The government has issued a few notifications and circulars on 9th & 10th June 2020, ahead of the GST Councils meet on 12th June 2020. We have summarized the said notifications and circulars for simple understanding.
Important highlights of 40th GST council meet, as highlighted by Hon. Finance Minister Nirmala Sitharaman.
Please note the measures will be in force only after issue of relevant notifications.
Summary of Recent Notifications & Circulars in GSTPriyank Shah
In wake of COVID-19 crisis, the Govt. has issued various notifications for the benefit of tax payers and also circulars for clarifications related to those notifications and issues in implementation of GST Law. We have provided a gist of those notifications and circulars.
Important highlights of 40th GST council meet, as highlighted by Hon. Finance Minister Nirmala Sitharaman.
Please note the measures will be in force only after issue of relevant notifications.
Summary of Recent Notifications & Circulars in GSTPriyank Shah
In wake of COVID-19 crisis, the Govt. has issued various notifications for the benefit of tax payers and also circulars for clarifications related to those notifications and issues in implementation of GST Law. We have provided a gist of those notifications and circulars.
Section 206AA – Rule 37BC
Central Board of Direct Taxes vide Notification No. 53/2016 dated 24.06.2016 has amended the Income Tax Rules, 1962 by inserting a new Rule 37BC through the IT (17th Amendment) Rules, 2016.
Non-resident Tax will be refunded once the Tax filling is done.
So in simple: it's your money will be refunded back to you. But for 6 months the money is will government instead of your hand.
It is the law of Malaysia!
http://www.hasil.gov.my/bt_goindex.php?bt_kump=5&bt_skum=1&bt_posi=2&bt_unit=1&bt_sequ=1&bt_lgv=2
CORPORATE
MCA
Revision of E-Form
Updation of Forms
TAXATION
Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
Procedure for registration and submission of statement of financial transactions (SFT) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
Cabinet approves Listing of Government owned General Insurance Companies at the stock exchanges
Company Website-
www.acquisory.com
Service Tax Voluntary Compliance Encouragement Scheme, 2013Ashish Gupta
This is about One time amnesty scheme launched by the Central Government under Service Tax Regime vide Finance Act, 2013. Last date to filed 31st December 2013.
Finance Act 2016 Amendments in Income Tax Laws - A Y 2017-18CA Janardhana Gouda
Finance Act 2016 Amendments in Income Tax Laws applicable for Assessment year 2017-18 on wards. Major Amendments for Individuals, Companies and Changes in TDS and TCS Provisions etc
Tax Practice Manual is an exhaustive (2,100+ pages), amended (by the Finance Act, 2021) & practical guide (330+ case studies) for Tax Professionals.
This book will be helpful for the Chartered Accountants, Lawyers/Advocates, Tax Practitioners to assist them in their day-to-day tax works.
This book is divided into two parts:
• Law Relating to Tax Procedures (covering 25+ topics)
• Case Studies (covering 35+ topics)
The Present Publication is the 7th Edition, authored by Gabhawala & Gabhawala, as amended by the Finance Act 2021, with the following noteworthy features:
• Law Relating to Tax Procedures
◦ [Lucid Explanation, in a Practical Manner, with Checklists & necessary Tips] for the law relating to Tax Procedure
◦ [Exhaustive Coverage of Case Laws]
◦ [Fine Prints & Unwritten Lines] are explained in a lucid manner
• Tax Practice
◦ [Elaborated & Threadbare Analysis] of every aspect of Tax Practice
• Case Studies
◦ [330+ Case Studies] to deal with real-life animated situations/problems faced by tax practitioners
• Draft Replies
◦ For the Notices sent by the Department
◦ Petitions to the Department
• Drafting & Conveyancing
◦ [Complete Guide to Drafting of Deeds & Documents] covering
◦ Affidavits
◦ Wills
◦ Special Business Arrangements
◦ Family Arrangements
◦ Power of Attorney
◦ Lease, Rent & Leave and Licenses
◦ Indemnity and Guarantee
◦ Charitable Trust Deeds, etc.
