The Ministry of Corporate Affairs (MCA) vide its notification dated 27/10/2023 has notified the Companies (Management and Administration) Second Amendment Rules, 2023 thereby amending the Companies (Management and Administration) Rules, 2014....
Continue readingThis is to bring to your kind attention that the due date for payment of third instalment of advance tax (75%) for the financial year 2023-24 is 15.12.2023. Kindly take necessary actions to make the payment within the due date. For taxpayers opting for Presumptive Taxation Scheme under section 44AD & 44ADA, 100% advance tax need to be paid before 31st March 2024 (4th quarter) and hence no requirement of making payment in instalments....
Continue readingWe present a compliance calendar for the due dates in the month of December 2023 covering the major due dates in Direct Taxes, Indirect Taxes and Companies Act....
Continue readingThe Ministry of Corporate Affairs has made it mandatory to all the private companies other than small companies to convert their shares and other securities to demat form on or before September 30, 2024. Post September 30, 2024, private companies cannot issue shares in physical form and also the shareholders cannot transfer existing shares in physical form. Companies will have to obtain ISIN for each securities either with NSDL or CDSL and the shareholders will have to open demat account. Please contact Ms. Prakruthi Shetty for further queries / clarifications. Her email id is prakruthi.shetty@vishnudaya.com...
Continue readingThe MFN clause in DTAA provides that if, after signature of the tax treaty with the first country (original treaty), India enters into a DTAA on a later date with a third country, which is an OECD member, providing a beneficial rate of tax or restrictive scope for taxation of dividend, interest, royalty, etc. a similar benefit should be accorded to the first country. In a landmark judgment, the Hon'ble Supreme Court (SC) on 19 October 2023 in the case of Nestle SA, ruled that in order to invoke the beneficial provisions of a DTAA pursuant to MFN clause, India is...
Continue readingThe MFN clause in DTAA provides that if, after signature of the tax treaty with the first country (original treaty), India enters into a DTAA on a later date with a third country, which is an OECD member, providing a beneficial rate of tax or restrictive scope for taxation of dividend, interest, royalty, etc. a similar benefit should be accorded to the first country. In a landmark judgment, the Hon'ble Supreme Court (SC) on 19 October 2023 in the case of Nestle SA, ruled that in order to invoke the beneficial provisions of a DTAA pursuant to MFN clause, India is...
Continue readingCBIC has issued various circulars clarifying various aspects accordance with the announcement made by the GST Council in the 52nd Meeting. This alert contains the summary of the clarifications issued by the CBIC. Following points have been clarified by the CBIC: • Realisation of export consideration in INR • Clarification on place of supply in case of transportation services, services related to advertising sector and co-location/hosting services. • Clarification regarding GST rate on imitation zari thread or yarn • Clarification related to renting of motor vehicle services, recovery of electricity by the landowners from the tenants, job work related to ‘Barley’, services provided by District Mineral Foundation...
Continue readingWe present a compliance calendar for the due dates in the month of November 2023 covering the major due dates in Direct Taxes, Indirect Taxes and Companies Act....
Continue readingPursuant to the decision taken in the 52nd GST Council meeting, the following amendment notification and clarifications have been issued by the CBIC with regard to the personal guarantee given by the directors and corporate guarantee given by the body corporates: 1. Amendment to Rule 28: (2) Notwithstanding anything contained in sub-rule (1), the value of supply of services by a supplier to a recipient who is a related person, by way of providing corporate guarantee to any banking company or financial institution on behalf of the said recipient, shall be deemed to be one per cent of the amount of...
Continue readingFor filling the opening balance in Electronic Credit Reversal and Re-claimed Statement, 30th November 2023 is the due date. The enclosed note provides details on the requirement to fill the opening balance. Click the below link to read/download the note....
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