"24 December 2016" Archive

Articles of Association : Governing Internal Bye Laws of Company

Articles of Association regulates the internal management of the company and specifically defines the power of its officers. The Supreme Court further stated that Articles is a contract between the company and its members and between the members inter se which governs the ordinary rights and obligations incidental to membership of the com...

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Posted Under: Company Law |

Quick Insight on One Person Company (OPC)

One Person Company [OPC] allows a sole person to incorporate a company on its own with concessional/relaxed requirements under Companies Act...

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Posted Under: Company Law |

Nomination in Housing Societies in Maharashtra

SUBJECT to Cooperative Societies and LIMITED to Maharashtra State Jurisdiction, only. (REFER Section 30 r/w Rule 25 r/w model bye-law no. 32 to 37, under the Maharashtra Cooperative Societies Act & Rules (MCS Act)....

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Posted Under: Company Law |

Transitional Provisions under Revised Model GST Law -Part-I

It is pertinent to note that person operating under composition scheme will not be entitled for input tax credit and also the tax paid under composition scheme will not be admissible as credit to the recipeint....

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Posted Under: Company Law |

7th GST Council Meet: Agreement on CGST & SGST Laws, but stuck on dual control issue

GST Council members debated on Model Central/State legislation and finally, Council reached a broad consensus on draft of CGST and SGST...

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How to register at GST Portal (with Portal Screen Shots)

India is going through one of the major reform in tax system since independence i.e. Goods & Service Tax(GST). GST GST will replace 17 indirect tax levies and compliance costs will fall....

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Service revenue need not to be include service tax-Sec 145A(a)(ii) not applicable to service revenue

CIT Vs Knight Frank India P. Ltd. (Bombay High Court)

Sec 145A(a)(ii) has no applicability on service revenue which follows that service revenue need to be inclusive of service tax. It also held that service tax which has not even been claimed as deduction cannot be disallowed by recasting profit and loss account of assessee....

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GCMMF/ Amul to ensure 100% milk producers account opening by 30.12.2016

Government directs GCMMF/Amul to ensure 100% milk producers accounts to be opened by 30th December, 2016. Co-operatives have been directed to ensure the opening of 100% accounts of milk producers/farmers by 30th January, 2017...

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Posted Under: Company Law |

Valuation of Interest free/ concessional loan to employee- SBI Interest rate on 01.04.2016

Rule 3(7)(i): Interest free / concessional loan Any loan given free of interest or concessional interest shall be a taxable perquisite and calculated as follows: • Interest calculated at the rate charged by State Bank of India as on 1st day of pr...

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Fast Track Merger under Companies Act, 2013 possible now

Now there no need to take NCLT approval for prescribed Merger(s)/Amalgmation for certain type of companies including small companies as Fast Track Merger (FTM) is notified now....

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