As per new Companies Act, 2013, if a company maintains its books of accounts at any other place, the same should be reported to RoC by way of filing of Form AOC-5 (Earlier it was Form 23AA under Companies Act, 1956). Non-compliance can result into heavy monetary penalty as well as imprisonment of Directors/MD/CFO.
Hon’ble Delhi ITAT has in the case of M/s. Fortune Ploymers Industries Pvt.Ltd. vs. DCIT, has held that Penalty u/s 271(1)(c) cannot be imposed on an un-detailed assessment order passed in a cursory and summary manner .
A Company incorporated under the statute has an identity of its own, which is different from its members and shareholders, etc. A subsidiary company is an incorporated entity which has an identity of its own, which shall be separate from its holding company.
Objective: The purpose of this write up is to identify and understand the need for statutory compliance services for a business. This article provides some initial insights on statutory compliances services that are offered by global companies. History of Businesses in India: In the yesteryears, businesses were relatively easy to operate. There was a controlled […]
Vat was introduced in all over country in 2006 and GST is the logical conclusion of the successful introduction and imposition of Value added Tax in India. In its standard format GST is a single tax replacing all the indirect taxes and collected by a single authority but in our country the system of Governance is Federal and both centre and states have the power to collect indirect taxes in one form or another.
