Saturday, August 8, 2020

Columns

Impact of COVID-19 on the Financial Reporting Ecosystem

The COVID-19 pandemic is affecting major economic and financial markets and almost all industries. The virus has hit not just people, but businesses and financial markets too - the extent of which is...

Something You Need to Know About MSME

What's MSME  Definitions of Micro, Small & Medium Enterprises In accordance with the provision of Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified in...

Virtual CFO Services: An Opportunity for Chartered Accountants and Finance Consultants

Virtual CFO (or CFO for short) stands for the virtual chief financial officer. A virtual CFO is an outsourced service provider offering high skill assistance in the financial requirements of an organization,...

GST on Sales of Residential Plots by Developers: Advance Rulings Issued but Disputes Looming Large

Nobody has any doubt as to whether selling land does attract any tax under the Goods and Services Tax Law. GST is not applicable to the sale of land because it is neither treated as supply of...

GST TRAN-1: Delhi High Court Judgment is Nullified by Finance Act, 2020

GST TRAN -1 is filed by those taxpayers who are eligible to claim the credit on the tax already paid in the pre-GST regime as per section 140 of the CGST Act,...

Scope of Reasons vis-à-vis Reassessment under Section 148

Introduction The Income Tax Act, 1961 is in itself a complete code concerning the procedure of completing assessments/reassessments qua the assessees subject to the embedded riders in forms of sanctions/approvals of the competent...

COVID 19: Key Relaxations – An Opportunity?

The tellers of doom would argue that India Inc is staring at the end of a barrel owing to the contagion.  In my view, we are at a cusp, where all the...

Health at the Cost of Health

This article aims to reflect upon the Government’s decision to open liquor shops for the public amidst the third phase of the nationwide lockdown in light of Article 47 of the Indian...

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Annual Return on Foreign Liabilities and Assets (FLA Return) Under FEMA 1999

As more companies involve themselves with foreign investments, the importance of the Foreign Exchange Management Act (FEMA) regulations and their compliance becomes a major...