In pursuance of judgement of Hon’ble Supreme Court, the Government has decided to set up a bench of National Company Law Appellate Tribunal (NCLAT) at Chennai. This was stated by Shri Anurag Singh Thakur, Union Minister for State for Finance &Corporate Affairs, in a written reply to a question in Lok Sabha today.
As per the provisions of the Companies Act, prosecutions are filed by the Ministry of Corporate Affairs (MCA) through Registrar of Companies against such companies which have not filed Financial Statements from time to time and there are 11,082 number of prosecutions filed by the MCA during the said period for non-filing of financial statements.
MCA amended Companies (Cost Records and Audit) Amendment Rules due to implementation of GST, other procedural changes and consequent revision of connected forms i.e. CRA-1 and CRA-3 Posted On: 02 DEC 2019 3:12PM by PIB Delhi The Ministry of Corporate Affairs (MCA) vide Notification No. G.S.R. 792 (E) dated 15.10.2019 has amended the Companies (Cost […]
No profiteering found in Sanjay Devan Vs Vatika Ltd. case. DGAP reports no ITC benefit or tax rate reduction. Section 171 not applicable.
OSP stands for Other Service Providers referring to the service provided in the Telecommunication Industry which uses telecom resources. It involves BPO/call centers, e-commerce, telebanking, telemedicine,-education, and other IT enabled services. Department of Telecommunication under the New Telecom Policy (NTP) 1999 made it compulsory for OSPs using telecom resources to obtain License.
In simple terms, buy-back of shares means the situation when the company repurchases its own shares. A company may opt to buy-back the shares under any other the following situations – – When the quoted price on the stock exchange for the company’s share does not represent the true value of the shares; or – […]
The event of GST starts where there is a case of Supply. If there is no case of Supply, GST is not required and not to be considered. A word sale has not been taken under GST Act. In place of sale there is a word Supply. Various taxable events in pre-GST regime such as […]
Article 269A (1) & Article 246A of the Constitution give powers to the Parliament to make law to provide levy and collection of goods and services tax on supply of goods or services or both where such supply takes place in the course of inter-State trade or commerce, and for apportionment of such collected tax […]
AS PASSED BY LOK SABHA ON 2.12.2019 Bill No. 362-C of 2019 THE TAXATION LAWS (AMENDMENT) BILL, 2019 A BILL further to amend the Income-tax Act, 1961 and to amend the Finance (No. 2) Act, 2019. BE it enacted by Parliament in the Seventieth Year of the Republic of India as follows:— CHAPTER I PRELIMINARY […]
Ind AS 116- Leases, is effective from annual period beginning on or after 1 April 2019. Ind AS 116 Supersedes Ind AS 17 – Leases from the date of its applicability. Under Ind AS 17, lease rentals under an operating lease were recognised as an expense/income on a straight line basis over the lease term […]
