"18 February 2019" Archive

Modi Sarkar’s New Focus: Making Corporate Governance of Global Standard by introduction of Companies (Amendment) Ordinance, 2019

Modi Sarkar’s New Focus: Making the Corporate Governance of Global Standard by introduction of Companies (Amendment) Ordinance, 2019 The attention is invited to the Companies, Directors, principal officers, Company Secretary, Chartered Accountants, Auditors, stakeholders and Shareholders to review the recently promulgated Companies (Ame...

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Posted Under: Company Law |

Mandatory submission of details of amount due to MSME suppliers

Articles explains Mandatory Submission details of all outstanding dues to MSME suppliers by Specified Companies, How can a company determine that the firm to whom payment is due is an MSME or not, Type of entities covered under Micro and Small entities and Purpose of the MSME FORM 1 – Outstanding Due. Mandatory Submission details [&hell...

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Posted Under: Company Law |

10 Reasons For Maintenance of Minutes of The Meetings

Article explains what are the minutes, who need to maintain minutes, Are there any legal provisions which mandates organizations to maintain minutes and what is the Importance of Meeting Minutes. Q.1: What are the minutes? Minutes are the written proceedings of meetings. These are live written records of meeting. They include the list of ...

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Posted Under: Company Law |

Trademarks Registration :- All you should know

Article discusses Trademark, its effect and its types, Types of Trademark:, Validity of a Trademark after registration, Steps for Trademark Registration in India, Status of the Trademark Application, Timeline of the Trademark registration process, Correction to the Trademark Application, Procedure of Renewal of a Trademark and Trademark A...

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Posted Under: Company Law |

Two new functionality on GST Portal related to E-Way Bill & Appeal

Population of Data from EWB System into Form GSTR-1 At the time of generating E-Way Bill for outward supply, taxpayer enters the detail of outward supplies such as Invoice number, Date, Value Tax etc. Taxpayers can now easily import these details of outward supply invoices, as indicated in the E-Way Bill, at the time of preparation [&hel...

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Posted Under: Company Law |

NSE Circular on Deficiencies in disclosures related to Pledge of Shares

Ref No: NSE/CML/2019/04 18/02/2019

You are requested to intimate your promoters to comply with the SEBI (Substantial Acquisition of shares and takeovers) Regulation, 2011 and SEBI Circular dated August 05, 2015 for any filing made by your Promoters henceforth....

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No Disallowance U/s. 40A(2) if Personal Tax already paid on Remuneration

DCIT Vs Bombay Samachar Pvt. Ltd. (ITAT Mumbai)

Payment of high remuneration to Directors cannot be disallowed by treating the same as a tool to shift profits to evade tax when the Directors have already offered the income for tax through their personal returns....

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FMV as on Date of Sale Agreement is Relevant for Section 50C

Ms. Balmer Lawrie Van Leer Ltd. Vs ACIT (ITAT Mumbai)

Provision of section 50C is applicable as on the date of execution of sale agreement and accordingly the fair market value of the property as on the date of sale agreement is to be taken....

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No Profiteering when Base Price is Constant & Selling Price Reduced

Dr. Sanjiv Agarwal, FCA, FCS The complaint against profiteering came up recently before the National Anti-profiteering Authority (NAA) in a case involving supply of tiles. In Kerala State Screening Committee on Anti-profiteering & DGAP, CBIC New Delhi v. Asian Grantio India Ltd., Ahmedabad, the NAA vide its Order dated 24.12.2018 orde...

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Posted Under: Company Law |

HC grants conditional anticipatory bail in fake invoice Case

Sri Avinash Aradhya Vs Commissioner of Central Tax (Karnataka Higth Court)

High Court in the case of assessee had held that by taking into consideration the gravity of the offence and punishment which was liable to be involved where assessee was indulged in issuing fake invoices without actual supply of goods with an intention to fraudulently avail the input tax credit, accused assessee's were given anticipatory...

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