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Archive: 03 December 2019

Posts in 03 December 2019

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 18, 2024 4884 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 4218 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

CLC recommends decriminalisation of compoundable offences

December 3, 2019 768 Views 0 comment Print

The Company Law Committee, constituted by the Ministry of Corporate Affairs (MCA) vide order dated 18.09.2019, has submitted the first phase report to the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman on 18th November, 2019, proposing amendments in the Companies Act, 2013 for further decriminalising the offences under the said Act and to facilitate ease of doing business and ease of living.

No proposal to stop circulation of Rs 2,000 notes

December 3, 2019 1116 Views 0 comment Print

An analysis of the search cases, conducted by Income Tax Department (ITD), involving cash seizures of more than Rs 5 crores in the last three Financial Years reveals that there is a declining trend visible in the seizure of unaccounted cash in denomination of Rs 2,000 notes.

MCA deactivates 19,40,313 Director Identification Numbers

December 3, 2019 1341 Views 0 comment Print

The Ministry of Corporate Affairs (MCA) deactivated 19,40,313 Director Identification Numbers (DINs) in the MCA21 Database due to non-filing of Know Your Client  (KYC), as on 28.11.2019. This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today.

18,782 cases filed under Insolvency & Bankruptcy Code

December 3, 2019 399 Views 0 comment Print

Ministry of Corporate Affairs 18,782 cases filed under Insolvency & Bankruptcy Code Posted On: 03 DEC 2019 4:20PM by PIB Delhi As on 30th June, 2019, a total of 18,782 cases have been filed under Insolvency and Bankruptcy Code (IBC), 2016, of which 2,173 cases have been admitted under IBC. Out of 2,173 admitted cases, 1,274 […]

Listing of Differential Voting Rights Shares- Superior Voting Rights by tech companies

December 3, 2019 4023 Views 0 comment Print

SEBI Regulations prohibit issuance of shares with superior voting rights by listed companies.  The present regulatory regime dealing with issuance of DVR shares include the following: SEBI Listing Regulations, 2015:Reg 41(3) prohibits a listed company from issuance of shares which may confer on any person superior rights as to voting or dividend vis-à-vis the rights of equity shares that are already listed.

Dematerialisation of Securities

December 3, 2019 20760 Views 4 comments Print

What is dematerialisation and its benefits: Dematerialization (Commonly known as ‘Demat’) signifies conversion of a share certificate from its present physical form to electronic form for the same number of holding. It offers scope for paperless trading through state-of-the-art technology, whereby share transactions and transfers are processed electronically without involving any share certificate or transfer […]

NAA found builder Guilty of Not passing ITC benefit of 4.36 Crore to Customers

December 3, 2019 1551 Views 0 comment Print

Smt. Mamta Aggarwal Vs GLS Infratech Pvt. Ltd. (National Anti-Profiteering Authority) Authority determines the profiteered amount as Rs. 4,35,53,927/- (inclusive of applicable GST @ 12% or 8%) for the 1075 residential units for the period from 01.07.2017 to 31.08.2018 as per the details furnished by the DGAP vide Annexure-20 of his above Report. The above […]

GST Revenue Gives Hope Amidst Economic Slow Down

December 3, 2019 1143 Views 0 comment Print

The opposition parties, mainly Congress have claimed that GDP for the Q3 of financial year 2019-20 is going to be further down, given the state of economy. India’s economic growth, GDP, has slipped to slab 5% level @ 4.5% in July – September quarter, which is a six year low. India’s GDP grew by 4.5% […]

Menace of Rule 138E of CGST & E-way Bill Website – Blocking of E-way Bill

December 3, 2019 5202 Views 1 comment Print

The CBIC has inserted Rule 138E in the CGST Rules which restricts generation of E-way bill by the taxpayer if the returns for a consecutive period of two months has not been furnished. Similarly, in case of composition taxpayers have not furnished the statement in FORM GST CMP-08 for two consecutive quarters. This rule has […]

Service of interconnectivity between two points for transferring of data or its transmission cannot be held as OIDAR service

December 3, 2019 963 Views 0 comment Print

Philips Electronics India Ltd. Vs Commissioner of Central Tax (CESTAT Bangalore) The appellants, Philips Electronics India Ltd. are a 100% EOU (Software Technology Park Unit) are engaged in developing and export of software. No part of the output services are rendered to any client in India. The appellants have entered into various agreements with their […]

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