"18 December 2018" Archive

Companies (Incorporation) Fourth Amendment Rules, 2018

G.S.R.1219(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 |

HC quashes MCA order publishing list of disqualified directors & deactivating DIN

Gaurang Balvantlal Shah S/O Balvantlal Shah Vs Union of India (Gujarat High Court)

MCA order in publishing the list of directors  associated with struck off companies under Section 248 of the Companies Act, 2013 on the Website of MCA, showing the status of assessee as disqualified Directors was not legally tenable as section 164(2) of the Companies Act would take effect only from the financial year 2014-15. ...

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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 |

Section 54F exemption cannot be denied merely because bills & vouchers were not produced

Shri Govind Gangadhar Sabane Vs The Income Tax Officer (ITAT Pune)

Shri Govind Gangadhar Sabane Vs ITO (ITAT Pune) There is no dispute to the fact that one capital asset was sold and thereafter, new house was constructed. That both the Revenue Authorities in their respective orders have agreed that the Inspector had visited the site and has reported that residential house has been constructed consisting ...

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Air Dryer complete with final filter used in breaking system of locomotive attracts 18% GST

In re M/s Blackstone Diesels (AAR Rajasthan)

In re M/s Blackstone Diesels (AAR Rajasthan) The ‘Air Dryer complete with final filter for used in breaking system of locomotive’ has been rightly classified by the supplier under Chapter 8421 of GST Tariff Act 2017 which attracts GST @18% (CGST 9% + SGST 9% ). FULL TEXT OF ORDER OF AUTHORITY OF ADVANCE RULING, RAJASTHAN [&he...

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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 |

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