With the emerging technologies and digitalization of activities, the practice of outsourcing various support functions of business has seen an inclination in the recent past. One such outsourced activity has been the accounting and bookkeeping of the small and medium-sized companies. Outsourcing is the process of delegating specific operations to a third party to capitalize on various
The assessees need to be very careful while reporting the values and giving declarations to the government authorities. There already exists memorandums between various government departments wherein the departments are officially allowed to share the details of assessees from their records. Now, On 8th July 2020, a new Memorandum of Understanding (MOU) has been signed between the Central Board of Direct Taxes (CBDT) and the Securities and Exchange Board of India (SEBI) for data excha
The Indian Government had extended various due dates in the month of March 2020 under the Income Tax Act on account of the covid crisis in the country by issuing the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (hereinafter referred to as the ‘Ordinance 2020’). Since the crisis has not been fully contained, the Government hereby came out with further relaxations through its notif
The Governor of Bihar empowered under sub-section (3) of Section 1 of The Bihar Settlement of Taxation Disputes Act, 2019 issued the notification to extend “Bihar Settlement of Taxation Disputes Act, 2019? for the period of 3 months from April 15, 2020, to July 14, 2020, with the immediate effect. Government of Bihar on December 12, 2019, has enacted the Bihar Settlement of Taxation Disputes Act, 2019 for speedy and amicable settlement of taxation disputes. A dispute pending under the law may
On 04th May 2020, the Lt. Governor of Government of National Capital Territory of Delhi in the exercise of the powers conferred by subsection (1) of section 81 of the Delhi Excise Act, 2009 gave the ruling as an amendment on Rule 154 of Delhi Excise Rules, 2010 that a “Special Corona Fee” will be levied on the sale of Liquor through Retail Licenses. The “Special Corona Fees” will be 70% of Maximum Retail Price on all categories of liquor. The ruling came afte
The Direct Tax Vivad se Vishwas Act, 2020 (hereinafter referred to as ‘VsV’) is a Direct Tax Dispute Settlement Scheme which has received the assent of the Honourable President of India on March 17, 2020. Recently a similar scheme was introduced to settle the pending disputes under the Indirect Taxes, post successful results of which, the subject scheme has been launched for settling the disputed cases in the Direct Tax regime. The main objectives of the scheme are-
The Indian economy, which is buffeted with several challenges, is expected to grow 6-6.5 percent in 2020-21, according to the Economic Survey tabled in Parliament on Friday. This GDP growth forecast is seen as somewhat ambitious, given that Indian economy is widely expected to close current fiscal with 5 per cent growth. The latest Economic Survey for 2019-20 was tabled in both Houses of Parliament by Finance Minister Nirmala Sitharaman. Wealth creation goal With 'Wealth Cre
The government on September 14 announced a new scheme - Remission of Duties or Taxes on Export Product (RoDTEP) - that will replace the existing Merchandise Exports from India Scheme (MEIS) in order to boost exports. "The MEIS scheme will continue till December 31. Textile and other sectors that currently enjoy incentives up to 2 percent over MEIS will transit to RoDTEP from Jan 1, 2020," finance minister Nirmala Sitharaman said. The revenue foregone for RoDTEP has been projected to be up
Infusion for PSU - The government is unlikely to announce capital infusion for the public sector banks (PSBs) in the upcoming Budget and will rather encourage them to expedite recovery of bad loans and raise funds from the market. Besides, sources said, banks may also look for divesting or selling their non-core business as part of fund raising exercise during 2020-21. Finance Minister Nirmala Sitharaman is expected to present the second budget of the Modi 2.0 government on 1 February .
Recently CBDT has vide notified Notification No. 104/2019 dated December 18, 2019, revised FORM No. 10DA under rule 19AB of Income Tax Rules vide. Form 10DA contains the format of the report prescribed under section 80JJAA of the Income-tax Act, 1961 (‘the Act’). Form 10 DA has been prescribed in accordance with Rule 19 AB of Income Tax Rules 1962 and is part of Appendix II of the aforesaid Rules. Form 10 DA contains the report to be given by a practicing chartered acco
To crack down Goods & Services Tax (GST) evasion, the Finance Ministry of India has introduced the e-way bill system. The E-way bill is an electronic document to be created online under Goods & Services Tax system when the value of the goods of more than Rs.50,000 is shipped. However, failure to generate an e-way bill can lead to a penalty of Rs 10,000 or amount of tax required to be evaded whichever is higher. The changes include auto calculation of distance depending on PIN codes
The Budget for the year 2019-20 is here and the team at ASC Group has compiled an analysis of the key takeaways from the budget, especially in respect to Indirect Taxation. We hope this analysis helps you understand the intricacies of the budget. Click here to view the detailed presentation.
Ask anyone in India, if they know about the impact of pollution and evolving technology to the environment, chances are that they will. In an effort to spread awareness about the ill effects of modern technology, new inventions and a world that is moving at an insatiable speed, we all tend to forget about the crux of the problem.
Here’s why Risk Management is an opportunity for growth An essential exercise for every business – big or small; risk management is considered to be a crucial part of strategy planning. Spanning operational, financial, human resource and compliance verticals of a business, periodic audits keep one ahead of potential risks. According to established research papers and investigations, it has been observed that the biggest failures and frauds in organizations could have been prevented
The Finance Minister, Arun Jaitley, announced the Union Budget 2018 on 1st February 2018 with components possessing the potential to have a transformational influence on various sectors of the economy. The current Indian economy has reached US$ 2.5 Trillion and is on its way to becoming the 5th largest in the world. GDP is projected at 7.4 % while the number of taxpayers has increased from 6.4
Top 10 Personal Finance Blogs in India - We have compiled a list of best personal finance blogs in India who are doing the great in blogging. If you want to become a successful blogger (Specifically for beginners) and want to learn & make money on your blog through blogging, then you all need to follow those bloggers who are listed in our blogs list.
List of applications admitted by NCLTs under Insolvency and Bankruptcy Code, 2016 with details of public announcements inviting claims
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