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 the world is suffering from the rise of COVID-19, at the same time business are suffering due to lack of revenues, bad debts, fall in demand etc. and ultimately it is impacting profits and reserves of businesses. Many businesses … Continue reading

Posted in Audit & Assurance |

RBI Restricts Round Tripping Through Overseas Direct Investment

Reserve Bank of India (RBI) regulates overseas direct investment (ODI) made by Indian entities and resident individuals in Joint ventures (JV) and Wholly owned subsidiaries (WOS) outside India pursuant to Foreign Exchange Management (Transfer or Issue of any Foreign Security) … Continue reading

Posted in Regulatory |

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

Recent ruling of Delhi High Court in the case of SKH Sheet Metals Components (W.P. (C) 13151/2019) allowing petitioner to carry forward Transitional  Credits  by 30th June, 2020 despite Retrospective Amendment Relevant Legal Provisions: Taxpayers were mandated to file TRAN-1 … Continue reading

Posted in GST |