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  • June 11, 2020

    Important GST Updates, June 2020

    1. Circular No. 140/10/2020 – GST dated June 10, 2020 issued clarification on levy of GST on director’s remuneration to put the controversy to rest. It has been clarified that payment made to Independent directors will attract GST levy and payment to director ...

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  • June 04, 2020

    New Restriction on FDI where Chinese Companies or Chinese National are Beneficial Owners

    (Having impact on all the foreign investments coming into India)   The Government of India (‘GOI’) had released a Press Note dated April 17, 2020 read with the Foreign Exchange Management (‘Non-debt Instruments’) ...

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  • June 04, 2020

    Key Measures Announced Regarding Companies Act and Insolvency & Bankruptcy Code

    The Government of India had already introduced Companies (Amendment) Bill, 2020 to liberalize and decriminalize the strict provisions under the Companies Act, 2013. The said bill was presented with the intent to provide ease of working by taking away number of penal ...

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  • June 04, 2020

    Now Start up Companies may Issue Sweat Equity not Exceeding 50% of its Share Capital

    The Ministry of Corporate Affairs has brought amendments in the Companies (Share Capital and Debentures) Rules, 2014 as mentioned below:

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  • June 04, 2020

    Suspension of Initiation of Corporate Insolvency Resolution Process During Lockdown

    Amendedment: The Insolvency And Bankruptcy Code (Amendment) Ordinance, 2020
    Effective from June 05, 2020

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  • June 04, 2020

    Equalization Levy Note

    Globalization and expansion of Information Technology has increased the supply and procurement of digital services which had laid a significant impact on a country’s corporate income tax regimes. Profit base gets effectively eroded from the country of consumption due ...

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  • May 27, 2020

    Delhi High Court ruling allows taxpayers to avail transitional credit upto June 30, 2020

    Recently in the matter of Brand Equity Treaties Ltd. Vs. Union of India {[2020] 116 taxmann.com 415 (Del)}, the Hon’ble Delhi High Court (“HC”) held that rule 117 of the Central Goods and Services Tax Rules, 2017 (“the CGST Rules”) prescribes ...

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  • May 27, 2020

    CBDT exempts B2B businesses from requirement of mandatory e-payment facility u/s. 269SU subject to c

    To promote digital transactions in the economy, Government of India introduced section 269SU of the Income-tax Act. Under this section, a person having turnover exceeding Rs. 50 Crore (‘specified person’) in the immediately preceding previous year shall provide ...

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  • May 08, 2020

    Holding Annual General Meeting Through Video Conferencing or Other Audio Visual Means

    Till this enforcement of this notification, Companies with financial year ending on 31st December, 2019 were allowed to hold their Annual General Meeting (“AGM”) on by 30th September, 2020. Further, certain relaxations have been provided by the Ministry to ...

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  • April 18, 2020

    Review of Foreign Direct Investment (FDI) Policy Due to Current COVID-19 Pandemic

    The Government of India (GOI) released a Press Note dated 17/04/2020 revising the existing FDI policy for Eligible Investors (Para 3.1.1 of extant FDI policy as contained in Consolidated FDI Policy, 2017) as:

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  • April 10, 2020

    Taxability on Remuneration Paid to Directors Under GST

    Recently in the matter of Clay Crafts India Private Limited [TS–218–AAR–2020–NT], the Rajasthan Authority for Advance Ruling (“AAR”) stated that consideration paid to directors is against the supply of services provided by them to the ...

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  • April 09, 2020

    Taxability on Remuneration Paid to Directors Under GST

    Taxability on Remuneration Paid to Directors Under GSTRecently in the matter of Clay Crafts India Private Limited [TS–218–AAR–2020–NT], the Rajasthan Authority for Advance Ruling (“AAR”) stated that consideration paid to directors is ...

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  • April 09, 2020

    One Time Relaxation to Employers, Taxpayers and Business Entities

    The outbreak of the Novel Corona Virus (COVID-19) across many countries of the world including India has caused immense economic and business loss. Amid this difficult situation, the Government has announced below one time relaxations for Employers, Taxpayers and Business ...

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  • April 08, 2020

    MCA Allows Holding Of EGMs In Companies Through VC Or OAVM Facility

    Please be informed that the Ministry of Corporate Affairs has allowed the companies to hold their Extraordinary General Meetings (EGMs) through Video Conference (VC) or Other Audio Visual Means (OAVM) along with e-Voting facility/simplified voting through registered emails, ...

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  • April 03, 2020

    MCA Update for DIN Activation and Active Filing

    Big Opportunity by the Ministry of Corporate Affairs to the Directors and Companies to remove their status as Deactivated/ non-compliant.

