Extension invalidity for Names Reserved and Resubmission of Forms by MCA

In view of the situation arising due to COVID-19 pandemic and extended lock down period in the country, Ministry of Corporate Affairs has extended PERIOD/DAYS OF EXTENSION FOR NAMES RESERVED AND RE-SUBMISSION OF FORMS.   Sr....

Filing of Annual Return for LLPs in Form 11

All LLPs registered under Limited Liability Act, 2008 have to annually file two forms Form 11 and Form 8. Annual Return: Form 11 is to be submitted within 60 days of closure of the financial year i.e 30th May 2018. (Financial year closes on...

Understanding scope of Rule 27 of ITAT Rules, 1963 via Delhi High Court Judgement

Summary of the judgment of Hon'ble Delhi High Court on Scope of Rule 27 of the Income-tax (Appellate Tribunal) Rules, 1963.

Microfinancing and Poverty Alleviation

Microfinance is a specific business category of services, which includes microcredit. Micro-credit is a loan service to poor clients. Micro-credit is one of the microfinance aspects and the two sometimes get mixed. The microfinance...

Petition for initiation of insolvency proceedings by Home Buyers

Insolvency and Bankruptcy Code 2016 is the law relating to insolvency and bankruptcy in India. This code was enacted with a view to consolidate and amend the law relating to insolvency and to remove...

Penalty u/s. 270A and 271(1)(c)

Before the introduction of S. 270A, Section 271(1)(c) of the Income Tax Act was in place being penalty on concealment of income and or furnishing inaccurate particulars of income. However this section always caused...

Finance Act 2020: NRI can stay in India only for 119 days, if his taxable income is more than Rs.15 lakhs.

During the Budget 2020, Finance Minister proposed changes in the criteria for determining residential status for Non Residents Indians for tax purpose. On March 23, 2020, the proposal was accepted in Lok Sabha with...

Extensions announced under Direct Tax, Audit Compliance and RERA due to Covid 19

The Finance Minister Ms. Nirmala Sitharaman, in the press release held on 13.05.2020 announced various relaxations in respect to deadlines and due dates under Income tax return filing, Tax Audit, Vivad se Vishwas scheme...

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