S. Jaykishan

Chartered Accountants

Recent News

Section 194R – Deduction of tax on benefit or perquisite in respect of business or profession

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Section 194R – Deduction of tax on benefit or perquisite in respect of business or profession

– CA Puja Agarwal

In its further endeavour to curb the tax evasion, the Finance Ministry has introduced a new TDS provision via Finance Act, 2022, which pertains to the deduction of tax on benefits and perquisites in respect of business and profession.

According to the memorandum, the explanation of the Finance Bill, the below-mentioned aspects has been provided regarding Section 194R-

According to clause (iv) of section […] Read More >>


The Companies (Meetings of Board and its Powers) Amendment Rules, 2014

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The Companies (Meetings of Board and its Powers) Amendment Rules, 2014

(Date: 17/06/2021)

The Ministry of Corporate Affairs (MCA) have completed scrapped the Rule restraining the presentation of approval of the annual financial statements, approval of the Board’s report etc. via video conferencing.

The government has notified The Companies (Meetings of Board and its Powers) Amendment Rules, 2021 which seeks to amend the Companies (Meetings of Board and its Powers) Rules, 2014 wef 15th June 2021 wherein Rule 4 has been omitted in […] Read More >>


RELAXATIONS IN VIEW OF COVID-19 PANDEMIC

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Relaxations in view of COVID – 19 pandemic

(Date: 18/05/2021)

The pandemic while having disrupted the economic activities has impacted the economic growth of nations globally. In this regard, various regulatory measures have been initiated by the Government as well as regulatory bodies in strengthening the Indian economy while keeping the goal of promoting ease of doing business in sight. The measures, inter alia, are stated in the attachment below:

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MCA extends timeline for Name Reservation and Re-submission for Cos. and LLP’s

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MCA extends timeline for Name Reservation and Re-submission for Cos. and LLP’s

(Date: 23/04/2020)

In view of the situation arising due to COVID-19 pandemic , the Ministry of Corporate Affairs (MCA) has extended timeline for Name Reservation and Re-submission for Companies & LLP’s by 20 days. As per norms, INC-24 –Application for Name Change (to be filed within 60 days) now, names expiring any day between 15.03.2020 to 03.05.2020 would be extended by 20 days beyond 03.05.2020.

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SEBI reduces time period for further issue of capital post buy-back

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SEBI reduces time period for further issue of capital post buy-back

(Date: 23/04/2020)

Regulation 24(i)(f) of Buy-back Regulations restricts Cos. from raising further capital for a period of one year from the expiry of buyback period. Considering the recent developments relating to the COVID 19 pandemic, the SEBI received a number of suggestions for relaxation of conditions with respect to raising of funds from the securities market. Accordingly, SEBI has decided to reduce time period for further issue of capital raising […] Read More >>





Filing of GSTR-9A waived off; GSTR-9 made optional incase of turnover up to Rs. 2 crore

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Filing of GSTR-9A waived off; GSTR-9 made optional incase of turnover up to Rs. 2 crore

(Date: 21/9/2019)

GST Council in its 37th Meeting on September 20, 2019 effected a relaxation in filing of annual returns for MSMEs for FY 2017-18 and FY 2018-19 as under:

a. waiver of the requirement of filing FORM GSTR-9A for Composition Taxpayers for the said tax periods; and

b. filing of FORM GSTR-9 for those taxpayers who (are required to file the said return but) have aggregate turnover up to Rs. 2 crores made optional for […] Read More >>


CBDT relaxes norms for launching prosecution in certain offences

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CBDT relaxes norms for launching prosecution in certain offences

(Date: 13/09/2019)

In order to ensure that only deserving cases get prosecuted, the CBDT has relaxed criteria for launching prosecution in respect of certain offences. For example – In case of non-payment of TDS/TCS is Rs. 25 lakhs or below and delay in deposit is less than 60 days, cases shall not be processed for prosecution. Further, in case of failure to furnish ITR, prior approval of collegium of two CCIT/DGIT rank officer […] Read More >>