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Archive: 24 February 2019

Posts in 24 February 2019

Prohibition on Unregulated Deposit Schemes w.e.f February 21,2019

February 24, 2019 12531 Views 4 comments Print

In order to put a check on illicit deposit-taking activities like Saradha scam and Rose Valley chit fund scam in the country that dupe poor and the financially illiterate of their hard-earned savings. The President of India promulgated the Banning of Unregulated Deposit Scheme Ordinance, 2019 w.e.f. February 21, 2019 (hereinafter referred to as ‘BUDS’) […]

Ind AS 21 – Effect of changes in Forex rates

February 24, 2019 141297 Views 1 comment Print

Ind AS 21: The effect of changes in foreign exchange rates Applicability: 1. Accounting of transaction and balances in foreign currency 2. Translating results and financial position of foreign operations 3. Translating entity’s results and financial position into PRESENTATION CURRENCY Not Applicable to: 1. Foreign currency derivatives which are covered by Ind AS 109. 2. […]

Banning of Unregulated Deposit Schemes Ordinance 2019: Important points

February 24, 2019 17688 Views 7 comments Print

The Govt passed the Banning of Unregulated Deposit Schemes Ordinance, 2019 on 21st Feb, 2019 to ban unregulated deposits. Article explains Who are Depositor and deposit taker, Banning of Unregulated Deposit schemes (UDS), What is Unregulated Deposit Scheme(UDC) and Regulated Deposit Scheme(RDS), What kind of deposits are considered under the Banning of Unregulated Deposit Schemes […]

GST Rate reduced to 1% on on affordable houses & 5% on others wef 01.04.2019

February 24, 2019 54750 Views 8 comments Print

i. GST shall be levied at effective GST rate of 5% without ITC on residential properties outside affordable segment;ii. GST shall be levied at effective GST of 1% without ITC on affordable housing properties.

Takeaways of 33rd GST Council Meet

February 24, 2019 2220 Views 0 comment Print

1. GST shall be levied at effective GST rate of 5% without ITC on residential properties outside affordable segment. 2. GST shall be levied at effective GST of 1% without ITC on affordable housing properties. 3. The new rate shall become applicable from 1st of April, 2019. 4. A residential house/flat of carpet area of […]

E-form ACTIVE (Active Company Tagging Identities and Verification) INC-22A

February 24, 2019 3975 Views 0 comment Print

Vide Companies (Incorporation) Amendment Rules, 2019, MCA has directed that Every company incorporated on or before 31st December,2017 shall file the particulars of the company and its registered office, in e-Form ACTIVE (Active Company Tagging Identities and Verification) on or before 25th April 2019. Companies exempted from filing E-form ACTIVE Companies which are incorporated after […]

Detailed analysis of Banning of Unregulated Deposit Schemes Ordinance, 2019

February 24, 2019 13038 Views 1 comment Print

Through this article, an attempt has been made to understand the implication of Banning of Unregulated Deposit Schemes Ordinance, 2019. For the sake of better understanding, the author has divided the article into four parts comprising of the definition, the substantive law and the sanctions imposed.

E-Form INC-22A Active Company Tagging Identities & Verification

February 24, 2019 5676 Views 1 comment Print

The Ministry of Corporate Affairs has come up with the KYCs of registered office of the Companies wherein Rule 25A has been inserted in the Companies (Incorporation) Rules, 2014 after Rule 25 that shall come into force w.e.f. 25th February 2019 vide notification dated 21st February, 2019. Accordingly, every Company incorporated on or before 31st […]

e-Form Active: New Arm of MCA to Eliminate Shell Companies

February 24, 2019 5832 Views 2 comments Print

MCA has come out with a new notification requiring 12 Lakh active companies to file e-Form INC-22A (ACTIVE – Active Company Tagging Identities and Verification). The details of the said notification are as under:

Review on Current GST Provisions as at 24th February 2019

February 24, 2019 5856 Views 0 comment Print

A REVIEW ON CURRENT GST PROVISIONS AS AT 24TH FEBRUARY 2019 (Recent Status/Amendments on Returns, Dates, Rules, Forms, Order, Circular etc.) Volume 1 – GST Act, Rules – dt.24-02-2019 Dear readers, every day you may come across with various amendments, directives issued by Govt. on alone GST Act, Rule etc since it’s implementation w.e.f. 1/7/2017. […]

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