"19 February 2018" Archive

Key points while filing petition/application before NCLT court

As we all knows that Central Government notified NCLT Rules, 2016 on 21st of July, 2016 through notification in the official gazette. The provisions specify the professionals i.e., Company Secretaries, Chartered Accountants and Advocates who can practice before the NCLT or NCLAT....

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Posted Under: Company Law |

The Great Jewel Scam. Is It System Failure?

The great jewel scam that is rocking the nation has opened up a Pandora Box on how the banks have become soft target for unscrupulous scam creators in connivance with the bank officials. It is apparent from the modus operandi of the operations that it is a systematic, well conceived and planned loot of the Indian Banking system....

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Posted Under: Company Law |

What is the Nirav Modi scandal?

It is textbook banking fraud. Let’s start with a brief overview of how trade in diamonds is settled. Rough diamonds are very expensive, easy to transport, and cutting – polishing them adds little value to the final product. This makes rough diamonds an excellent tool for round-tripping funds into India via fake invoices. Diamon...

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Posted Under: Company Law |

MSME- Overview, Registration and incentives

Any entrepreneur having valid Aadhaar Number i.e Registration under MSME can be done by both Manufacturing Enterprise and Service Enterprise. They can be classified as follows on the basis of Annual Turnover:...

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Posted Under: Company Law |

5 Advantages of Investing Early 20s

The youth of today earn higher salaries enabling them to make intelligent investment decisions from their early career. When you start early, you are able to enjoy financial independence and security. However, most early 20s youngsters do not consider saving and investments one of their top priorities. Their financial freedom, education l...

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Posted Under: Company Law |

OBC warns Concurrent Auditors to duly Verify all Outward SWIFT messages

HO/I&C/Circular letter No./41/2017-18 (19/02/2018)

It is reiterated that all Concurrent Auditors are required to:- To cross verify that all outbound SWIFT messages vis-a-vis their corresponding entries are reflecting in. To ensure & confirm that second checking has been done by the Branch official who are not associated with SWIFT messages....

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Glitches in GSTN portal, cumbersome procedures major areas of concern

Amongst the key issues faced with respect to GST implementation, the industry has highlighted glitches in GSTN portal, cumbersome procedures and documentation and cost of compliance as the major areas of concern that need to be addressed....

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Posted Under: Company Law |

Implementation Guide to Standard on Auditing (SA) 701

In the year 2016, ICAI revised the extant suite of auditor’s reporting standard (i.e. SAs 700, 705, 706) and also issued a new standard SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report...

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Posted Under: Company Law |

​Revised DTAA between India and Kenya notified

Notification No. 11/2018-Income Tax [S.O. 731(E)] (19/02/2018)

The Double Taxation Avoidance Agreement (DTAA) between India and Kenya was signed and notified in 1985. Subsequently, the DTAA was renegotiated and a revised DTAA was signed between both countries on 11th July, 2016. The revised DTAA has been notified in the Official Gazette on 19th February, 2018....

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CBDT revises Application form for registration of charitable or religious trusts

Notification No. 10/2018-Income Tax [G.S.R. 176(E)] (19/02/2018)

pplication for registration of charitable or religious trusts, etc.- 17A (1). An application under clause (aa) or clause (ab) of sub-section (1) of section 12A for registration of a charitable or religious trust or institution shall be made in Form No. 10A and accompanied by the following documents, namely:_...

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