Addendum to Form AOC-4 or AOC-4 XBRL or AOC-4 NBFC

The company that comes beneath the provisions of sub-section (1) to section 135 will file a report on the CSR in Form CSR-2 to the Registrar for the preceding financial year (2020-2021) or onwards. A. BACKGROUND- Corporate Social Responsibility was, for the first time, introduced as a statutory obligation for all the companies by enacting...

Expatriate Taxation

Introduction An expatriate means a person based in a foreign country working in India (inbound) or a person based in India (likely Indian citizen) working abroad (outbound). Under the Income Tax Act, 1961 the incidence of tax depends on the following: The residential status of the taxpayer Whether the accrual/ receipt of such income has...

Employee Stock Option Plan (ESOP)

Employee ownership can be accomplished in a variety of ways. Employees can buy stock directly, be given it as a bonus, can receive stock options, or obtain stock through a profit-sharing plan. Employee stock ownership plans are simply choices that could be bought at a predetermined price before the exercise date. There are characterized rules...

Change in CSR regime from Voluntary to Mandatory

Introduction: Central government (MCA) has amended provisions of CSR under section 135 by Companies (Amendment) Act, 2020, imposing a statutory obligation on Companies to take up CSR projects. This has made India the only country that has regulated and mandated CSR for prescribed companies. The amendment introduced new concepts like negative list for CSR Expenditure,...

GST on Lease Services of Tanks & Containers Imported into India

Is GST liable to be paid on leasing of tank containers taken form a supplier i e., lessor who is located outside India and the tank containers do not reach India? As it is finance lease, it is supply of goods and tank containers do not reach the Indian Territory. Background With the introduction of GST on July’17 there has been a lot related to import of services and for this the GST council expressly provided in the Schedule II to Section 7 of CGST Act 2017 that activities or transactions to be treated as Supply of Goods or Supply of Services. Facts of the Case M/s Deccan Transcon Leasing Pvt. Ltd. is a Non-vessel owner container carriers/operators fromIndia leases containers from outside India from M/s Tank span Leasing limited in bulk and recognizes...

Consolidated Summary of various relaxations by GST Council on account of second wave of COVID-19

Considering the second wave of Covid-19, in order to provide ease of compliance to the taxpayers, the GST council had recommended various relaxations under the GST law. Presented herewith is a consolidated summary of various notifications issued for implementation of such relaxations: A. Relaxations recommended by GST Council: 43rd GST Council Meeting (Notified by respective...

Key TDS/TCS Changes applicable w.e.f. 01st July 2021

The Finance Bill, 2021 takes the same recourse by inserting Section 194Q, Section 206AB, and Section 206CCA. Section 194Q: Earlier Govt. has proposed and implemented 206C(1H) on the sale of goods. Now similar provision is applicable from 01st July 2021, that ’buyer’ being a responsible person for paying any sum to any resident seller for...

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