The contents of this book are as follows:
• Law Relating to Tax Procedures
◦ Tax Practice
◦ Pre-assessment Procedures
◦ Assessment
◦ Appeals
◦ Interest, Fees, Penalty and Prosecution
◦ Refunds
◦ Settlement Commission – ITSC, Interim Board for Settlement
◦ Summons, Survey, Search
◦ TDS and TCS
◦ Recovery of Tax
◦ Special Procedures
◦ Approvals
◦ STT, DDT, Tax on Liquidation, Reduction and Buy Back, MAT, AMT and WT
RTI, Ombudsman
◦ Drafting of Deeds
◦ Agreement, MoU
◦ Gifts, Wills, Family Arrangements
◦ Power of Attorney, etc.
◦ Lease, Rent, License, etc.
◦ Sale/Transfer of Properties
◦ Tax Audit
◦ Income Computation & Disclosure Standards
◦ Real Estate (Regulation and Development) Act, 2016 (RERA)
◦ E-Proceedings under the Income Tax Act, 1961
◦ Prohibition of Benami Property Transactions Act, 1988
• Case Studies
◦ Tax Practice
◦ Pre-Assessment Procedures
◦ Assessment – Principles and Issues
◦ Rectification of Mistake
◦ Revision
◦ Appeals to CIT (Appeals)
◦ Appeals to – ITAT – High Court – Supreme Court
◦ Interest Payable by Assessee
◦ Penalties
◦ Prosecution
◦ Refunds
◦ Settlement of Cases
◦ Survey
◦ Search & Seizure
◦ Tax Deduction at Source
◦ Recovery of Tax
◦ Trust, Mutuality, Charity
◦ Firm
◦ LLP – Limited Liability Partnership
◦ Right to Information – RTI
◦ Agreement, MoU
◦ AOP – Association of Persons
◦ HUF – Hindu Undivided Family
◦ Gifts
◦ Wills
◦ Family Arrangements
◦ Power of Attorney
◦ Indemnity and Guarantee
◦ Lease, Rent, Leave and License
◦ Sale/Transfer of Properties
◦ Tax Audit
Understanding the Impact of Finance Act, 2020 on the Taxation of ESOPsTaxmann
What all has been covered in this Presentation:-
1. About ESOPs
a. What are ESOPs?
b. How ESOPs Work?
c. Stages in ESOPS
2. Taxation of ESOPs
a. Computation of Perquisite Value
b. Determination of Fair Market Value of Listed Shares
c. Determination of Fair Market Value of Un-Listed Shares
d. Deduction of Tax
3. Deferment of Tax
a. Amendments by the Finance Act, 2020
b. Meaning of Eligible Start-Up
c. Deferment of TDS under Section 192
d. Calculation of Tax to be Deferred
e. Consequences of Failure to Deduct Tax
f. Direct Payment of Tax by Employee
4. Taxation of ESOPs (Transfer of Share)
a. Computation of Capital Gains
5. Taxation of ESOPs - Summary
The Must-Read Analysis of Finance Act 2020, Straight from the Taxmann's Edito...Taxmann
Changes in the Finance Act, 2020 Viz-a-viz Finance Bill, 2020.
The budget session was scheduled to end on 03-04-2020 but the house curtailed its sitting in the wake of COVID-19 outbreak and ended the session on 23-03-2020 bypassing the Finance Bill, 2020. The Bill which was presented originally in the Lok Sabha on 01-02-2020 has not passed in its original shape. The Finance Bill, 2020 has been passed with more than 50 changes.
New amendments have been made, scope of some provisions have been expanded, some proposed amendments are removed, so on and so forth. The Bill has received the
Presidential assent on 27-03-2020. Snippets of all changes made in the Finance Act, 2020 viz-a-viz the Finance Bill, 2020 as presented in the Lok Sabha are presented hereunder.
Newsletter on daily professional updates- 01/04/2020CA PRADEEP GOYAL
“True strength lies in submission which permits one to dedicate his life, through devotion, to something beyond himself."
Presenting Daily dose of professional updates dated 01.04. 2020. This is 200th edition and 1st Newsletter of Financial Year 2020-2021
Taxmann Review Bulletin: A quick review of important Taxes & Laws updates reported on Taxmann.com
1. Ordinance 2020: New due dates for compliances under the income-tax Act
2. Ordinance 2020: New interest rates on delayed payment of taxes:
3. Ordinance 2020: Deduction under Section 80G in respect of
contribution to ‘PM CARES Fund
4. Ordinance 2020:New due dates for compliances in
Indirect Tax Laws
Section 206AA – Rule 37BC
Central Board of Direct Taxes vide Notification No. 53/2016 dated 24.06.2016 has amended the Income Tax Rules, 1962 by inserting a new Rule 37BC through the IT (17th Amendment) Rules, 2016.
