"18 December 2018" Archive

Companies (Incorporation) Fourth Amendment Rules, 2018

G.S.R.(E). (18/12/2018)

23A. Declaration at the time of commencement of business.- The declaration under section 10A by a director shall be in Form No.INC-20A and shall be filed as provided in the Companies (Registration Offices and Fees) Rules, 2014 and the contents of the said form shall be verified by a Company Secretary or a Chartered Accountant or a Cost Ac...

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Source Documents and Crucial Area under Annual Return GSTR-9

A. CBIC, vide Notification No. 39/2018- Central Tax dtd. 4th September, 2018 has notified the Form of Annual Return. GSTR 9 is to be filed once in a year by the registered taxpayers, including persons registered under composition levy scheme, under Section 44 of the CGST Act, 2017. B. It consists of details regarding the […]...

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Posted Under: Company Law |

GST: Audit by tax Authority, Special Audit & Annual GST Audit

Section 65 – GST Audit by tax Authority (1) Authority Commissioner or any officer authorised by him (2) At place of business of the registered person or at their office (3) 15 working days prior notice (4) Audit shall be completed within a period of three months from the date of commencement of the audit […]...

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Posted Under: Company Law |

GSTN started sharing Mis-match data with tax authorities

GSTN has started sharing data with tax authorities on the following: a.Mis-match between figures reported in GSTR-1 & GSTR-3B. b.Mis-match between figures reported GSTR-3B &that computed by the system in GSTR-2A. c.Taxpayers who have generated e-way bill but not filed tax returns....

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Posted Under: Company Law | ,

Law to check scams in Banks

The Government has initiated formulation of laws to secure prudential banking and help effect a culture of credit discipline, including, inter alia, in terms of the following:- i. Insolvency and Bankruptcy Code, 2016 (IBC) has been enacted to create a unified framework for resolving insolvency and bankruptcy matters. IBC, by adopting a cr...

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Posted Under: Company Law |

Slump sale of business as going concern to related party qualifies as supply

In re Merck Life Science Private Limited (GST AAR Maharashtra)

Seller has agreed to sell, transfer, convey, assign and deliver to the applicant or to any affiliates as directed by applicant for the BPL business which would be transferred as a slump sale on going concern basis. BPL business means BP business, LS Business and PM business as going concern as outlined in 'Definitions and Interpretations'...

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CAG Empanelment of CA firms/LLPs for year 2019-20

Online Applications are invited from CA firms/LLPs from 1 January 2019 to 15 February 2019 for CAG empanelment for the purpose of appointment as auditors of Government Companies/Corporations for the year 2019-20. OFFICE OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA 9, DEEN DAYAL UPADHYAYA MARG, NEW DELHI – 110 124 Empanelment of Chart...

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Posted Under: Company Law |

Notice U/s. 148 unsustainable Once Arm’s Length Price Procedure Followed

Honda Motor Co. Ltd. Vs DCIT (ITAT Delhi)

Honda Motor Co. Ltd. Case: Where Reassessment Is Based Only On Allegation That Appellant Has PE In India, Notice Under Section 148 Cannot Sustain Once Arm’s Length Price Procedure Has Been Followed....

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Legal Framework for Private Placement

A company making private placement shall issue private placement offer and application in such form and manner as may be prescribed to identified persons, whose names and addresses are recorded by the company in such manner as may be prescribed:...

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Posted Under: Company Law |

SA- 701- key audit matters

SA 701 is applicable for audits of financial statements for periods beginning on or after April 01,2018 for audits of complete sets of general purpose financial statements of listed entities. It casts a new reporting requirement on auditors of listed entities to communicate the key audit matters in their audit reports....

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Posted Under: Company Law |