the due date of return filing (FY 15-16) from 30th September to 17th October for businesses ...

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