Non-resident Tax will be refunded once the Tax filling is done.
So in simple: it's your money will be refunded back to you. But for 6 months the money is will government instead of your hand.
It is the law of Malaysia!
http://www.hasil.gov.my/bt_goindex.php?bt_kump=5&bt_skum=1&bt_posi=2&bt_unit=1&bt_sequ=1&bt_lgv=2
CORPORATE
MCA
Revision of E-Form
Updation of Forms
TAXATION
Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
Procedure for registration and submission of statement of financial transactions (SFT) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
Cabinet approves Listing of Government owned General Insurance Companies at the stock exchanges
Company Website-
www.acquisory.com
Service Tax Voluntary Compliance Encouragement Scheme, 2013Ashish Gupta
This is about One time amnesty scheme launched by the Central Government under Service Tax Regime vide Finance Act, 2013. Last date to filed 31st December 2013.
Finance Act 2016 Amendments in Income Tax Laws - A Y 2017-18CA Janardhana Gouda
Finance Act 2016 Amendments in Income Tax Laws applicable for Assessment year 2017-18 on wards. Major Amendments for Individuals, Companies and Changes in TDS and TCS Provisions etc
Tax Practice Manual is an exhaustive (2,100+ pages), amended (by the Finance Act, 2021) & practical guide (330+ case studies) for Tax Professionals.
This book will be helpful for the Chartered Accountants, Lawyers/Advocates, Tax Practitioners to assist them in their day-to-day tax works.
This book is divided into two parts:
• Law Relating to Tax Procedures (covering 25+ topics)
• Case Studies (covering 35+ topics)
The Present Publication is the 7th Edition, authored by Gabhawala & Gabhawala, as amended by the Finance Act 2021, with the following noteworthy features:
• Law Relating to Tax Procedures
◦ [Lucid Explanation, in a Practical Manner, with Checklists & necessary Tips] for the law relating to Tax Procedure
◦ [Exhaustive Coverage of Case Laws]
◦ [Fine Prints & Unwritten Lines] are explained in a lucid manner
• Tax Practice
◦ [Elaborated & Threadbare Analysis] of every aspect of Tax Practice
• Case Studies
◦ [330+ Case Studies] to deal with real-life animated situations/problems faced by tax practitioners
• Draft Replies
◦ For the Notices sent by the Department
◦ Petitions to the Department
• Drafting & Conveyancing
◦ [Complete Guide to Drafting of Deeds & Documents] covering
◦ Affidavits
◦ Wills
◦ Special Business Arrangements
◦ Family Arrangements
◦ Power of Attorney
◦ Lease, Rent & Leave and Licenses
◦ Indemnity and Guarantee
◦ Charitable Trust Deeds, etc.
The contents of this book are as follows:
• Law Relating to Tax Procedures
◦ Tax Practice
◦ Pre-assessment Procedures
◦ Assessment
◦ Appeals
◦ Interest, Fees, Penalty and Prosecution
◦ Refunds
◦ Settlement Commission – ITSC, Interim Board for Settlement
◦ Summons, Survey, Search
◦ TDS and TCS
◦ Recovery of Tax
◦ Special Procedures
◦ Approvals
◦ STT, DDT, Tax on Liquidation, Reduction and Buy Back, MAT, AMT and WT
RTI, Ombudsman
◦ Drafting of Deeds
◦ Agreement, MoU
◦ Gifts, Wills, Family Arrangements
◦ Power of Attorney, etc.
◦ Lease, Rent, License, etc.
◦ Sale/Transfer of Properties
◦ Tax Audit
◦ Income Computation & Disclosure Standards
◦ Real Estate (Regulation and Development) Act, 2016 (RERA)
◦ E-Proceedings under the Income Tax Act, 1961
◦ Prohibition of Benami Property Transactions Act, 1988
• Case Studies
◦ Tax Practice
◦ Pre-Assessment Procedures
◦ Assessment – Principles and Issues
◦ Rectification of Mistake
◦ Revision
◦ Appeals to CIT (Appeals)
◦ Appeals to – ITAT – High Court – Supreme Court
◦ Interest Payable by Assessee
◦ Penalties
◦ Prosecution
◦ Refunds
◦ Settlement of Cases
◦ Survey
◦ Search & Seizure
◦ Tax Deduction at Source
◦ Recovery of Tax
◦ Trust, Mutuality, Charity
◦ Firm
◦ LLP – Limited Liability Partnership
◦ Right to Information – RTI
◦ Agreement, MoU
◦ AOP – Association of Persons
◦ HUF – Hindu Undivided Family
◦ Gifts
◦ Wills
◦ Family Arrangements
◦ Power of Attorney
◦ Indemnity and Guarantee
◦ Lease, Rent, Leave and License
◦ Sale/Transfer of Properties
◦ Tax Audit
Understanding the Impact of Finance Act, 2020 on the Taxation of ESOPsTaxmann
What all has been covered in this Presentation:-
1. About ESOPs
a. What are ESOPs?
