Yash Jain

Yash Jain Indian | Delhiite | Continuous Reader| Accidental Law Student| Advocate| CS Professional

https://advocateyashjain.blogspot.com

15/08/2020

Lets embark 74th year of Independence, with the same spirit we had in year 47..

21/04/2020


Its not a really good for the economy, but its really good time to understand one's business/ service and core works towards formulation of long term goals for the same.

A lot of businesses, including traditional ones have started to come online. What's your excuse?!!

24/03/2020

Analysis on Economic relaxations in view of spread of n-COVID-19.

Broadly , there are extensions from procedural and eligibility point of view but now scheme guidelines that is scheme is same, time is extended.

1. Relaxations related to Direct Tax:

• Vidvavd se Vishwas (Direct Tax dispute Resolution) without additional fee payment.
• Fillings and related documents deferred till 30th June, 2020 which includes:
• Records, Notification ,Approval order ,Filling of appeal ,Return , Financial Statements, Applications to be filled and Reports of compliances ,Other documents with related documents ,Savings instruments and related compliance for taxpayers, Benefit of roller capital gains
• Compliance in Wealth tax act, Benami Property translation act ,STT ,CTT and Equalisation act.

2. Relaxations related to GST:

• MARCH APRIL MAY 2020 returns and also composition return returned extended to June 30, 2020. This is not exemption, but a mere deferment.
• GST forms to be complied with but the forms to be filled till 30th June
• Companies with less than 5 Crore turnover- no late feee penalty and interest
• More than 5 Crore- 9 percent than 18 percent. No late fee and intrest.
• Composition scheme- extended till 30th June

3. Benefits related to Customs and Central Excise:

• Sabka Vishwas Scheme (Dispute resolution) extended till 30th June
• Custom and Excise Filling extended

4. Relaxations related to Companies Act, 2013

• Independent Director meeting, if not held, not a default but only for this year.
• MCA21- Moratorium till 30th meaning that there shall be no late fee
• Relaxation for the board meeting by 60 days for next 2 quarters
• Companies Auditors report order 2020 shall be shifted from year 2020-2021 business commencement 6 months extended.
• Residency clause of 182 days not a default.
• 15% debenture to b e invested can now be invested till 30th June. 2020.

5. Relaxations related to Insolvency Bankruptcy Code, 2016
• Forced insolvency may be stopped for 6 Months, currently stopped for initiation till April 30 only.


6. Relaxations in Fisheries Sector
• SIP, and permits expiring in sanitary import broot stock and shrimpbroot extended till 30th June, 2020,
• Import extended condoned for a one month from march 31.
• Rebooking of quarantine cubicle shall not be there any additional charge.
• Verification and NOC relaxed by 4 days.

7. Financial Sector Benefits
• Debit Card ATM is now free of charge for next 3 Months.
• No Minimum balance fee.
• Bank Charges reduced in digital transactions.

Was Expected:
• EMI benefits and extension of loan repayment.
• New Health policy and waiver of premium for the health insurance.
• Grants for health expenditure.
• Economic Package for Health sector.


Prepared by:
Advocate Yash Jain
Delhi High Court and District Courts'
[email protected]

01/02/2020

Here are some of the provisions that caught by eye without prejudice to a budget that is both populists, ambitious and futuristic:

Broad Objective:
1. Overall a populist budget with ambitious targets.
2. Focus on long term development in the country.
3. Minimum government maximum governance commitment.
4. Unified procurement system to come soon in government tenders.
5. Broadband connectivity for co-operatives and police stations.

Corporate Framework:
1. Amendment in Companies act, 2013 proposed.
2. there is a proposal of no criminal liability for civil wrongs, though this would increase ease but the fear of non-compliance which actually forced compliance will not sustain anymore.
3. Evasion will increase as there could be an increase in compounding provisions.

Education and recruitment:
1. There would be an increase in direct recruitments in tribunals.
2. New education policy to come with a focus in skill-based courses.
3. Depositor insurance scheme increased from 1 Lakh to 5 lakhs.
4. Introduction in INDSAT for foreign applicants to India.
5. Setup of National Recruitment agency linking the employment seeker and employee is a positive measure.
6. Different exams for government sectors will be streamlined in one sector with a national recruitment agency with CEET.

Litigation Management:
1. Faceless appeal provisions to come soon like GST.
2. Income tax litigation will be reduced significantly like sabkha Vishwaas scheme.

Direct Taxation
1. Instant AADHAR based PAN would be available.
2. There would be two direct taxation regimes in India. One with exemptions and one without it.
3. New Slabs:
Net Taxable income after deductions:
• Less than 5 Lakhs : 0%
• 5 Lakhs to 7.5 Lakhs : 10%
• 7.5 Lakhs to 10 Lakhs : 15%
• 10 Lakhs to 12.5 Lakhs : 20%
• 12.5 Lakhs to 15 Lakhs : 25%
• Above 15 Lakhs : 30%

4. 70 of 100 exemptions will be removed.
5. Dividend distribution tax will be abolished in a phased manner. Also, there would be credit for foreign investors.
6. Unabsorbed depreciation amendment possibly would reduce the non-viable benefits in merger and amalgamation.
7. Amendment to section 50C though inadequate is in tune with needs of time Introduction.

Investments:
1. Opening up of additional securities for foreign investors.
2. Debt Funding to be increased in the government sector
3. International bullion exchange regulations. The effect of same is on markets today.
4. IPO proposed in LIC

Economic Projections:
1. Last year the government spent 7 lakhs crore more than estimated
2. Fiscal deficit projected at 3.8., not a good sign.
3. GDP growth at 10 per cent is highly ambitious and against governments own economic survey.

Boost to Businesses:
1. New manufacturing companies to have a corporate taxation rate at 15 per cent. The startup can now be classified for a period of 10 years instead of 5.
2. Liquidity in startups will increase as tax on ESOP would be payable on leaving the organization or 5 years, whichever is later.
3. Option for taxation for co-operatives at 22 percent as opposed to 30 per cent. This would facilitate the distribution of local credit with the farmers.
4. MSME compliance burden reduced. Revised audit limit from 1 crore to 5 crores.

Real Estate:
5. No major improvements for liquidity in the real estate sector except for the token money taxation

Indirect Tax and Customs
1. There would be GST Compensation Dispensation to states this financial year in a phased manner.
2. Highlight on pooling of sovereignty in the form of GST. VAT refunds (GST like) would be available in case of exports.
3. Electronically automatic invoice filling for GST 3B will increase transparency and hit hard the black market on a rolling basis.
4. There would be Aadhar based consumer verification
5. Revision possible in anti-dumping and rules of origin for essential commodities.
6. Medical equipment will have health cess.

26/01/2019

Despite all the odds we complain for throughout the year, we still celebrate the spirit of one nation. Marching ahead always.

Happiest Republic Day

25/01/2019

Playfulness. The ultimate responsibility. Taking a straight face and walk around is nothing but neglecting joy.

25/01/2019

Winner in the rat race is the first one to be poached by the cat.
Rest is your choice.

24/01/2019

These days I am finding most of birds around me struggling with same issues.

Some have closed eye to problem.
Pretending cat will not attack them.
Some have kept half eye open.
Pretending either cat is easy nut to defend.
Some have opened their eyes.
Acing and flying high. Fearless

21/01/2019

Best way is to let other speak.
If one is right, he is right. Can be either.

20/01/2019

People will continue to ‘Judge’ till the time you seek ‘validation’

19/01/2019

Break!
Discovered the most important word in life.
Transformation
From whats ‘Targeted’ to ‘Discovering’

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