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Archive: 03 July 2018

Posts in 03 July 2018

IBBI (Insolvency Resolution Process For Corporate Persons) (Third Amendment) Regulations, 2018

July 3, 2018 10716 Views 0 comment Print

These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018.

Master Circular 2017– Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM)

July 3, 2018 1890 Views 0 comment Print

Master Circular – Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) has been suitably updated by incorporating the instructions on DAY-NRLM issued up to June 30, 2018, which are listed in the Appendix and also been placed on website (https://www.rbi.org.in).

Reopening cannot be done for Mistake committed by AO in Original Assessment

July 3, 2018 4143 Views 1 comment Print

This appeal filed by the revenue is directed against the order of Ld. CIT(Appeals) – 19, Kolkata dated 05.03.2014 and in the solitary ground raised therein, the revenue has challenged the action of the Ld. CIT(A) in cancelling the assessment made by the A.O. under section 143(3) / 147 of the Income Tax Act, 1961 by holding the same to be invalid.

Procedure for change of Limited Liability Partnership (LLP) Name

July 3, 2018 30108 Views 2 comments Print

Any LLP registered under the act Limited Liability Partnership Act, 2008 may change its name any time during its active status with the approval of respective authority.

Analysis of Single Master Form and The Firms

July 3, 2018 15792 Views 6 comments Print

In alignment with the Indian Governments continuing efforts to bolster foreign investment and ease of doing business in India, the Reserve Bank of India (RBI) issued an important circular A.P. (DIR Series) Circular No.30 on 7th June, 2018 with the aim of simplifying reporting under the Foreign Exchange and Management Act, 1999 (FEMA).

Some Aspects of Pledge of Shares Under SEBI Take Over Code

July 3, 2018 6849 Views 0 comment Print

Pledge of shares by promoters of a listed public company with lenders of money by way of providing security for borrowing by the listed company from such lenders would not tantamount to an acquisition of shares and voting rights by the lenders and would not trigger making of Open Offer under SEBI Take over Code.

GST on Complimentary IPL Tickets- Kings XI Punjab withdraws AAR Application

July 3, 2018 2793 Views 0 comment Print

Whether free tickets given as Complimentary tickets by Kings XI Punjab for IPL Matches falls within the definition of supply under the CGST Act, 2017 and thus whether the Applicant is required to pay GST on such free tickets?; Whether the Applicant is eligible to claim Input Tax Credit (for short ITC) in respect of complimentary tickets?

GST Completes 1 year, somewhere smiles somewhere tears !!

July 3, 2018 6081 Views 2 comments Print

Arjuna (Fictional Character): Krishna, what can you say about completion of 1 year of GST implementation? Krishna (Fictional Character): Arjuna, GST now completes 1 year in India, this year has been tough for everyone. The biggest Tax reform in India is now slowly being accepted by all. Still there are many changes which are yet […]

GST on Moulds and Dies under Job Work

July 3, 2018 25107 Views 2 comments Print

There was confusion about the taxability of moulds and dies sent by the principal to his job worker free of cost, based on earlier tax laws.  In order to clarify the doubt and tax department issued a Circular (No.47/21/2018-GST dated 8th June 2018).  We shall discuss the same here: Moulds and dies belong to the […]

Clarification on RBI Latest Online Application FIRMS (Foreign Investment Reporting and Management System)

July 3, 2018 10017 Views 3 comments Print

The Reserve Bank has come up with the objective of integrating the extant reporting structures of various types of foreign investment in India, and for this purpose it will introduce a Single Master Form (SMF) subsuming all the existing reports.

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