b. How ESOPs Work?
c. Stages in ESOPS
2. Taxation of ESOPs
a. Computation of Perquisite Value
b. Determination of Fair Market Value of Listed Shares
c. Determination of Fair Market Value of Un-Listed Shares
d. Deduction of Tax
3. Deferment of Tax
a. Amendments by the Finance Act, 2020
b. Meaning of Eligible Start-Up
c. Deferment of TDS under Section 192
d. Calculation of Tax to be Deferred
e. Consequences of Failure to Deduct Tax
f. Direct Payment of Tax by Employee
4. Taxation of ESOPs (Transfer of Share)
a. Computation of Capital Gains
5. Taxation of ESOPs - Summary
The Must-Read Analysis of Finance Act 2020, Straight from the Taxmann's Edito...Taxmann
Changes in the Finance Act, 2020 Viz-a-viz Finance Bill, 2020.
The budget session was scheduled to end on 03-04-2020 but the house curtailed its sitting in the wake of COVID-19 outbreak and ended the session on 23-03-2020 bypassing the Finance Bill, 2020. The Bill which was presented originally in the Lok Sabha on 01-02-2020 has not passed in its original shape. The Finance Bill, 2020 has been passed with more than 50 changes.
New amendments have been made, scope of some provisions have been expanded, some proposed amendments are removed, so on and so forth. The Bill has received the
Presidential assent on 27-03-2020. Snippets of all changes made in the Finance Act, 2020 viz-a-viz the Finance Bill, 2020 as presented in the Lok Sabha are presented hereunder.
Newsletter on daily professional updates- 01/04/2020CA PRADEEP GOYAL
“True strength lies in submission which permits one to dedicate his life, through devotion, to something beyond himself."
Presenting Daily dose of professional updates dated 01.04. 2020. This is 200th edition and 1st Newsletter of Financial Year 2020-2021
Taxmann Review Bulletin: A quick review of important Taxes & Laws updates reported on Taxmann.com
1. Ordinance 2020: New due dates for compliances under the income-tax Act
2. Ordinance 2020: New interest rates on delayed payment of taxes:
3. Ordinance 2020: Deduction under Section 80G in respect of
contribution to ‘PM CARES Fund
4. Ordinance 2020:New due dates for compliances in
Indirect Tax Laws
On 14th March, 2020 GST Council Meeting was held at New Delhi and came up with few clarifications and amendments regarding various matters. An overview of the said meeting has been drafted in the attached slides.
For any assistance, please contact at urvashi@umco.co.in
OBJECTIVE
The deadly virus COVID-19 has already started to impact the economy. In view of fighting against the effects of the pandemic on the nation, the Ministry of Finance of India has come up with certain relief measures to tackle the economic situation and measures with regard to statutory and compliance requirements. In this Webinar, we will be learning about the various tax and economic measures taken by the Government of India to aid the nation during the lock down period.
Corporate compliance calendar april 2020Lalit Rajput
ABOUT ARTICLE :
This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.”
If you think compliance is expensive, try non‐ compliance”
Compliance Requirement Under
1. Income Tax Act, 1961
2. Goods & Services Tax Act, 2017 (GST) & 39th GST Council Meeting Updates
3. Other Statutory Laws
4 Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications
5. SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015
6. SEBI Takeover Regulations 2011
7. SEBI (Prohibition of Insider Trading) Regulations, 2015
8. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
9. SEBI (Buyback of Securities) Regulations, 2018 and Circulars / Notifications
10. Companies Act, 2013 (MCA/ROC and LLP Compliance) and Notifications
11. ICSI Updates on e-CSIN
12. . MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES (MSME)
13. Insolvency and Bankruptcy Board of India (IBBI) Updates
Corporate compliance calendar march 2020Lalit Rajput
Corporate Compliance Calendar for the month of March, 2020.
