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PRIVACY DATA PROTECTION BILL, 2018 & GENERAL DATA PROTECTION REGULATION: LET’S COMPARE
If you exchange information internationally, you must strengthen data protection. Those are two sides of the same coin – Gijs de Vries As internet bytes became cheaper in India with the launch of JIO after 2015, a strong and efficient data protection law was direly needed. In November of 2018, the Privacy Data Protection Bill was finally drafted under the chairmanship of Justice B.N. Srikrishna.
BUY-BACK OF SHARES
How to withdraw hard-earned tax-paid money from a Company has always been a challenge. Before any money can be paid to shareholders and promoters in the form Dividends or Buy back, the company already suffers a tax of 30% plus surcharge and Cess. The effective rate of Dividend Distribution Tax (which has been abolished from 01-04-2020) was 20.35%. Even now,
ITC on lift available or not under GST
Lift is not a machine , it is part of Building, is it true . is the ITC claimable on purchase of Lift . Let us discuss whether lift is machine or Building only we would reach to conclusion of ITC is eligibility. Section 17(5) blocks credit of works contract and goods or services received by a taxable person for
Third Party Risk Management
The recent Covid19 pandemic has made companies relook at their third-party relationships as for some companies supply chains for stressed or reliance on cloud providers increased, The view point pre-pandemic was that majority of third parties used can easily be replaced in the open market due to large number of options. Managements rated third party related risks low or quoted
GST Rules 89(5) cannot override Section 54(3) of CGST Act, 2017
In GST, Rules 89(5) can not override the Section 54(3) The Rules were meant only for the purpose of carrying out the provisions of the Act and they could not take away what was conferred by the Act or cutting down its effect.” This is placed with respect to Section 54(3) of CSGT Act , 2017. Rule 89(5) where the rule override the section 54(3). This has
SPEAK THE SAME LANGUAGE
When a group of people speak the same language, their attitude and opinion are on the same wave length. If two people were to communicate, they have to be sure that they are speaking the same language. However, one could be talking in English and the other could be replying in Hindi, and still they could be speaking the same
Applicability of Accounting Standards with Entity level
Dear Friends, Audit is a challenging task and the Auditor needs to comply with many Accounting Standards (AS) which keep changing over a period of time and one needs to keep a track of those changing requirements. AS are applicable based on type of Organisation, Size and Financial Standings. These have been defined under three entity level. For convenience of
An Opportunity in Crises !
What has COVID 19 done? Disruption – Biggest in shortest duration, of our life time. Lock-down, a reality, everywhere, in one way or the other. What to do? Behavioral change – though Optional for each one of us. What lies Ahead ? Opportunities!! Driven by changed behavior in a new world. Yes, it is a changed world now. A world
ITC on detachable Wooden Flooring and Stackable Glass partition
To claim ITC section 16(1) of CGS Act ,2017 need to apply . If it is eligible under this section than we will see what is prohibited any where else . Section -16 1) every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to
Corona Exposes India’s fragile System
Centre-State coordination, health infrastructure, transport system, emergency support system and ability to deal with crisis stands totally exposed today. Total failure of cooperative federalism, with States blaming Centre for not helping them with finances or even release of their share of GST. Centre and States competing with each other in increasing VAT/Central Excise on Petroleum Products, even when the international prices
