In this edition, we bring you to quite a few interesting articles.

The article on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 deals with the entire scheme, the modus operandi, the reliefs available for declarant opting for the scheme. Apart from the said aspects, the article also deals on various range of issues which requires clarification from CBIC for better implementation of the scheme. I would urge all the clients to do an analysis on their current positions on litigation matters in indirect taxes and accordingly decide on the aspect of opting for the said scheme.

The article on ‘Audit Committee – An Overview’ deals with the role, significance, purpose and global challenges faced by audit committees.

The article on ‘Admissibility of Embezzlement Loss’ deals with allowance of loss arising from embezzlement fraud under the Income Tax laws.

The presentation on ‘Code on Wages, 2019’ contributed by our associate Mr S V Ramachandra Rao, Managing Director, M/s HR Chambers Outsourcing Private Limited, gives the readers a detailed view on the important aspects of Code when compared with previous legislations.

I hope that you will have good time reading this edition and please do share your feedback. I will also urge clients to mail us topics or issues on which you want us to deliberate in our future editions, so that we can contribute to the same.

I am also glad to announce that we have launched our mobile app ‘SBS Connect’ on the eve of completion of 10 years. Now, Wiki and other resources can be accessed through ‘SBS Connect’. Please use ‘SBS Connect’ to stay connected with us.

Read more: SBS Wiki E Journal Sept 2019

In this edition, we bring you to quite a few interesting articles.
The article on Resident Welfare Associations – Income Tax & GST Perspective’ deals with taxation of certain issues from the income tax and GST provisions faced by Resident Welfare Associations.

The article on ‘Corporate Social Responsibility – Boon or Bane’ deals with the recent changes brought under the Companies Act to such provisions.

The presentation on ‘Practical Issues in GSTR 9 and GSTR 9C’ focuses on certain issues which impact the reconciliation and probable solutions to fix.

I hope that you will have good time reading this edition and please do share your feedback. I will also urge clients to mail us topics or issues on which you want us to deliberate in our future editions, so that we can contribute to the same.

I am also glad to announce that we have launched our mobile app ‘SBS Connect’ on the eve of completion of 10 years. Now, Wiki and other resources can be accessed through ‘SBS Connect’. Please use ‘SBS Connect’ to stay connected with us.

Read more: SBS Wiki E Journal Aug 2019

Key Topics:

FEMA

• FEM (EXPORT OF GOODS & SERVICES) REGULATIONS, 2015

AUDIT

• INDIAN ACCOUNTING STANDARD16

DIRECT TAX

• 270A

Introductory Remarks:
A high level inter-ministerial committee was constituted in 2017 under the Chairmanship of Secretary Department of Economic Affairs, to study the issues related to virtual currencies. The mandate of the Committee included examination of policy and legal framework for the regulation of virtual currencies. The subject of virtual currencies is assuming importance day by day after every country in the world drafting regulations either to allow or prohibit usage of same. Further, the current regulatory and legal framework does not squarely cover the issues presented by the usage of virtual currencies and technology involved therein.

The absence or inadequate regulatory and legal framework over the usage of virtual currencies presents a challenge to the customers, economy and society. The recent ponzi scheme unearthed by Pune Police where a person claiming himself to be a Bitcoin1 entrepreneur has duped 8000 people involving INR 2000 Crore scam2. Also, various scams in other countries and the value of Bitcoin falling rapidly on the Coin Stock Exchanges and such value is not being backed by any concrete assets, the virtual currencies offer various challenges. The Ministry of Finance in India has issued a press release dated 29th Dec 173 stating that virtual currencies do not have any intrinsic value and are not backed by any kind of assets and cautioned that such currencies are not backed by Government and thereby are not legal tender.

Further, there is also classification issue in the virtual currencies, which also offers a significant challenge in designing the regulatory and legal framework around the same. Many countries generally classify virtual currencies into payment, utility and security tokens. Also, in certain countries another category of hybrid tokens that share characteristics of multiple categories also exits.

Read more: First Note on Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019