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  • March 31, 2020

    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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  • March 25, 2020

    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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  • March 06, 2020

    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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  • March 05, 2020

    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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  • March 03, 2020

    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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  • February 12, 2020

    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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  • February 11, 2020

    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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  • February 04, 2020

    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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  • February 04, 2020

    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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  • January 23, 2020

    Insertion of rule 119A, prescribing Electronic modes of accepting payments u/s 269SU

    To encourage digital economy and move towards a less-cash economy, Section 269SU was introduced in Finance (No. 2) Act, 2019, whereby every person carrying on business, having a turnover of more than Rs.50 Cr. [‘specified person’] shall mandatorily provide ...

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  • January 23, 2020

    Insertion of rule 119A, prescribing Electronic modes of accepting payments u/s 269SU

    To encourage digital economy and move towards a less-cash economy, Section 269SU was introduced in Finance (No. 2) Act, 2019, whereby every person carrying on business, having a turnover of more than Rs.50 Cr. [‘specified person’] shall mandatorily provide ...

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  • January 18, 2020

    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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  • December 04, 2019

    Restriction in the availment of the Input Tax Credit (“ITC”) in terms of Rule 36(4) of the CGST Rule

    With a view to ensure timely filing of return “GSTR 1” by the taxpayers, the Central Government has introduced a new Rule 36(4) which provides restriction in the availment of ITC with respect to the invoices or debit notes which have not been uploaded by the ...

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  • October 11, 2019

    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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  • October 11, 2019

    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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  • October 06, 2019

    Clarification on Availability of MAT Credit for Companies Opting for Lower Corporate Tax Rate

    CBDT has provided clarification dated 2nd October, 2019 for the domestic companies regarding the decision to switch to the lower rate of 22% from the existing rate of 30%. Board has addressed the concerns in respect of option exercised under section 115BAA of the ...

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  • September 30, 2019

    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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  • September 24, 2019

    E-assessment Scheme

    Notification no. 61/2019 dated 12th September, 2019
     

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  • September 22, 2019

    Major Tax Reforms in India announced on 20th Sept, 2019

    Indian Government has come up with the Taxation Laws (Amendment) Ordinance 2019 to amend the Indian corporate tax rate and provide other major relief for certain companies on 20th September 2019.

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  • September 13, 2019

    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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  • September 13, 2019

    Measures By CBDT For Tax Friendly Regime

    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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  • August 31, 2019

    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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  • August 30, 2019

    Cabinet approves proposal for Review of Foreign Direct Investment ('FDI') policy on various sectors

    On August 28th 2019, the Union Cabinet chaired by the Prime Minister Shri. Narendra Modi approved proposal for review of the current Foreign Direct Investment (“FDI”) policy on various sectors. In respect of the above, the proposed changes in the FDI policy are ...

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  • July 31, 2019

    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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  • July 31, 2019

    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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  • July 21, 2019

    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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  • May 31, 2019

    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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  • April 01, 2019

    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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  • February 25, 2019

    New Compliance Of MCA Applicable On Indian Companies To Be Followed From 2019

    This is to inform you that the Ministry of Corporate Affairs has come up with various new compliance applicable on the Indian Companies to be followed from 2019. Accordingly, we have prepared a chart including all the deadlines (One-time or Annually) along with the necessary ...

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  • February 22, 2019

    Active Company Tagging Compliance By MCA To Be Followed By Companies Formed Before 31st Dec 2017

    There has been a very important update from the Ministry of Corporate Affairs vide new Companies (Incorporation) Amendment Rules 2019 dated 21st February, 2019: Pursuant to which, every company incorporated on or before the 31st December, 2017 shall file the particulars of ...

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  • December 22, 2018

    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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  • November 12, 2018

    Beneficial Ownership

    The Ministry of Corporate Affairs has notified the new Section 90 of the Companies Act, 2013 and Companies (Significant Beneficial Owner) Rules, 2018.

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  • August 01, 2018

    GST Audits

    A business under Goods and Services Tax ('GST') is supposed to get varied kind of audits done.

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  • July 19, 2018

    KYC of All Directors of Indian Companies

    Ministry of Corporate Affairs (“MCA”) for the purpose of updating their registry will be conducting the KYC of all the Directors/Partners of all the Companies/LLPs through a new e-form which is Form DIR-3 KYC.           ...

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  • May 04, 2018

    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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  • April 01, 2018

    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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  • November 10, 2017

    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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  • January 03, 2017

    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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  • January 03, 2017

    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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  • October 31, 2016

    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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  • September 19, 2016

    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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  • September 17, 2016

    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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