"30 May 2019" Archive

Big Question – MGT 9 or MGT 7 or Both in Annual Report?

Gaurav Kumar Pandit ACC Ltd has provided link of MGT 7 in their Annual Report. Infosys Ltd and Ambuja Cements Ltd has given MGT 9 (Extract of Annual Return) in Annual Report. TCS has given MGT 9 (Extract of Annual Return) in Annual Report and also given the link of website of the same in […]...

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Posted Under: Company Law |

GST – Bane or Boon Vis-a-Vis Railway Vendors

Indian Railway is one of the world’s largest public-sector organizations and its network, traffic, organization and extent of vertical integration are gigantic. It is the world’s largest Railway passenger transport organization, carrying 23 million passengers daily. It is also the world’s third largest Railway freight transport orga...

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Posted Under: Company Law |

Cross-utilization of ITC under GST

CBIC has clarified that IGST credit can be used for payment of all taxes. CGST credit can be used only for paying CGST or IGST. SGST credit can be used only for paying SGST or IGST. The credit would be permitted to be utilized in the following manner: a) ITC of CGST allowed for payment […]...

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Posted Under: Company Law |

All about Sovereign Gold Bond Scheme 2019-20

Circular No. RBI/2018-19/193- IDMD.CDD.No.3391/14.04.050/2018-19, Circular No. RBI/2018-19/192 IDMD.CDD.No.3392/14.04.050/2018-19, Press Release : 2018-2019/2812 (30/05/2019)

Reserve Bank of India RBI/2018-19/193 IDMD.CDD.No.3391/14.04.050/2018-19 May 30, 2019 The Chairman & Managing Director All Scheduled Commercial Banks (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India ltd.(SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign G...

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Company Law Series Chapter 2: Steps for Incorporation of Public, Private & One Person Company

COMPANY LAW SERIES CHAPTER 2 STEPS FOR INCORPORATION OF PUBLIC, PRIVATE COMPANIES, AND ONE PERSON COMPANY To register a private limited company, a minimum of two adult persons are required to act as Directors of the company. A private limited company must have a minimum of 2 Directors and can have a maximum of 15 […]...

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Posted Under: Company Law |

How to Cancel a SRN No. if SRN gets approved

Procedure What, if a Company have filed with ROC any E-Form with wrong particulars and the same gets approved? How to cancel SRN NO.? Yes, an approved SRN can be cancelled! Visit the respective ROC of the States, where the registered office of the situated. ROC will guide how to SRN get cancelled. ROC will […]...

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Posted Under: Company Law |

RBI Constitutes Committee on Development of Housing Finance Securitisation Market

To review the existing state of mortgage backed securitisation in India, including the regulations currently in place, and to make specific recommendations on suitably aligning the same with international norms; To analyse the prevalent structures for mortgage backed securitisation transactions in India, including legal, tax, valuation...

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Clarification on the usage of MCA Corporate Database

Press Information Bureau Government of India Ministry of Statistics & Programme Implementation 30 MAY 2019 4:45PM by PIB Delhi National Accounts Statistics: A clarification on the usage of MCA Corporate Database 1. This press release is being issued to clarify on the recent media reports on the usage of corporate sector database (Mini...

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Posted Under: Company Law |

Section 194I: Rent for use of Land includes lease, sub-lease, tenancy payment

CIT (TDS) Vs Jaypee Sports International Ltd. (Allahabad High Court)

CIT (TDS) Vs Jaypee Sports International Ltd. (Allahabad High Court) Word ‘rent’ means any payment by whatever name called under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of any land and came to the conclusion that lease money or annual rent is rent within the meaning of section 194-I [&he...

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MCA amends Schedule VII of Companies Act, 2013

Notification No. [G.S.R. 390(E).] (30/05/2019)

Central Government hereby makes the following further amendments to Schedule VII of the said Act, namely:- In the said Schedule VII, after item (xi) and the entries relating thereto, the following item and entries shall be inserted, namely:-...

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Policies under Companies Act, 2013

Article explains CSR Policy, Vigil mechanism Policy, Policy for formal Annual Evaluation by the Board of its own performance, that of its committees and individual Directors, Risk Management Policy, Policy for Prevention of Sexual Harassment at Workplace, Policy on directors’ appointment and remuneration of the directors, key managerial...

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Posted Under: Company Law |

Format of Auditor Certificate in DPT- 3 – One Time return

E-form DPT-3 As per notification dated January 22, 2019  the MCA amended the rule 16A and  state that every company other than a Govt. Company shall file Onetime Return for disclosure of details of ‘outstanding money’ or ‘loan received‘ by a company but not considered as deposits in terms of Section 73 read with Rule 2(1) [&hel...

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Posted Under: Company Law |

No provision under law to refund Service Tax

Oil India Limited Vs Commissioner of Central Tax (CESTAT Hyderabad)

Oil India Limited Vs Commissioner of Central Tax (CESTAT Hyderabad) Refund jurisdiction of the Officers of Central Excise and Service Tax emanates from Section 12E and Section 11B of Central Excise Act, 1944 and Section 83 of the Finance Act, 1994. The powers of the first appellate authority to decide appeals or such decisions emanates [&...

