Monthly Archives: June 2020

Classification and Procedure for Registration of MSMEs

Ministry of MSME vide Notification dated 26 June 2020 has notified criteria for classifying the enterprises as MSME and prescribed form and procedure for registration of MSMEs w.e.f 1 July 2020 For details, please refer attached note:- Classification and Procedure for … Continue reading

Posted in Direct Tax |

Further Extension Of Certain Due Dates By CBDT vide Notification No. 35 of 2020 dated 24th June 2020

CBDT vide Notification No. 35 of 2020 dated 24th June 2020 has provided relief to the taxpayers by further extending certain due dates for making compliances which were extended originally through the Taxation and Other Laws (Relaxation of Certain Provisions) … Continue reading

Posted in Direct Tax |

Cost Optimization Post Covid-19

As businesses suffer from lack of revenues, lack of resources, bad debts etc. post COVID-19, many companies are focusing on cost optimization more than before. For details, please refer the attached document: Cost Optimization During Covid-19 Disclaimer:- The information contained herein … Continue reading

Posted in Audit & Assurance |

RBI Restricts Round Tripping Through Overseas Direct Investment

Resident individuals in India who are doing investments under LRS and Indian companies who are planning to invest into foreign companies and Joint ventures outside India should review such transactions as per the above RBI regulations. For details, please refer … Continue reading

Posted in Regulatory |

Delhi High Court Allowing Petitioner to Carry Forward Transitional Credit Despite Retrospective Amendment.

Delhi High Court in the case of “SKH Sheet Metals Components” (W.P. (C) 13151/2019) has allowed the petitioner to carry forward Transitional Credits by 30th June, 2020 despite retrospective Amendment in Section 140 of the CGST Act. For details, please … Continue reading

Posted in GST |