ACCOUNTING & TAXATION: GST on Freight Charges in Import & amp; Export Transactions This article Covers GST on Freight Charges in Import and Export transactions i.e. Ocean Freight and Air Freight. For our discussion Ocean freight is divided into two types based on destination of goods/Cargo namely: -Ocean freight in respect to Imports of goods … Read More →
COMPANY LAW: 26 key highlights of Press Conference of FM held on 17th May 2020 26 key highlights of Nirmala Sitharaman Press Conference held on 17 May 2020- Atmanirbhar Bharat As a nation, we stand at a very crucial juncture. Such a big disaster is a signal for India, it has brought a message and … Read More →
COMPANY LAW Applicability of Cash Flow Statement, CARO (2016 & 2020) & Internal Financial Control Applicability of Cash Flow Statement: – According to Section 2(40) of Companies Act, 2013, The Financial statements of a company include Cash Flow Statement. Cash Flow Statement is governed by The Companies (Accounting Standards) Rules, 2006 (AS 3) and The … Read More →
ACCOUNTING & TAXATION Impact of reduction in TDS/TCS Rate As we all know that the government has recently decreased tax deduction at source (TDS) and tax collection at source (TCS) rates for interest, dividend, professionals, rent payments and other non-salaried payments by 25 per cent with effect from May 14, 2020 for the current financial … Read More →
COMPANY LAW: Benefits of MSME cum GeM Registered Business in India: MSME cum GeM Registered Business in India play an important role in building Self Reliant India. Based on recommendation of the Group of Secretaries, the Hon’ble Prime Minister of India decided to set up dedicated e-marketplace for different goods and services businesses in India. … Read More →
ACCOUNTING & TAXATION: Tax Treatment of Capital Gain/Loss Arising on Transfer of Perpetual Bonds As per the section 2(14) a Perpetual Bond is a Capital Asset as the Assessee (i.e. your client in this case) is holding property in the bond. As per the proviso to section 2(42A) a security (which also includes perpetual bond) … Read More →
Covid-19 has complicated India’s economic slowdown throwing new challenges for both the government and citizens. Cash strapped government has increases taxes on petrol and liquor. People face uncertain job future. As India walks on the exit route from coronavirus lockdown, taxes have started soaring. With the second duty hike – two of the steepest hikes … Read More →
ACCOUNTING & TAXATION: Reduced TDS / TCS Rate Chart for FY 2020-21 Pre & Post 14th May 2020 Reduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS) In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 … Read More →
COMPANY LAW: Highlights of Speech by FM Dated 13.05.2020 – Covid-19 Highlights of Speech by Finance Minister Dated 13.05.2020 in the Matter of Covid-19 Central Armed Police Forces (CAPFs) canteens to sell only indigenous products from 1st June, 2020; The economic package aims to spur growth and make India self-reliant based on 5 pillars- Economy, … Read More →
COMPANY LAW Conversion from Public to Private Company under Companies Act, 2013 Introduction: As per the Companies Act, 2013 mainly there are two types of companies: -Private Company -Public Company Private Company is defined in section 2(68) of the Companies Act, 2013 “is a business company owned either by non-governmental organizations or by a relatively … Read More →