"06 February 2020" Archive - Page 4

Inspection, Inquiry & Investigation under Companies Act, 2013

Relevant Chapter: Chapter XIV Section 206: Power of ROC to call for information and Inspect documents On scrutiny of any documents filed by Company to ROC its obligation of the company to provide information, explanations and documents as the Registrar may direct. The information, explanation or documents must be provided within a reasona...

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Posted Under: Company Law |

Wrong Step for Salaried Class- Rs. 7.5 Lakh Limit on PF, NPS & Superannuation fund

It seems that the government is not happy for people earning more and the raise of salary they get after many years of hard-working. If people want to have a very good quality of retirement and improvised lifestyle in retirement is that act of Fraud. We financial advisor advice investor to have financial planning and […]...

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Posted Under: Company Law |

Compliances Required by a Person Eligible And Willing to be Appointed as an Independent Director

. Every individual existing Independent Directors (ID) shall within a period of three months from commencement of the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019 and every individual who intends to get appointed as an ID after such commencement shall, apply online to the Indian Institute of Corporat...

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Posted Under: Company Law |

Key Highlights of Union Budget 2020-21

DIRECT TAX 1. Corporate tax for new manufacturing Companies & power generation companies brought to 15% and existing companies to 22% . 2. Govt. has exempted individual with income upto Rs. 5 lakh 3. New Simplified new tax for FY 2021-22 are as Taxable Income Slab (`) Existing Tax Rates New Tax Rates 0-2.5 Lakh […]...

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Posted Under: Company Law |

Annual Compliance Calendar for Unlisted Companies

With the introduction of recent amendments/filings under Companies Act, 2013 such as MSME-1, DPT 3, BEN-2,  etc. the number of compliances even for unlisted  Companies have increased manifold, making it imperative to keep track of these compliances and their due dates in a systematic way. Hence for the benefit of all and ensuring timely...

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Posted Under: Company Law |

New Section 12AB | Finance Bill 2020 | Charitable Trusts | Amendment in Section 12AA/ 80G/ 80GGA

Finance Minister presented the Union Budget 2020 wherein she proposed substantial amendments for granting exemptions to the charitable / religious trusts institutions etc. Under the new tax regime, she proposed to amend Section 10(23C), Section 11, Section12A, Section12AA, Section 80G and proposed to insert a new Section 12AB. All these a...

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Posted Under: Company Law |

GST authorities cannot arbitrarily confiscate Godown of dealer

Anopsinh Kiritsinh Sarvaiya Vs State of Gujarat (Gujarat High Court)

In the given case, the writ applicant claims to be an agriculturist. It is his case that he owns a godown bearing No.14, situated at the Marketing Yard at Gondal, District: Rajkot....

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Direct Tax Highlights of Budget presented on 1st February 2020

♦ New Taxation Scheme for Individuals & HUF: Alternate/Optional tax regime provided to individuals and HUF by insertion of Section 115BAC. A summary on the rates of tax is provided below: Taxable Total Income Existing Tax Rates Optional Tax Rates* Upto Rs. 2,50,000 Nil Nil Rs. 2,50,001 to Rs. 5,00,000 5% 5% Rs. 5,00,001 to […...

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Posted Under: Company Law |

Recap of Union Budget 2020-21

Introduction With soaring expectation from various stakeholders, Finance minister Smt. Nirmala Sitharaman presented the Union budget 2020-2021 on 1st February 2020. The budget aims to open up avenues for vibrant and dynamic economy supported by the new technologies. This is essential keeping in view that India become fifth largest economy...

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Posted Under: Company Law |

Comparative Study of Old and New Regime of Income Tax Slabs

Comparative Study of Old and New Regime of Income Tax Slabs- In Budget-2020 proposals, new section 115BAC is proposed to be inserted w.e.f. AY 2021-22.  Some of the salient features of which are as under. 1. It is optional. 2. It is for Individual and HUF only. 3. It is subject to other special rates […]...

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Posted Under: Company Law |

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