This article includes various Compliances related to various Laws.
Compliance Requirement Under
1. Income Tax Act, 1961
2. Goods & Services Tax Act, 2017 (GST)
3. Other Statutory Laws
4 Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications
5. SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015
6. SEBI Takeover Regulations 2011
7. SEBI (Prohibition of Insider Trading) Regulations, 2015
8. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
9. SEBI (Buyback of Securities) Regulations, 2018 and Circulars / Notifications
10. Companies Act, 2013 (MCA/ROC and LLP Compliance) and Notifications
11. Investor Education and Protection Fund
12. ICSI Updates on e-CSIN
13. Ministry of Labour & Employment Update
14. Insolvency and Bankruptcy Board of India (IBBI) Updates
Newsletter on daily professional updates- 08/04/2020CA PRADEEP GOYAL
“Ideas are knowledge.
When we share knowledge in the written or verbal form, amazing things can happen.”
Here is your Daily dose of professional updates 08.04.2020
Summary of announcements made by Hon'ble Finance Minister on 24th March 2020 regarding extension of due dates and other relaxations in compliances pertaining to Income Tax & GST.
Corporate Compliance Tracker _ May 2020 _ LRLalit Rajput
ABOUT ARTICLE :
This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.”
If you think compliance is expensive, try non‐ compliance”
Compliance Requirement Under
1. Companies Act, 2013 (MCA/ROC Compliance)
2. Goods & Services Tax Act, 2017 (GST)
3. Income Tax Act, 1961
4 Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications
5. Other Statutory Laws
6. SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015
7. SEBI Takeover Regulations 2011
8. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
9. SEBI (Buyback of Securities) Regulations, 2018
10. SEBI (Depositories and Participants) Regulations 2018) and Circulars / Notifications
11. Insolvency and Bankruptcy Board of India (IBBI) Updates
Presentation on GST Transitional Credits - Disputes & Way ForwardTaxmann
Topics Covered in this Presentation:
1. Background of Transitional provisions
A. Different circumstances under Section 140
2. Practical Issues
A. Judgments on Transitional Credits
B. Deemed Credit
3. Impact of transitional provisions amendment
“That knowledge which purifies the mind and heart alone is true knowledge, all else is only a negation of knowledge.” Hi Good morning, attached today's Newsletter 30.09.2020. Good Day ahead.
Presentation on Industry 2020: Emerging GST Issues due to COVID-19Taxmann
Topics Covered in this Webinar:
1. ITC on invoices not uploaded by vendors – Amendment in Rule 36(4)
2. Refund/Adjustment of GST already paid on bad debts, and discounts
3. ITC implications if goods are destroyed/disposed off.
4. Eligibility of ITC on masks and sanitizers
Important Topics Covered in the Webinar:
1. How to claim ITC on Invoices of February to
August 2020?
2.Whether full ITC can be availed on invoices
pertaining to period 09.10.2019 to 03.04.2020 on
which no ITC was previously availed?
3. Whether remaining ITC can be claimed in any of
the subsequent months GSTR 3B’s where partial
ITC (10/20%) was availed previously as per Rule
36(4)?
Similar to Notifications & Circulars - GST - 9th & 10th June 2020 (20)
The CBIC has notified procedure and conditions for opting to furnish returns under Quarter Return Monthly Payment Scheme. We have provided a simple flow chart detailing the same.
A prospective amendment in calculation of interest has been made vide Finance (No.2) Act, 2019 and notified from 1st September 2020. We are presenting the highlights of the said amendment.
Authentication of Aadhaar Number in GSTPriyank Shah
CBIC has made mandatory authentication of Aadhaar for persons applying for new Registration. The provisions and procedure of Aadhaar Authentication has been detailed in the presentation.
Summary of important dates for furnishing GSTR 3BPriyank Shah
Have prepared a chart of important dates for furnishing FORM GSTR-3B for the period from February 2020 to July 2020 considering decisions in 40th Council meeting. Hope it will be helpful to all.
Decoding Notification No. 40-2017-CT & 41-2017-ITPriyank Shah
Hello Friends,
Many a times our clients miss the small procedures laid down under various notifications which have a considerable impact on tax outflow at a later stage.
