"30 January 2019" Archive

MCA Repeals Companies Act, 1956 from 30 January 2019

Notification No. S.O. 560(E) 30/01/2019

Central Government hereby appoints the 30th January, 2019 as the date on which the provisions of section 465 of the said Act in so far as they relate to the repeal of the Companies Act, 1956 (1 of 1956) [that in except in so far as they relate to the repeal of the Registration of Companies (Sikkim) Act, 1961 (Sikkim Act 8 of 1961)] shall ...

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How to Compute your Salary Income

HEADS OF INCOME For computation of total income, all income shall be classified under the following heads of income: A. Salaries B. Income from house property C. Profits and gains of business or profession. D. Capital gains E. Income from other sources. The total income from all the above heads of income is calculated in […]...

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Posted Under: Company Law |

Rana se Ravneet tak: The Yes Bank saga

YES Bank, founded by its current CEO Rana Kapoor, is the fifth largest private lender in the Indian Banking Sector. Rana Kapoor will be succeeded by Ravneet Gill, head of Deutsche Bank’s Indian operations. The transition is supposed to take place before 1st of March, 2019. Mr. Gill started his career by joining the erstwhile […]...

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Posted Under: Company Law |

Commencement of Business

As per section 149 of Companies Act 1956, every public company and other specified companies are required to get certificate for commencement of business to start its business after getting certificate of incorporation. However, this requirement was not applicable to a private company as per section 149(7)(a) of Companies Act 1956, they c...

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Posted Under: Company Law |

Earn More Money on your Saving Account Money-Invest in Liquid Funds

Almost all of us keep our money in saving account for meeting various items like EMIs and SIP which gets debited in due course. Since these are temporary fund these cannot be deployed in other products like Fixed Deposits with higher tenure of investment. I intend to explain how the temporary surplus fund in your […]...

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New e form DPT-3- Onetime Compliance for Companies

On 22nd January, 2019 MCA came up with a new sub-rule under Companies (Acceptance of Deposits), Rules, 2014 which says that every company (other than government company) shall file an onetime return of outstanding receipt of money or Loan by a Company but not considered as deposits and an explanation is added in Rule 16 of Companies (Acce...

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Posted Under: Company Law |

New pattern of listing before Supreme Court wef 04.02.2019

F.No. 10/Judl./2019 30/01/2019

Fresh matters verified on Friday in the post lunch session, Saturday, Monday and Tuesday in the pre-lunch session i.e. upto 1.00 P.M. shall be listed on Friday in the same week and those verified on Tuesday in the post lunch session, Wednesday, Thursday and Friday in the pre-lunch session e. upto 1.00 P.M. be listed on Monday in the next ...

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HC explains Liability of professionals acting as Non-executive directors

Rajendra Shah Vs State of Maharashtra & Anr. (Bombay High Court)

Practicing professionals are prohibited from acting as full time directors. They can only act as non-executive directors not performing administrative duties. Such persons cannot be prosecuted for offenses committed by the company. it will be a travesty of justice to prosecute all Directors if the offense is committed without their knowle...

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Valuation- Demurrage not includible – Explanation to Valuation Rule 10(2) is bad

Tata Steel Ltd. Vs Union of India & others (Orissa High Court)

Observing that the provisions in the Customs Act were silent about demurrage, the High Court held that it is beyond the legislative powers to include demurrage charges in the rules for Customs valuation. Supreme Court judgements in Wipro ltd, Essar Steel Ltd. and Mangalore Refinery and Petrochemicals Ltd. were relied on....

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Bogus Invoices with wrong availment of Rs. 25.5 Crore ITC detected

IV/06-Prev/72/Capital Impex/2018-19/Gr.C 30/01/2019

CGST, Vadodara, upon intelligence developed through data analysis, have booked a case of issuance of fake invoices valued at Rs. 107 Crores without any physical movement of goods, leading to wrongful availment of ITC worth Rs 25.5 crores and passing on of ITC worth Rs 19 crores....

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