"22 October 2018" Archive

Verify MEF declaration & Financial Documents submission status

MEF declaration received status as on 23-08-2011 can be verified at the link given below http://www.meficai.org/declarations_recieved.jsp...

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Posted Under: CA, CS, CMA |

Who will listen to cry of GST taxpayer “Justice delayed is Justice Denied?”

who will tell the Govt, that Justice delayed is Justice Denied. one year has passed since the implementation of GST, during this one year government have issued many notifications and being the new law, both Govt and taxpayers have made many mistakes in GST . To rectify all these mistakes the return of September 2018 is their last chance....

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1,40,139 taxpayers disclosed income above Rs. 1 crore in AY 2017-18

While 88,649 taxpayers disclosed income above Rs. 1 crore in AY 2014-15, the figure was 1,40,139 for AY 2017-18 (growth of about 60%). Similarly, the number of individual taxpayers disclosing income above Rs. 1 crore increased during the period under reference from 48,416 to 81,344, which translates into a growth of 68%....

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Posted Under: CA, CS, CMA |

IBBI (Mechanism for Issuing Regulations) Regulations, 2018

Notification No. No. IBBI/2018-19/GN/REG038 (22/10/2018)

IBBI notifies the Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018   The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject to the conditions that the r...

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Loan to directors & Loan and investment by company

Among the various modifications, one of the key amendments that was brought about under the 2017 Act were the changes to Sections 185 and 186 of the 2013 Act corresponding to Sections 61 and 62 of the 2017 Act, which deals with loans to directors and loans and investments by companies and their corresponding rules. ...

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Posted Under: CA, CS, CMA |

Appointment of Additional Director

As per Section 149(1): Every Company shall have a Board of Directors Consisting of Individuals as director. (It is clear to understand from this line that only an individual can be director of company. Some persons have doubt that other than individual can be director or not). According to this section Only AN INDIVIDUAL can […]...

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Posted Under: CA, CS, CMA |

Methods of raising funds in private companies by issuing of shares

Issue Of Shares In Private Companies 1)  Methods of issue of shares:   A) Private Placement (Section 42 of the Companies Ac, 2013, Rule 14) B) Preferential allotment/Preferential offer C) Right Issue D) Conversion of Loan/Debentures into shares. E) Bonus issue A) Private Placement (Section 42 of the Companies Act, 2013, Rule 14)  1) ...

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Posted Under: CA, CS, CMA |

Conditions for Availing Credit Under GST

In the current article we will discuss about the eligibility criteria involved for claiming input tax credit under GST Introduction As per sec 16 of CGST Act 2017 there are certain eligibility criteria or conditions which are required to be fulfilled for claiming input tax credit under GST. In the current article provisions as per [&helli...

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Posted Under: CA, CS, CMA |

Penalty u/s 272A(1)(c) can be levied for non-compliance of Section 131(IA)

Young Indian Vs Addl. DIT (Inv.) (ITAT Delhi)

Young Indian Vs ADIT (ITAT Delhi) It is the submission of the ld. counsel for the assessee that the provisions of section 131(1) and provisions of section 131(1A) are different and since the provisions of section 272A(1)(c) prescribe levy of penalty for non-compliance to provisions of section 131(1) only and since there is no provision [&...

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No Service Tax on Restoration & Painting of Cylinders as ‘Maintenance and Repair Service’

M/s. R.K Cylinders Vs Commissioner Of Central Tax (CESTAT Bangalore)

M/s. R.K. Cylinders Vs Commissioner Of Central Tax (CESTAT Bangalore) Going by the activity undertaken by the appellants as per the tender agreement, it is seen that he is not covered under (i) as above. Moreover, he is not a manufacturer of cylinders or he is not any person authorized by a manufacturer. It is […]...

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