"11 July 2019" Archive - Page 2

Time for Filing Return of Significant Beneficial Owner in form BEN-2

On the date of commencement of the Companies (Significant Beneficial Owners) Amendment Rules, 2019, every individual who is a significant beneficial owner in a reporting company, shall file a declaration in Form No. BEN-1 to the reporting company within ninety days from such commencement....

Posted Under: Company Law |

Analysis of Significant Beneficial Ownership Rules, 2019

SIGNIFICANT BENEFICIAL OWNERSHIP RULES, 2019 WHO ISASIGNIFICANT BENEFICIAL OWNER (SBO)? Means an individual as per Sec 90(1) who acting alone or together, or through one or more persons or trust, possesses one or more of the following rights or entitlements in such reporting company, namely: holds indirectly, or together with any direct h...

Posted Under: Company Law |

Result date of Common Proficiency Test (CPT) held in June 2019

Results of the Common Proficiency Test (CPT) held in June 2019 are likely to be declared on Thursday, the 18th July 2019. – (11-07-2019) THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA [Set up by an Act of Parliament] July 11, 2019 IMPORTANT ANNOUNCEMENT The results of the Common Proficiency Test (CPT) held in June 2019 […]...

Posted Under: Company Law |

Compensation for extinction of right to sue was capital receipt not chargeable to tax

M/s Chheda Housing Development Corporation Vs Addl. CIT (ITAT Mumbai)

Where amount received by assessee in excess of advance was on account of compensation for extinction of its right to sue the owner, the receipt was a Capital receipt not chargeable to tax. ...

No TDS u/s 194H on commission paid to banks on processing of credit card transactions

Pr. CIT Vs Hotel Leela Venture Ltd. (Bombay High Court)

Bank guarantee commission was not in the nature of commission paid to an agent but it was in the nature of bank charges for providing one of the banking service, therefore, the charge collected by bank for such service did not amount to commission within the meaning of section 194H and such commission could not be disallowed under section...

Reversal not required by Restaurants and Outdoor Caterers under Rule 6(3) of Cenvat Credit Rules, 2004

In the past, numerous show cause notices have been issued all over India by Service Tax Authorities to Restaurant Owners and Outdoor Caterers alleging non-reversal of Cenvat Credit under Rule 6(3) of the Cenvat Credit Rules, 2004 by the Restaurants and Outdoor Caterers and demanding Service Tax under Rule 14 of the Service Tax Rules read ...

Posted Under: Company Law |

Rectification of Name under Companies Act, 2013

Applicable Law Section 16 of the Companies Act, 2013 talks about the Rectification of name of the Company. If, through inadvertence or otherwise, a company on its first registration or on its registration by a new name, is registered by a name which, — a) in the opinion of the Central Government, is identical with or […]...

Posted Under: Company Law |

Demat of Securities by Unlisted Public Companies

NOTE ON ISSUE OF SECURITIES IN DEMATERIALISED FORM BY UNLISTED PUBLIC COMPANIES (Applicable w.e.f. 30th September 2019) Governing laws: A. Companies Act, 2013 (Act) B. The Companies (Prospectus and Allotment of Securities) Rules, 2014 (Rules) C. Depositories Act, 1996 D. Securities and Exchange Board of India (SEBI) E. Securities and Exch...

Posted Under: Company Law |

Conversion of Company into LLP

Limited Liability Partnerships (LLP) are emerging ever since the introduction of the Companies Act, 2013 as it is a form of business entity, which allows individual partners to be free from the concept of joint liability of partners in a partnership firm. LLPs are preferred form of business as it is an alternative corporate business veh...

Posted Under: Company Law |

Union Budget 2019-20- New Reforms and Initiatives

(A) New reforms in Union Budget 2019-20: – Lower rate of 25% Corporate Tax extended to Companies with Annual Turnover upto INR 400 Crore from earlier cap of upto INR 250 crores, covering 99.3% of the Companies. A relief to corporate sector and one of advantage of running your business as Corporate Entity. – To […]...

Posted Under: Company Law |

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