"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 |