S. Jaykishan

Chartered Accountants

Author Archive for S Jaykishan

Govt. substitutes section 5(c) of the FEMA Regulations, 2016

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Govt. substitutes section 5(c) of the FEMA Regulations, 2016

(Date: 22/1/2019)

Govt. amends the FEM (Establishment in India a branch office or liaison office or a project office or any other place of business) Regulations, 2016. Proviso to Regulation 5(c) has been substituted providing that RBI’s approval is not required if Govt. approval by the concerned Ministry has already been granted for opening branch office or liaison office or project office by a person resident outside relating to four sectors.

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Guidance note on Dividend issued by ICSI

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Guidance note on Dividend issued by ICSI

(Date: 21/1/2019)

The Institute of Company Secretaries of India (ICSI) has issued guidance note of Dividend. This Guidance note sets out the explanations, procedure and practical aspects in respect of the provisions contained in Secretarial Standard – 3 to facilitate compliance thereof by the stakeholders.

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Prosecution notice to SCN’s being issued in case TDS defaults of more than Rs. 5 lakh

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Prosecution notice to SCN’s being issued in case TDS defaults of more than Rs. 5 lakh

(Date: 21/1/2019)

In response to the media news regarding issue of prosecution notices to small companies for TDS default, the Central Board of Direct Taxes (CBDT) has clarified that Mumbai Income TDS dept. has issued prosecution show cause only in a limited number of big cases where more than Rs. 5 lakh of tax was collected as TDS from employees etc and yet the same wasn’t […] Read More >>


DIPP simplifies the procedure for startups to claim exemption from Section 56(2)(viib)

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DIPP simplifies the procedure for startups to claim exemption from Section 56(2)(viib)

(Date: 17/1/2019)

The Department of Industrial Policy and Promotion (DIPP) has simplified the procedure for startups to claim exemption from the applicability of Section 56(2)(viib). The DIPP has substituted Para (4) of Notification no. GSR 364(e), issued on 11-4-2018, which provides for conditions to be fulfilled by Startups while claiming tax exemption.

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Supply of goods against Advance Authorisation to be certified by CA

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Supply of goods against Advance Authorisation to be certified by CA

(Date: 16/1/2019)

Supply of goods by a registered person against Advance Authorisation will be treated as Deemed export only if a certificate from a chartered accountant is submitted to jurisdictional GST Commissioner within 6 months. However, certificate is not required if ITC has not been availed on inputs used in manufacture of for export goods.

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GST Council proposed various reliefs to MSME sector

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GST Council proposed various reliefs to MSME sector

(Date: 11/1/2019)

MSMEs engaged in supply of goods (not services) get relaxation from GST Registration. The existing threshold limit of Rs. 20 lakhs for obtaining the GST registration and levy of GST has been increased to Rs. 40 lakhs. The GST Council Meeting has given a choice to the States to choose the applicable threshold limit from Rs. 20 lakhs or Rs. 40 lakhs. The States have to take a decision on this within […] Read More >>




Govt. proposes partial reimbursement to employers for employing women workers

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Govt. proposes partial reimbursement to employers for employing women workers

(Date: 3/3/2019)

Government is working on an incentive scheme wherein seven weeks wages shall be reimbursed to employers who employ women workers and provide the maternity benefit of 26 weeks paid leave as provided for in the Maternity Benefit (Amendment) Act, 2017. To enable an entity to avail of the incentive the women employees working in entity should be a wage earner of less than Rs. 15000 p.m. and a member of […] Read More >>