Extension of period of the Company Law Committee

Extension of period of the Company Law Committee

F. No. 211/2018-CL-V Government of India Ministry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan, New Delhi- 110001  Dated: 17th September, 2020  ORDER   Subject:- Constitution of the Company Law Committee  In continuation of the Order of even no. dated 18.09.2019 (annexed herewith), the tenure of the Company Law Committee is hereby extended upto two years from the date of that order i.e. upto 17.09.2021. 2. This issues with the approval of the competent authority. (Pranay Chaturvedi) Deputy Director…

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Amendment to section 5 and 6 of the PT Act

Amendment to section 5 and 6 of the PT Act

In pursuance of clause (3) of article 348 of the Constitution of India, the following translation in English of the Maharashtra State Tax on Professions, Trades, Callings and Employments (Amendment) Bill, 2020 (L. A. Bill No. XXXVI of 2020), introduced in the Maharashtra Legislative Assembly on the 7th September 2020, is hereby published under the authority of the Governor. By order and in the name of the Governor of Maharashtra, RAJENDRA G. BHAGWAT, Secretary (Legislation) to Government, Law and Judiciary…

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Important Income Tax (Direct Tax) Amendments (since 2019)

Important Income Tax (Direct Tax) Amendments (since 2019)

The government has announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961, and the Finance Act (No. 2), 2019. The following measures have been measures taken by the Ministry of Finance: • Reduction in the corporate tax rate from 30% to 22% provided the company did not avail of any exemption or incentive. • An option to pay income-tax at the rate of 15% for the new domestic companies…

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Delinking of Credit Note/Debit Note from invoice, while reporting them in Form GSTR 1/GSTR 6 or filing Refund

Delinking of Credit Note/Debit Note from invoice, while reporting them in Form GSTR 1/GSTR 6 or filing Refund

1. Till now, original invoice number was mandatorily required to be quoted by the taxpayers, while reporting a Credit Note or Debit Note in Form GSTR-1 or Form GSTR-6. 2. The taxpayers have now been provided with a facility on the GST Portal to: Report in their Form GSTR-1 or in Form GSTR-6, single credit note or debit note issued in respect of multiple invoices Choose the note supply type as Regular, SEZ, DE, Export etc., to identify the table…

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ICAI reopens empanelment of members to act as observers for Nov 20 exams

ICAI reopens empanelment of members to act as observers for Nov 20 exams

Examination The Institute of Chartered Accountants of India 16th September, 2020 IMPORTANT ANNOUNCEMENT Sub: Reopening of empanelment of members to act as observers for November, 2020 examinations. In continuation to the Announcement dated 20th August 2020, it is informed that the window for empanelment of members to act as observers at the examination centres for the Chartered Accountants examinations, November, 2020 is reopened from 16th September to 20th September 2020. The eligible Members, who had not applied earlier, may get…

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What Can We Expect From 2021?

What Can We Expect From 2021?

Apart from differences in the perseverance in accounting and financial terms, the least we can predict is the future of both. The year 2020 has already been a year of financial loss and the loss did not hinder a state or a country, but the world has been suffering lately. Nonetheless, we can assure the instability of the accounting numbers, it is possible to predict some of the incitements that could develop the future of accounting and finances. It is…

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Saga of Interest Provision under GST

Saga of Interest Provision under GST

Understanding legal background: Section 50 of the CGST Act talks about when you should pay interest and what rate it should be paid. So section 50 said, interest has to be paid at 18% in cases where you delay paying tax to the government. That means if you cause a delay in filing your return, you end up paying interest. But the moot question that came was whether this interest has to be paid on Gross liability or net liability…

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Delhi Goods and Services Tax (Amendment) Act, 2020

Delhi Goods and Services Tax (Amendment) Act, 2020

DELHI LEGISLATIVE ASSEMBLY SECRETARIAT NOTIFICATION Delhi, the 14th September, 2020 F. No. 21/3/GST(A)/2020/LAS-VII/Leg./272. The following is published for General Information. THE DELHI GOODS AND SERVICES TAX (AMENDMENT) BILL, 2020 BILL NO. 03 OF 2020 (As introduced in the Legislative Assembly of the National Capital Territory of Delhi on 14 September, 2020) A BILL Further to amend the Delhi Goods and Services Tax Act, 2017(3 of 2017) BE it enacted by Delhi Legislature of the National Capital Territory of Delhi in…

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Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca

Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 15th September, 2020 No. 87/2000-CUSTOMS (N.T.) S.O. 3148(E).—In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of…

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Collection and Reporting of Margins by Trading Member (TM) / Clearing Member (CM) in Cash Segment –

Collection and Reporting of Margins by Trading Member (TM) / Clearing Member (CM) in Cash Segment –

Securities and Exchange Board of India CIRCULAR SEBI/HO/MIRSD/DOP/CIR/P/2020/173  September 15, 2020  To, All Recognised Stock Exchanges All Recognised Clearing Corporations Dear Sir / Madam, Subject: Collection and Reporting of Margins by Trading Member (TM) / Clearing Member (CM) in Cash Segment – Clarification 1. SEBI, vide circular no. CIR/HO/MIRSD/DOP/CIR/P/2019/139 dated November 19, 2019 and SEBI/HO/MIRSD/DOP/CIR /P/2 020/146 dated July 31, 2020, issued guidelines with regard to collection of margins from clients and reporting of short-collection / non-collection of margins by…

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