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Archive: 01 November 2019

Posts in 01 November 2019

Notional income on advances to Sister Concerns cannot be taxed in absence of any provision

November 1, 2019 1524 Views 0 comment Print

ITO Vs Max Ventures Investment Holdings Pvt. Ltd. (ITAT Delhi)  An addition can be made u/s 69B of the Act where during any financial year the assessee has made investments or is found to be the owner of any bullion, jewellery or other valuable article, which exceeds the amount recorded on this count in the […]

Govt notifies Revised territorial jurisdiction of Regional Authorities of DGFT

November 1, 2019 645 Views 0 comment Print

Revised territorial jurisdiction of Regional Authorities of DGFT is notified in Appendix 1A of Appendices and Aayat Niryat Forms in accordance with 0 & M Instruction No.7/2019 dated 05/09/2019 and 0 & M Instruction No.8/2019 dated 24/09/2019.

Disclosure requirement in compliance of IndAS 19

November 1, 2019 6159 Views 0 comment Print

Disclosure requirement in compliance of IndAS 19 for Listed & Unlisted Companies, Scheduled Commercial banks, Insurer & NBFC In Indian context, Companies needs to comply with Accounting Standards notified under Section 133 of Companies Act 2013 to prepare the Financial Statements at the end each Financial Year. Ensuring the proper compliance and provisions of these […]

Reverse Merger in India

November 1, 2019 24306 Views 0 comment Print

Seeing the importance Reverse Mergers are getting in recent years, it is clear that in the time to come, it would become one of the most preferred methods of public listing all over the world. Both developed and developing countries are realizing that reducing time and cost are the best ways for companies to gain a competitive advantage over their competitors, all the more highlighting the importance of such methods which serve both the objectives comprehensively. All in all, a country with a good corporate law with greater control and more credible auditing agencies is the best place where the benefits of Reverse mergers can be enjoyed to the fullest

Independent director- New Era of Data Bank & Online Proficiency test

November 1, 2019 3477 Views 3 comments Print

Independent directors have a crucial role to play for keeping good governance practices. In order to ensure the basic literacy of company law, securities law and accountancy among Independent directors and to boost Corporate Governance standards in India, the Govt. has decided to introduce online proficiency self-assessment test for Independent directors.

Recent amendments related to Filing of DIR-12 of Inactive Companies

November 1, 2019 12459 Views 1 comment Print

MCA has recently issued Companies (Incorporation) Eighth Amendment Rules, 2019 on 16th October, 2019 As per Notification mentioned above there is amendment in Rule 25A i.e. Active Company Tagging Identities and Verification (ACTIVE). As per notification in Rule 25A in sub rule (1) proviso IV for the point III following  shall be substitute: Old Provisions: […]

Casino vessels classifiable as ‘passenger ship’ and not as‘pleasure boats’

November 1, 2019 1584 Views 0 comment Print

‘Casino vessels’ could not be classified as ‘pleasure boats’ as the vessel was a supply vessel used for transport of persons and goods, the correct classification would be heading no. 8901 90 00 which covers’ Other vessels for transport of the goods and other vessels for transport of both persons and goods’ and not under heading No. 8903 9990. More so,  the goods falling under heading no. 8901 were exempted under Not. 21/2002 read with Notification No. 20/2006.

MCA started identifying Directors Disqualified U/s. 164(2)( a) to take action

November 1, 2019 1806 Views 0 comment Print

Important Update on ‘Identification and flagging of Disqualified Directors u/s 164(2) ( a) of the Companies Act, 2013 Please note that the Registrars of Companies (ROCS) are in process of identification and flagging of directors disqualified under section 164(2)(a) of Companies Act, 2013 for their default of non-filing of financial statement or annual return for […]

Is RERA enacted to kill the Real Estate Industry?

November 1, 2019 1107 Views 0 comment Print

The General notion amongst the Builder Community is that The Real Estate (Regulation & Development) Act, 2016 (RERA) has been enacted to kill the Real Estate Industry. The strict regulations & the unending compliances have discouraged, daunted & disturbed the Real Estate Builders and Developers throughout the country. The small & medium builders, who are […]

Income Tax Demand U/s 143 (1) of Income Tax Act, 1961 – Possible Reasons

November 1, 2019 10227 Views 5 comments Print

Yesterday, the dream day for all professionals, when at last clients has provided their details for Tax Audits and my entire professional colleague has rendered their best services to the nation and their clients. With the completion of this ITR Filing season, now Income Tax Department is processing our Filed ITR’s and starts sending intimation U/s 143 (1) of Income Tax Act, 1961.

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