"23 January 2019" Archive

Piyush Goyal made temporary finance minister

Union Minister Shri Piyush Goyal, temporarily assigned charges of Minister of Finance and Minister of Corporate Affairs in addition to his existing portfolios. President’s Secretariat PRESS COMMUNIQUÉ Posted On: 23 JAN 2019 The President of India, as advised by the Prime Minister, hereby directed that during the period of indisposi...

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Posted Under: Finance |

Cabinet approves creation of National Bench of GST Appellate Tribunal

Cabinet approves creation of the National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the creation of National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT). The National Bench of the Appellate Tribunal shall be situated a...

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Posted Under: Finance |

Unlisted public companies exempt from dematerialization of Securities

Earlier Provision: MCA vide it’s notification dated September 10, 2018 inserted Rule 9A in Companies (Prospectus and Allotment of Securities) Rules, 2014, making it mandatory for all the unlisted public companies to dematerlize it’s securities w.e.f. October 2, 2018 without any exemption to Nidhi Company or Government Company ...

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Who is Non resident for Income Tax and for FEMA and implications of becoming Non resident

How one becomes Non resident under Income Tax and FEMA and the implications of becoming Non resident? Though the word ‘non resident’ is used interchangeably but the tax laws and Foreign Exchange laws have different connotation of it as the purpose of both the laws is different.  Let us discuss. Non resident under tax laws [&h...

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How to Tackle the Notice Issued u/s 271(1)(c)

For invoking the provisions of section 271(1)(c) of the Income Tax Act, satisfaction of the concerned income tax authority is must that any person has:- Either concealed particulars of his income OR Furnished inaccurate particulars of such income and such satisfaction must be arrived at in the course of any proceeding under the Act. Satis...

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Dematerialisation of Shares & its Exemption

MCA mandated the Dematerialization of shares for all Unlisted Public Companies through its notification dated 10th September, 2018, in which Rule 9A of Companies (Prospectus and Allotment of Securities) Rules, 2014 was introduced. Link to notification dated 10th September 2018:-  Companies (Prospectus and Allotment of Securities) Third A...

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Know Different Types of Company Registrations in India

Companies Act of 2013 defines company to mean a company that is incorporated under The Companies Act 2013 or under any previous company law. Under this, there is a subsection of the company that is called body corporate. Body Corporate includes Private Company, Public Company, One Person Company, Small Company, Limited Liability Partners...

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Security Services under RCM – Transitional Norms

Background: On the eve of new year, GST Council present a box full of sweets, to business entity in the form of allowing the ITC till March 2019 GSTR 3B, extend the GST Audit to 30.06.2019 etc., beside some of supplies added into list of supplies on which tax to be payable by recipient w.e.f. […]...

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Form & Rules to furnish details of outstanding dues to SMEs

Every specified company shall file in MSME Form I details of all outstanding dues to Micro or small enterprises: 1. Suppliers existing on the date of notification of this order within thirty days from the date of publication of this notification i.e by 21stFebruary 2019....

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Types of GST Returns

Under the GST regime, the GST return is required to be filed by all persons registered under GST. In this article, we will discuss the different types of GST returns and the due dates. Who is required to File Return under GST? All registered persons under the GST irrespective of whether they have done any business […]...

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Posted Under: Finance |