"22 July 2014" Archive

Key Managerial Personnel under Companies Act, 2013

Companies Act, 2013 (Act) has introduced many new concepts and Key Managerial Personnel is one of them. While the Companies Act, 1956 recognised only Managing Director, Whole Time Director and Manager as the Managerial Personnel, the Companies Act, 2013 has brought in the concept of Key Managerial Personnel which not only covers the tradi...

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Clarification on Section 58A(9) / Section 58AA of Companies Act, 1956

CIRCULAR NO.1-2014 File No. 10/54/2014-CLB COMPANY LAW BOARD GOVERNMENT OF INDIA 3rd Floor, B-Block Paryavaran Bhawan C. G. O. Complex; Lodhi Road New Delhi-110003 Dated: 22.07.2014 CIRCULAR Sub: Clarification on Section 58A(9) and Section 58AA of the Companies Act, 1956 – Reg. On the commencement of sub-section (2) of section 74 of...

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Posted Under: Company Law |

RBI keeps in line with DIPP: switches to National Industrial Classification 2008 for FDI Reporting

Aditya Shah DIPP has vide their Press Release Note 4 Of 2014 Series[1] has switched from the old NIC 1987 version to new NIC 2008 for the purpose of classification for Industrial Licenses and Industrial Entrepreneur’s Memorandum (IEM) proposal that have been submitted to DIPP. In light of those changes and to ensure that the […]...

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Posted Under: Company Law |

FM on Why tax exemption not raised to Rs. 5 Lakh?

Extract of FM Speech in Lok Sabha During Budget Discussion on Friday 18.07.2014 A defining moment against us, both to the domestic investors and international investors, was the idea of a retrospective tax. Any economy, which can enact a retrospective tax and say this applies 40 years earlier, destabilises businesses, and, therefore, the ...

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Posted Under: Company Law | ,

Be Alert! Border Check Post by Sales Tax Department of Maharashtra is here

In Maharashtra 32 New Check Post have been constructed, it means that on Maharashtra border every Inward and Outward movement of goods will be examined. Will it increase difficulties & problems of business people? Kindly give us brief information and reasons behind introduction of Check Post....

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A.P. (DIR Series) Circular No.11 Dated July 22, 2014

RBI/2014-15/141 A.P. (DIR Series) Circular No.11 22/07/2014

Reserve Bank has since amended the Principal Regulations through the Foreign Exchange Management (Export of Goods and Services) (Second Amendment) Regulations, 2014 notified vide Notification No. FEMA 310/2014-RB dated June 12, 2014 c.f. G.S.R. No. 434 (E) dated July 8, 2014....

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CAG report on Non Compliance with Service Tax Rules and Regulations

Executive summary of the Report of the Comptroller and Auditor General of India for the year ended March 2013 Union Government, Department of Revenue, (Indirect Taxes – Service Tax), Report No. 6 of 2014 The Audit Report for the year ended March 2013 has been prepared for submission to the President of India under Article […]...

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Posted Under: Company Law |

DIN to be mentioned with Director’s Signature compulsorily wef 01.04.2014

DIN to be mentioned with Director’s Signature (Section 158) Now, Director’s name & DIN (Director Identification Number) has to be mentioned with their signature on all the documents to be signed in the capacity of director. PENALTY: – Company and every officer of the company who is in default or such other person shall be punis...

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