Definition of Due Diligence “Due diligence” is research and analysis of a business transaction. It is the research and methodological investigation of a business or organization, or the performance of an act with a certain standard of care to ensure that information derived during the due diligence is accurate and to uncover information that may […]

CGST (Fourteenth Amendment) Rules 2020 Time limit for system-based GST Registration increased The time for system-based registration has been enhanced from 3 days to 7 days. That means, now department shall be required to review and grant registration within 7 days against 3 days as provided earlier from the date of filing of registration application. […]

Creation /Modification/Satisfaction of Charge with ROC WHY CREATION OF CHARGE ON COMPANY’S ASSETS Almost all the Companies requires fund for their project. Companies have lots of method to finance their project and almost all the Companies depend upon share capital and borrowed capital for financing their projects. Borrowed capital may consist of funds raised by- […]

ITO Vs Vipul K Sheth (ITAT Mumbai) In the present case the AO has not doubted the sales. The assessee could not establish the genuineness of the transaction to the satisfaction of the AO during assessment proceedings. Hence, from the facts of the case it can be concluded that assessee had made purchases from grey […]

Government extends Emergency Credit Line Guarantee Scheme by one month The Union Government has extended the Emergency Credit Line Guarantee Scheme (ECLGS) by one month till November 30th, 2020, or till such time that an amount of Rs. 3 lakh crore is sanctioned under the Scheme, whichever is earlier, in view of the opening up […]

Income-tax Exemption for payment of deemed LTC fare for non-Central Government employees In view of the COVID-19 pandemic and resultant nationwide lockdown as well as disruption of transport and hospitality sector, as also the need for observing social distancing, a number of employees are not able to avail of Leave Travel Concession (LTC) in the […]

DGGI Gurugram arrests man for forging input tax credit of around Rs 392 crore The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested one Kabir Kumar, resident of New Delhi on charges of creating and operating fictitious firms on forged documents and passing fake input tax credit by way of […]