"11 March 2019" Archive

Salient features of Active (Company KYC) form

No. MCA21/44/2018/eGovcell (07/03/2019)

As you are aware, the Ministry of Corporate Affairs, in its pursuit to improve Corporate Governance and Compliances on the part of the Company after the successful roll out of DIR-3 KYC for Directors/DIN holders, has introduced eform (INC-22A) christened ‘ACTIVE (Active Company lagging Identities and Verification) vide rule 25 A of ...

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Posted Under: Company Law |

ICAI announces revised exam schedule of CA Exams

POSTPONEMENT OF CHARTERED ACCOUNTANT EXAMINATIONS, MAY 2019 It is hereby notified for general information that in view of Elections to the 17th Lok Sabha Parliamentary Constituencies across the country, the Chartered Accountant Examinations initially scheduled from 2nd May 2019 to 17th May 2019 stand rescheduled and the said examinations ...

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Posted Under: Company Law |

Succession Certificate in India

♦ What is Succession Certificate It is a document/ certificate granted to the legal heirs of a deceased person who does not leave a will. It helps you to establish as a legitimate heir to the deceased and give them the power to inherit shares, securities, debts and other assets of the deceased. ♦ Governing […]...

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Posted Under: Company Law |

DGFT Online Module for Filing & Tracking Quality Complaints related to International Trade

Trade Notice No. 47/2015-2020-DGFT (11/03/2019)

Now an Online module has been created to facilitate filing and tracking of these Quality Complaints/Trade Disputes. It has been decided that with effect from 11/02/2019, all such complaints should be filed online as per the following protocol:...

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Onetime condonation under EPCG Scheme –Extension till 30.09.2019

Public Notice No. 78/2015-2020-DGFT (11/03/2019)

Onetime condonation of time period in respect of obtaining block-wise extension in Export Obligation period under EPCG Scheme. Director General of Foreign Trade in public interest hereby further extends the time of receipt of requests till 30.09.2019 in respect of the above mentioned Public Notices....

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3 Investment Options Offering You Equity Returns at Lower Risk

Most investors in India want to invest into options that can get them sky-high returns in the shortest possible tenure and without risking the principal money invested. As a result, these investors are always on the lookout for risk-free investment plans that can multiply their money many-folds within a few months or years only. However, ...

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Posted Under: Company Law |

How to Set up Branch/ Liaison Office in India

Recently, India has been growing at an unprecedented pace which has aroused a keen interest among foreign entities to establish their operations in India and tap into one of the largest and fastest growing market, and have access to some of the best human resources in the world....

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Posted Under: Company Law |

How to Set up Project Office in India?

'Project Office' means a place of business to represent the interests of the foreign company executing a project in India but excludes a Liaison Office.The project office is the ideal method for companies to establish a business presence in India, if the object is to have a presence for a limited period of time. ...

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Loss Due to Obsolescence of Stores & Spares in Inventory is Allowable Business Expenditure

Ms. Hindustan Newsprint Ltd. Vs ACIT (Kerala High Court)

Ms. Hindustan Newsprint Ltd. Vs ACIT (Kerala High Court) In the present case, the Tribunal had permitted devaluation with respect to the items in which the committee had recommended 100% devaluation confining the actual devaluation to 80%. The Tribunal disallowed 20% of the claim finding it to be the scrap value of the devalued items. [&h...

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5 Smart Tips to Get a Personal Loan at a Low Interest Rate

The stars don’t have to align perfectly for you to find a good, low-interest personal loan; all you need is judicious financial planning. A kind of an unsecured loan, a personal loan is a handy financial tool that is easy to apply and in most cases, hassle-free to repay. However, since you don’t secure the […]...

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Posted Under: Company Law |

MCA clarifies on issues in filing of e-form RD- 1

General Circular No. 03/2019 (12/03/2019)

MCA issues Clarification on filing e-form RD-1, whereby applications u/s 2(41) (change in a financial year) and u/s 14 of the Companies Act, 2013 (conversion of public limited company into private company), along with e-form RD-1 shall be processed by Regional Directors....

