"02 October 2016" Archive

Highlights of Draft GST Rules & Formats approved by GST Council

Government is not leaving any stone unturned to roll out the much awaited indirect tax reform from April 1, 2017. In less than a week after the first meeting of GST Council (on September 22-23, 2016), CBEC on September 26, 2016, has unveiled Draft Rules and formats under GST relating to registration, invoice and payment....

Read More

Analysis of Companies Management & Administration Amendment Rules, 2016

In case of a company existing before the commencement of this act, the particulars are available registered under the Register of members registered under the Companies Act, 1956 shall be transferred to the New Register of Members in Form MGT-1 , and in case of additional information required as per the act and the rules thereunder, is p...

Read More

Effect of Companies (Incorporation) Fourth Amendment Rules, 2016

1. Effecting conversion of Public limited Company in to Private Limited Company or vice versa- Under rule 33(2) a copy of order of the (competent authority) Tribunal approving the alteration, shall be filled with the Registrar in Form INC 27 with in 15 days from the date of receipt of the order from the (Central government) Tribunal....

Read More

Salient Features of Rajasthan Investment Promotion Scheme, 2014

Amit Mundhra, FCA, ISA(ICAI) SALIENT FEATURES OF RAJASTHAN INVESTMENT PROMOTION SCHEME – 2014 (RIPS – 2014) 1. Applicability of the Scheme a. New and existing enterprises making investment for setting up new units; b. Existing enterprise making investment for expansion; and c. Sick enterprise making investment for its revival d. Schem...

Read More

Relief – Fees u/s 234E for late filing of TDS return

Gajanan Constructions, Prop. Gorakhnath Katkar v DCIT, CPC (TDS) [ITAT Pune]

The power to charge fees under the provisions of section 234E of the Act while processing the TDS statements, was dwelled upon by the Legislature by way of insertion of clause (c) to section 200A(1) of the Act by the Finance Act, 2015 w.e.f. 01.06.2015. Accordingly, we hold that where the Assessing Officer has processed the TDS statements...

Read More

GST Return Provisions under Model GST Law

1) Return filing process for Normal Assessee: Step 1: Supplier (GSTR-1): Cover all outward supplies effected during/in earlier tax period and submit GSTR-1; Step 2: Recipient (GSTR-2): GSTR-2A (of recipient) shall be auto-generated based on GSTR-1 filed by Supplier;...

Read More

Practitioner’s guide for a Medium Sized Company on Creating a Board

We often hear the term Board of Advisors/Advisory Board being used with reference to organizations. While it is easy to derive the nature of their role from the name itself, it is important that we understand how to build a board....

Read More

MVAT- Special Amnesty Scheme for closed units

Trade Circular No. 29T of 2016 (29/09/2016)

Special Amnesty Scheme for closed units and units which can’t be revived as per Maharashtra Industrial Policy, 2013. Trade Circular No. 29T of 2016 Dated: 29.09.2016    ...

Read More

Compounding of Offences Under Companies Act, 2013.

The word compounding is not defined anywhere in the Act. As per the Black’s Law Dictionary, Compound means to settle a matter by a money payment, in lieu of other liability. The Oxford Dictionary defines the word Compound as Settle (a debt or other matter) in exchange for money or other consideration...

Read More

Every Scrap sale not liable to Tax Collection at Source (TCS)

As per Section 206C of Income Tax Act, 1961 (1) Every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier,...

Read More