"August, 2019" Archive - Page 3

Fresh Start Process Under IBC 2016- Need a review before notification

One of the methods for resolving the insolvency of individuals is The fresh start process. This is applicable for individuals and partnership firms. These provisions though not notified yet have been framed to give debtors with comparatively smaller debts the chance to discharge their debts, and start afresh without any liabilities...

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Posted Under: Corporate Law |

Application to act as foreign company

Every foreign company shall, within thirty days of establishment of its place of business in India, in addition to the particulars specified in sub-section (1) of section 380 of the Act, also deliver to the Registrar for registration, a list of directors and Secretary of such company. A foreign company shall, within a period of […]...

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Posted Under: Corporate Law |

Benefits for small companies under companies Act, 2013

Before filing of annual return of any company we should know some key points like: ♣ what the status of our company ♣  what benefits/Exemptions available for our company There are some Benefits / exemptions for small companies that every Stakeholder should remember before filing of annual return of their company. Definition of Small ...

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Posted Under: Corporate Law |

Integrated Agriculture Supply Chain

Agriculture is the primary source of livelihood for about 58 per cent of India’s population. Gross Value Added by agriculture, forestry and fishing is estimated at Rs 18.53 trillion (US$ 271.00 billion) in FY18. The Indian food industry is poised for huge growth, increasing its contribution to world food trade every year due to its [&he...

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Posted Under: Corporate Law |

Corporate Social Responsibility (CSR)- Recent Changes

Section 135 of Companies Act, 2013 pertaining to Corporate Social Responsibility (CSR) is applicable to following class of companies who during the immediately preceding financial year have: Net profit before tax of Rs. 5 Crore or more or Net worth of Rs. 500 Crore or more or Turnover of Rs. 1,000 Crore or more In this […]...

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Posted Under: Corporate Law |

GSTR 3B For 2017-18 Can Be Rectified Manually: Andhra Pradesh HC

Andhra High Court through an interim order allowed assessee to manually rectify GSTR-3B returns for the months pertaining to FY 2017-18 . (Panduranga Stone Crushers v. Union of India). The petitioner has inadvertently and by mistake reported IGST input tax credit in all other ITC colum, The petitioner  contended that in the absence of an...

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Posted Under: Corporate Law |

GST leviable on ‘Mobilization Advance’ as on July 1, 2017 received for works contract service: AAR

The West Bengal AAR in the matter of Siemens Ltd. has ruled that the Applicant is deemed to have supplied works contract service to KMRCL on July 1, 2017 to the extent covered by the lump-sum that stood credited to its account on that date as mobilisation advance and GST is leviable thereon accordingly....

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Posted Under: Corporate Law |

Consolidated circular for Income Tax assessment of Startups

Circular No. 22/2019-Income Tax (30/08/2019)

In case of Startup companies recognized by Department for Promotion of Industry and Internal Trade (DPIIT) which have filed Form No. 2 and whose cases are under limited scrutiny on the single issue of applicability of section 56(2)(viib) of the Income-tax Act, 1961 (the Act),the contention of the assessee will be summarily accepted....

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CBIC imposes Countervailing duty on imports of Saccharin from China

Notification No. 02/2019-Customs (CVD) [G.S.R. 610(E).] (30/08/2019)

NOTIFICATION No. 2/2019-Customs (CVD)– Seeks to impose countervailing duty on imports of ‘Saccharin in all its forms’ originating in or exported from People’s Republic of China in pursuance of countervailing duty/anti-subsidy investigation issued by DGTR MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 2/20...

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CBIC issues Corrigendum to notify DRC-03 for payment of tax

Notification No. G.S.R. 611(E) / G.S.R. 612(E) / G.S.R. 613(E) (30/08/2019)

Where, Tx is positive, i.e. Te<T, the registered person shall pay, by debit in the electronic credit ledger or electronic cash ledger, an amount equal to the difference between T and Te. Such amount shall form part of the output tax liability of the registered person and the amount shall be furnished in FORM GST […]...

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