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CBDT approves Institute of Nano Science and Technology, Mohali U/s. 35(1)(ii)

Notification No. 17/2019-Income Tax (11/03/2019)

It is hereby notified for general information that the organization M/s Institute of Nano Science and Technology, Mohali (PAN:- AAAAI4829E) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 ...

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Rate of GST on getting tobacco leaves re-dried without getting them threshed

In re K.S. Subbaih Pillai & Co (India) Private Limited (GST AAR Andhra Pradesh)

In re K.S Subbaih Pillai & Co (India) Private Limited (GST AAR Andhra Pradesh) (a) What is the rate of GST applicable on tobacco leaves procured at tobacco auction platforms or directly from farmers, which are cured and dried by -farmers themselves? The GST Rate of tax for the tobacco leaves procured at tobacco auction […]...

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Installation, commissioning or assembling services being part of composite supply contract covered by specific article on PE of DTAA & not general article on FTS

Birla Corporation Limited Vs Assistant Commissioner of Income Tax  (ITAT Jabalpur)

Birla Corporation Limited Vs ACIT (ITAT Jabalpur) Installation, commissioning or assembling services being part of composite supply contract covered by specific article on PE of DTAA and not general article on FTS. Facts of the case: Birla Corporation Ltd. (taxpayer), an Indian company is engaged in the business of manufacturing and selli...

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Discontinuation of physical copy of Advanced/EPCG Authorisation – Procurement from SEZs

Policy Circular No. 21/2015-2020-DGFT (11/03/2019)

In case of procurement from SEZs, TRA facility shall be operated by RAs of DGFT as outlined below. The request for TRAs from EDI ports to SEZs shall be made to the concerned RA....

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Offences and Penalties under Information Technology Act, 2000

Purpose of Introduction Information Technology Act, 2000 was enacted on 17th May, 2000 to provide legal recognition for electronic transactions and facilitate E-Commerce. It was later amended by passing Information Technology (Amendment) Act, 2008. The following are the important objectives of Information Technology Act, 2000 : Grant lega...

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Posted Under: Company Law |

Reconciliation of ITC claimed under GSTR-3B & GSTR-2A- New Feature on GSTN Portal

NEW FEATURE ROLLING OUT ON A GST PORTAL As the Due date of GSTR-9 is notified by the Government as 30th June 2019 the government is trying to simplify the Reconciliation of the Returns.  ITC claimed as this is major issue in Reconciliation of ITC claimed under GSTR-3B & ITC as per GSTR-2A. The government […]...

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AO need not refer to DVO if he accepts property valuation of registered valuer

Mr. Jitindar Singh Chadha Vs Pr. CIT (ITAT Delhi)

Where AO was satisfied from the valuation report of the Registered Valuer (approved by the Govt.) for the valuation of property furnished by assessee, he was not mandatory required to refer the matter for valuation of property to DVO. ...

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Company cannot modify P&L adopted in AGM overlooking Auditor qualification

Gati Limited Vs ACIT (ITAT Hyderabad)

Once the financial statements were ratified by the shareholders, assessee had no right to modify the profit declared as per Companies Act and adopt differently for the purpose of MAT provisions. Therefore, the profit adopted by the company in the AGM overlooking the qualification of auditor was the final book profit for the purpose of sec...

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GST Update – Taxable Value not to include TCS – CBIC Circular

The Central Board of Indirect Taxes and Customs (CBIC) had vide Circular No. 76/50/2018-GST dated 31st December, 2018, clarified that the taxable value for the purposes of GST shall include the Tax Collected at Source (TCS) amount collected under the provisions of the Income Tax Act. However, considering the representations received from ...

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Posted Under: Company Law |

General Elections – 2019 Schedule of Elections

General Elections – 2019 Schedule of Elections to Lok Sabha and  to State Legislative Assemblies  of 4 States Election Commission of India today announced the schedule for 2019 General Elections to Lok Sabha and  to State Legislative Assemblies of Andhra Pradesh, Arunachal Pradesh, Odisha and Sikkim. Click here to See Schedule:...

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Posted Under: Company Law |

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