"23 November 2018" Archive

ICAI withdraws Guide on disclosure of Specified Bank Notes

The Ministry of Corporate Affairs vide notification dated March 30, 2017 notified Companies (Audit and Auditors) Amendment Rules, 2017 and Amendment to Schedule III to the Companies Act, 2013. Vide this amendment, the following new clause was inserted in Rule 11 of Companies (Audit and Auditors) Rules, 2014...

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Posted Under: Company Law |

GST Annual Return- GSTR 9, GSTR 9A, GSTR 9B, GSTR 9C

Legal Provisions & Applicability of Annual Return under GST As per Section 44(1) of CGST Act 2017, taxable persons are required to furnish the Annual Return for every financial year electronically. Further, taxable persons whose turnover exceeds Rs. 2 Crores during the financial year, are required to get their accounts audited under S...

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Interpretation on Acceptance of Deposit by Companies

Deposits have been defined under the Companies Act, 2013 (2013 Act) to include any receipt of money by way of deposit or loan or in any other form by a company. However deposits do not include such categories of amounts as may be prescribed in consultation with the Reserve Bank of India (“RBI“). Chapter V of […]...

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Posted Under: Company Law |

Section-7 Meaning and Scope of Supply under GST

SCHEDULE III ACTIVITIES OR TRANSACTIONS WHICH SHALL BE TREATED NEITHER AS A SUPPLY OF GOODS NOR A SUPPLY OF SERVICES 1. Services by an employee to the employer in the course of or in relation to his employment. 2. Services by any court or Tribunal established under any law for the time being in force....

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Posted Under: Company Law |

Have you registered a new company recently? Beware of this fraud

Manoj Saxena, a fresh graduate decides to start his own company in India. With much enthusiasm he submitted all the documents required for the company to be incorporated to MCA. After a few days his company name gets registered and he begins to work....

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Posted Under: Company Law |

How to Calculate Eligible and Reverse Ineligible Input Tax Credit and on Capital Goods as per Rule 43

Subject to the provision of sub-section (3) of Section 16 of CGST Act, where the registered person claimed depreciation on tax amount charges on the cost of capital goods under Income Tax Act, 1961, he is not allowed to take the input tax credit of that tax amount. And, as per the provisions of sub-sections […]...

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Posted Under: Company Law |

Received CSR notice – File Reply in eForm CFI (CSR)

Ministry of Corporate Affairs (#MCA) has issued a new form under the provision of Companies Act, 2013 has issued a new eForm CFI (CSR) to enable the reply towards the CSR Notice received by the Company....

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Posted Under: Company Law |

Fine vs Penalty – Companies (Amendment) Ordinance, 2018

One of the major highlight of the Companies (Amendment) Ordinance, 2018 is re-categorisation of certain ‘acts’ punishable as compoundable offences to ‘acts’ carrying civil liabilities i.e. re-categorisation from Fine to Penalty....

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Posted Under: Company Law |

Copyright Registration process along with FAQ’s

Meaning of Copyright Copyright is a right given by the law to creators of literary, dramatic, musical and artistic works and producers of cinematograph films and sound recordings. In fact, it is a bundle of rights including, inter alia, rights of reproduction, communication to the public, adaptation and translation of the work. There coul...

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Posted Under: Company Law |

Systemically Important Core Investment Companies (CIC-ND-SI)

The application form for CICs-ND-SI is available on the Bank’s website that can be easily downloaded and filled in and submitted to the Regional Office of the DNBS in whose authority, the Company is registered along with all necessary supporting documents mentioned in the application form....

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Posted Under: Company Law |

Insistence on GST payment by cash or DD is against the spirit of GST

Pioneer Polyleathers Limited Vs Assistant State Tax Officer (Kerala High Court)

Strangely, the authorities still insist that the payment should be by physical means: either in cash or through Demand Draft (DD). That insistence seems to be archaic and out of tune with the very spirit of the GST regime...

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Service Tax on deposit collected by builder for Repair & Maintenance

The Commissioner of Service Tax Vs. M/s. Crescendo Associates (Bombay High Court)

Commissioner of Service Tax Vs. M/s. Crescendo Associates (Bombay High Court) 1. This Appeal under Section 83 of the Finance Act, 1944 read with Section 35G of the Central Excise Act, 1944 challenges the order dated 15 September 2015 passed by the Customs, Excise and Service Tax Appellate Tribunal (“the Tribunal”). 2. The Revenue in [...

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Cabinet approves Allied and Healthcare Professions Bill, 2018

Cabinet approves the Allied and Healthcare Professions Bill, 2018 for regulation and standardisation of education and services by allied and healthcare professionals...

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Posted Under: Company Law |

Extension of Norms for Mandatory Packaging in Jute Materials 

The CCEA approved that 100% of the food grains and 20% of the sugar shall be mandatorily packed in diversified jute bags. The decision to pack sugar in diversified jute bags will give an impetus to the diversification of the jute industry....

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Posted Under: Company Law |

Analysis of NFRA Rules, 2018

As per the Companies Act, 2013 the NFRA is tasked with the job of recommending accounting and auditing standards, ensuring compliance with them and overseeing the quality of service of the accounting and audit professions....

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Posted Under: Company Law |

Restriction on Transfer of Shares of Listed Company in Physical Form

SEBI has amended the Listing Obligation and Disclosure Requirements (LODR) regulations. In a new directive, shareholders holding physical share certificates should convert it into dematerialized form by December 5, 2018:- Notification for same has been issued on “The gazette notification was issued on June 8, 2018” A. Impact: The shar...

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Posted Under: Company Law |

Unlisted Public Company to file Half Yearly ‘Reconciliation Certificate’

Article discusses Compliance Requirement under Companies Act, 2013 and under Regulation 55A of the SEBI (Depositories and Participants) Regulations, 1996 considering Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2018 notified on 10 September 2018 effective from 02nd October, 2018. ...

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Posted Under: Company Law |

Analysis of 4 recent NCLT Ruling on Insolvency Bankruptcy Code, 2016

Article explains following 4 FAQs based on recent NCLT Rulings- 1. Whether Pendency of Proceedings or initiation of action under SARFAESI Act is a ground for rejection of application u/s 7 of IBC? 2. Whether non-cooperation of suspended management and non –availability of assets in Company can be an ground for initiation of Liquidation ...

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Posted Under: Company Law |

Andhra Pradesh Goods And Services Tax (Amendment) Act, 2018

ACT No. 23 of 2018 (23/10/2018)

Andhra Pradesh Goods And Services Tax (Amendment) Act, 2018 received the assent of the Governor on the 19th October, 2018 and the said assent is hereby first published on the 23rd October, 2018 in the Andhra Pradesh Gazette for general information...

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Note on New MSME Notification for Reporting with MCA

The Ministry of Micro, Small and Medium Enterprises issued a notification on November 2, 2018, which prescribe half-yearly reporting to MCA for the Companies which receives services or goods from micro or small enterprises and whose payments to micro and small enterprises suppliers exceed 45 days....

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Posted Under: Company Law |

Returns and Procedures under UAE VAT

VAT Return, also known as 'Tax return' is a periodical statement which a registered person needs to submit to the authority. The details and data to be furnished in the VAT return for the purpose of tax are specified in the UAE VAT executive regulations. All the details as required in VAT Return need to be prepared in accordance with the ...

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Posted Under: Company Law |

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