"16 May 2017" Archive

MCA withdraws Circular on Transfer of shares to IEPF Authority

General Circular No.05/2017 (16/05/2017)

General Circular No. 03/2017 dated 27.04.2017 regarding Transfer of shares to IEPF Authority is being reviewed by the Ministry and hence the said circular stands withdrawn with immediate effect....

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Deprecation cannot be claimed in respect of Written Off / unusable Assets

Commissioner of Income Tax Vs Brawn Pharmaceuticals Ltd. (Delhi High Court)

Section 32(1)(iii) of the Act provides for deduction, in the case of any building, machinery, plant or furniture, in respect of which depreciation is claimed and allowed under clause (i) and which is sold, discarded, demolished or destroyed in the previous year (other than the previous year in which it is first brought into use), [&hellip...

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ICAI Constitute Group related to all issues of Bank Audit

The President, in terms of the authority given to him by the Council at its 363rd meeting held on 12th February, 2017, has constituted a Group related to all issues of Bank Audit including reduction in Statutory Central Auditors (SCAs), cooling period, distribution of bank branch audit as well as previous report of CA. Tarun J. Ghia on ...

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Posted Under: Company Law |

A big turn-around in India’s Power Sector

India’s power sector that was marred by continuous shortages and lack of quality and steady supplies to homes and factories has seen an unprecedented turnaround in the past three years. Today the country boasts of a situation where surplus power to the tune of 3000- 4000 mw is available on real time basis at any time of the day to state...

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Posted Under: Company Law |

Social and Financial Inclusion: Initiatives undertaken by NDA Govt

Over the last three years, we have witnessed a fundamental shift in the narrative of social justice for the marginalized. The focus has moved from the politics of welfarism and entitlement to a more participatory model of empowerment. By all means, the Government of India (GoI) is effectively exploring multiple facets of empowerment for t...

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Posted Under: Company Law |

Notification No. 47/2017-Customs (N.T.) Dated: 15.05.2017

Notification No. 47/2017-Customs (N.T.) (15/05/2017)

S.O. ... (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Dep...

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Features of GSTR-2 and Filing of Return of Inward Supply Under GST

How to fill Form GSTR-2: GSTIN – Each taxpayer will be allotted a state-wise PAN-based 15-digit Goods and Services Taxpayer Identification Number (GSTIN). GSTIN of the taxpayer will be auto-populated at the time of return filing....

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Posted Under: Company Law |

Features of GSTR1 and Filing of Return of Outward Supply under GST

Input Tax Credit is available only if the registered person has issued the tax invoice for the supply of goods or services as given in the Revised Invoice Rules and the same is furnished in the GSTR – 2 of the recipient and GSTR -1 of the supplier of goods or services are matched. GSTR […]...

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Posted Under: Company Law |

How to Prevent and Mitigate Ransomware Attacks

What is a Ransomware Attack? Attacks involve malware delivered through spear phishing emails that lock up valuable data assets and demand a ransom to release them. Hackers now check a victim’s social media accounts, and create a fake email address pretending to be a friend or contact in order to get them to click on […]...

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Meaning of Goods and Services In GST

Goods include: Every kind of movable property, Actionable claims, Growing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under a contract of supply. ...

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Posted Under: Company Law |
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