"06 June 2015" Archive

Govt exempts Private companies from filing board resolutions specified in section 179(3)

MCA has vide notification dated 05/06/2015 exempted private limited companies from resolutions passed in pursuance of sub-section (3) of section 179 as it has provided that clause (g) of sub-section (3) of section 117 shall not apply to private limited Companies.  Section 179 (3) specifies the power which board shall exercise on behalf o...

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Posted Under: Company Law |

Section 180 of CA 2013 not applicable to Private Limited Companies

Section 180 of Companies Act 2013 which was applicable to all type of Companies and which was putting a restriction of power of board of directors and specified that some specified transaction under section 180 can be done by Board only with the consent of the company by a special resolution....

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Posted Under: Company Law |

Govt Relaxes 20 Audit Ceiling Limit on Statutory Audits

MCA has vide Notification dated 05/06/2015 has exempted from Statutory Audit ceiling limit  of  20 company audit limit  the following Companies :- a) other than one person companies b) dormant companies, c) small companies and private companies having paid-up share capital less than one hundred crore rupees. So now the Limit of 20 Comp...

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Exemption from Provisions related to Loan to directors of Private Companies

MCA vide notification dated 05/06/2015 titled Exemptions to Private Companies U/s. 462 of CA 2013 has provided that  Restriction on loan to directors provided under section 185 of Companies Act, 2013 shall not apply to following private companies: (a) in whose share capital no other body corporate has invested any money; (b) if the borro...

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Posted Under: Company Law |

Consolidation of financial statements of foreign subsidiaries w.e.f 01-04-2015

More recently, on 16 January 2015, the MCA issued another amendment that provides that the requirements in respect of consolidation of financial statements shall not apply to a company having subsidiary or subsidiaries incorporated outside India only for the financial year commencing on or after 1 April 2014....

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Posted Under: Company Law |

Goods and Service Tax (GST) -The Future of India

Changes made in the taxation system, it is a not simpler process. Nobody can make easily change in the Taxation System except the Tax Authority having power regarding towards the Constitution. So that is why, GST Act is not implemented till now. Article 246 and 254 of the Constitution, gives a power with respect to goods and Service tax i...

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Posted Under: Company Law |

5 Steps For Successful Implementation of GST by any Business Entity

1. Formation of cross functional core team to drive implementation of GST. This team shall disseminate the learnings to all the stakeholders of the company by keeping abreast of all the developments in the subject. Finance Head of the company should regularly meet and review the suggestions being made by the team and should take necessary...

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Posted Under: Company Law |

Related Party Transaction updated as per Companies (Amendment) Act, 2015

RELATED PARTY TRANSACTIONS. Section 188 of the Companies Act, 2013 read with Companies (Meetings of Board and its Powers) Rules, 2014. (Updated as per Companies (Amendment) Act, 2015) ...

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Posted Under: Company Law |

Amendments in Cenvat Credit Rules in 2015 at a Glance

The Cenvat Credit in respect of inputs may also taken on receipt of the inputs in the premises of the job worker, where in case of goods are sent directly to the job worker on the direction of the manufacturer or the provider of output service.b) Time limit for taking credit on inputs and input services from the present 6 months to one...

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Posted Under: Company Law |

Depreciation Under Schedule II of Companies Act, 2013: FAQs

Amitesh Agarwal 1. What will be carrying cost and carrying life of the asset, if a company purchased it as second hand asset from another? Reply: a) Please note that carrying cost will be the historical cost or the amount substituted for the historical cost as per the books of account of the company. (i.e. in […]...

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