Notification No. 40/2017-Central Tax & 41/2017-Integrated Tax dt.23rd October 2017 are two of such notifications providing conditional benefits to tax payers. We have herewith tried to simplify the understanding of benefits, procedures and it's implications under the said notifications. We have also highlighted the procedure for claiming refund of ITC on such supplies as clarified by the department from time to time.
Hope the content will be useful for the readers.
Benefits for MSME under "Aatmanirbhar Bharat Abhiyan"Priyank Shah
Our FM Smt. Nirmala Sitharamanji announced series of stimulus package under the vision of Aatmanirbhar Bharat Abhiyan of PM Shri Narendra Modiji. I have highlighted here some of the benefits offered to MSMEs in the said package to strengthen their growth and make them globally competitive.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
Visit Now: https://www.tumblr.com/trademark-quick/751620857551634432/ensure-legal-protection-file-your-trademark-with?source=share
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
1. SHAH JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
GIST OF GST
NOTIFICATIONS &
CIRCULARS
ISSUED ON
9TH
& 10TH
JUNE 2020
2. SHAH JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
Notification No. 45/2020 – Central Tax dt. 09th
June 2020
The notification extends the time limit under Notification No. 10/2020 dt. 21st
March 2020 for following special procedure by those persons whose principal
place of business or place of business was in the erstwhile Union territory of
Daman and Diu or in the erstwhile Union territory of Dadra and Nagar Haveli till
the 26th day of January, 2020; and is in the merged Union territory of Daman and
Diu and Dadra and Nagar Haveli from the 27th day of January, 2020 onwards
from 31st
May 2020 to 31st
July 2020.
Notification No. 46/2020 – Central Tax dt. 09th
June 2020
The notification extends time limit for issuance of order of refund where a notice
has been issued for rejection of refund claim, in full or in part and where the time
limit for issuance of order in terms of sub-section (5), read with sub-section (7) of
section 54 of the CGST Act falls during the period from 20th
March 2020 to 29th
June 2020, up to 15 days after the receipt of reply to the notice from the registered
person or 30th
June 2020, whichever is later.
Notification No. 47/2020 – Central Tax dt. 09th
June 2020
Further extends the validity of e-way bills generated on or before 24th
March 2020
and whose validity has expired on or after the 20th
March 2020, up to 30th
June
2020.
3. SHAH JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
Circular No. 139/09/2020 – Central Tax dt. 10th
June 2020
This circular further endorses and justifies clause 5 of Circular No. 135/05/2020 –
Central Tax dt. 31st
March 2020, in terms of allowing refund of ITC only on those
invoices, details of which are uploaded by supplier in FORM GSTR-1 and are
reflected in FORM GSTR-2A.
It also clarifies that the said clause shall not be applicable to ITC availed on
Imports, ISD invoices and inward supplies liable to reverse charge, and the refund
of said ITC shall be treated in the same way as it was before the issue of Circular
No. 135/05/2020 Central Tax dt. 31st
March 2020.
Circular No. 140/10/2020 – Central Tax dt. 10th
June 2020
The circular provides clarification in respect of levy of GST on Director’s
remuneration bifurcating them as the Directors who are not employees of the
company and those who are employees of the company in terms of definition
provided under Companies Act, 2013. Accordingly, the taxation shall be as
follows:
1. Those directors who are not an employee of the company are clearly outside
the scope of schedule III of the CGST Act, and therefore taxable. Further in
terms of notification no.13/2017 – Central Tax (Rate) dt. 28th
June 2017, the
recipient of said services i.e. the Company is liable to discharge the applicable
GST on reverse charge basis.
2. Where it is clear that the director is an employee of the company, it is clarified
and reference is being given to the Income tax act that; Where the part of
remuneration is declared as salaries and TDS is deducted u/s 192, the same will
not be subject to GST and covered under Schedule III of CGST Act. And the
part of remuneration which is declared as other than salaries and TDS is
deducted u/s 194J, shall be treated as consideration for providing services
outside the scope of Schedule III of CGST Act, and therefore will be taxable,
RCM applies.
4. SHAH JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
PREPARED BY
CA PRIYANK SHAH
+919773568946
SHAH JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
601, 6th
Floor, 307/309 Rajesh Rayon Bhavan,
Opp. Kakad Market, Kalbadevi Road, Mumbai – 400 002.
Tel: +918655030411
Email: office@shahjain.in
PARTNERS
CA BHARAT JAIN | +919920496581
CA AMIT JAIN | +919773398194