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What are the different types of car insurance coverages?

As Indians, we have a knack for using protection shields whenever we bring home something new, for example a brand new car. We believe in safeguarding our car by using kitchen ingredients like lemons and chillies to ward off the evil eye. But this protection does not work unless you take the actual steps to […]...

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Posted Under: Company Law |

TDS U/s. 192 deductible on car running & maintenance expenses paid to staff

TCG Lifesciences Pvt. Ltd. Vs ITO (ITAT Kolkata)

TCG Lifesciences Pvt. Ltd. Vs ITO (ITAT Kolkata)  In the present case, the requisite details as specified in Clause (B) of sub-rule 2 of rule 3 of Income Tax Rules 1962 were not maintained by the assessee and this being the undisputed position, we find ourselves in agreement with the authorities below that the value […]...

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SC to clarify position of law on power to arrest under GST

Union of India Vs Sapna Jain & Ors. (Supreme Court of India)

As the accused-respondents have been granted the privilege of pre-arrest bail by the High Court by the impugned orders, at this stage, we are not inclined to interfere with the same. However, we make it clear that the High Courts while entertaining such request in future, will keep in mind that this Court by order dated 27.5.2019 passed i...

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TDS not deductible on salary to Nuns/Fathers/Priests

Institute of the Fransican Missionaries of Mary Vs Union of India (Madras High Court)

The common issue which falls for consideration in these batch of cases is as to whether the respondent, the Income Tax Department, is justified in insisting upon recovery of tax at source from the salary payable to Nuns/Fathers/Priests working in various Teaching Institutions established and administered by the petitioners....

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RBI hosts Symposium on ‘Developing Vibrant Capital Markets in Emerging Market Economies’

Press Release : 2018-2019/2806 (30/05/2019)

The Reserve Bank of India (RBI) on May 29, 2019 held a Symposium on ‘Developing Vibrant Capital Markets in Emerging Market Economies’ at its Central Office in Mumbai....

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File Statement of Financial Transactions (SFT) For F.Y 2018-19 by 31.05.2019

FILE STATEMENT OF FINANCIAL TRANSACTIONS (SFT) For F.Y 2018-19. Due Date 31st May, 2019 Are You Sub Registrar A Co-operative Bank A Banking Company  NBFC Nidhi Post Master General Foreign Exchange Dealer Issuer of Bonds,Debentures or Shares Trustee of Mutual Fund or managing the affairs of Mutual Fund Supplier of Goods or services(Whose ...

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Posted Under: Company Law |

New GST Return Types – Sahaj & Sugam

The Government is about to unveil new GST return types known as Sahaj & Sugam from later this year – which will staggeringly easier GST compliance for small businesses. I have provided a brief outline of the same below in this article – I hope you find it helpful. GST SAHAJ & GST SUGAM Return […]...

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Posted Under: Company Law |

GST: Scrutiny of self assessed returns filed by registered persons

Circular No. 07/2019 (30/05/2019)

SGST – Scrutiny of self assessed returns filed by registered persons -Discrepancies noticed – Failure to take corrective measures to rectify the discrepancies – Completion of assessments – guidelines issued- reg. Office of the Commissioner of State Goods and Services Tax Department Government of Kerala, Thiruvananthapu...

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Solution to GSTR 9 Queries (GST Annual Return)

1. Annual Return Form? Form GSTR 9 2. Filing by whom? Every Registered Person 3. Turnover Criteria for GSTR 9? To be filed irrespective of Turnover in FY 2017-18 4. Form to be filed PAN or GSTN wise? GSTN wise i.e. separately for each GSTN 5. Applicable for Registered persons registered on or before? For […]...

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Not passing of ITC deliberately is profiteering & offence under GST law

Sh. Sahil Mehta Vs M/s Salarpuria Real Estate Pvt. Ltd. (National Anti-Profiteering Authority)

Sh. Sahil Mehta Vs M/s Salarpuria Real Estate Pvt. Ltd. (National Anti-Profiteering Authority) Respondent has denied the benefit of the ITC to the buyer of the flats being constructed by him in contravention of the provisions of Section 171 (1) of the CGST Act, 2017, where he had not only collected more price than the […]...

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Draft Copyright (Amendment) Rules, 2019

Notification No. G.S.R. 393(E). (30/05/2019)

The following draft of certain rules to amend Copyright Rules, 2013 is hereby given and the draft will be taken into consideration after the expiry of a period of thirty days after 30th May, 2019. Objections or suggestion, if any, may be sent to the Joint Secretary to the Government of India, Ministry of Commerce […]...

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FRYUMS- GST Exempt or Taxable

1. Everyone, especially in Gujarat, loves Fryums. However on a lighter note it seems that the advance ruling authorities in Gujarat do not love it so much so as to merit its classification as exempted goods. They have held (re: Sonal Product- Advance Ruling No. GUJ/GAAR/R/2019/03) that fryums shall be subjected to tax at the […]...

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Posted Under: Company Law |

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