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Archive: 23 November 2018

Posts in 23 November 2018

ICAI withdraws Guide on disclosure of Specified Bank Notes

November 23, 2018 3411 Views 0 comment Print

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

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

November 23, 2018 155685 Views 20 comments Print

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 Section 35(5) of […]

Interpretation on Acceptance of Deposit by Companies

November 23, 2018 45591 Views 6 comments Print

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 […]

Section-7 Meaning and Scope of Supply under GST

November 23, 2018 140295 Views 3 comments Print

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.

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

November 23, 2018 9990 Views 8 comments Print

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.

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

November 23, 2018 5142 Views 0 comment Print

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 […]

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

November 23, 2018 7545 Views 0 comment Print

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.

Fine vs Penalty – Companies (Amendment) Ordinance, 2018

November 23, 2018 25629 Views 2 comments Print

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.

Copyright Registration process along with FAQ’s

November 23, 2018 3366 Views 0 comment Print

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 could be […]

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

November 23, 2018 11127 Views 1 comment Print

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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