"28 February 2020" Archive

Differences Between CARO 2020 and CARO 2016

Companies (Auditor’s Report) Order, 2020 (CARO 2020) v/s Companies (Auditor’s Report) Order, 2016 (CARO 2016) Salient Differences Between Companies (Auditor’s Report) Order, 2020 & Companies (Auditor’s Report) Order, 2016 :- Clause Companies (Auditor’s Report) Order, 2020 Companies (Auditor’s Report) Order, 2016 (i...

Posted Under: Company Law |

Format of reply to Notices for Interest on Gross GST Liability

Kindly note that we have been issued a demand notice stating that there was a delay in filing of GSTR 3B for the period of July’2017 to Dec’2019 and accordingly we are liable to pay interest under section 50 of the CGST Act, 2017....

Posted Under: Company Law |

Recent Development in respect of Independent Director

Ministry of Corporate Affairs amended the Companies (Appointment and Qualification of Directors) Rules, 2014. As per the amended Rule 6(1) every individual who has been appointed as an independent director in a company, on the date of commencement of the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019, s...

Posted Under: Company Law |

Draft Format of Co-Working Membership Agreement

SAMPLE CO-WORKING MEMBERSHIP AGREEMENT 1. General In consideration for the mutual benefits exchanged by the The Pillar (the ‘Company’) and the undersigned (‘You’, the ‘Member’, collectively the ‘Parties’), the Parties hereby agree, warrant, consent and covenant to the following terms, condit...

Posted Under: Company Law |

Implementation of Customs automated clearance on All-India basis

Circular No. 15/2020-Customs 28/02/2020

It has now been decided to extend the facility of automated clearance of Bills of Entry to all customs formations where the Customs EDI system is operational, with effect from 05.03.2020....

Companies (Appointment and Qualification of Directors) Amendment Rules, 2020

Notification No. G.S.R. 145(E) 28/02/2020

Companies (Appointment and Qualification of Directors) Amendment Rules, 2020. Provided that an individual shall not be required to pass the online proficiency self-assessment test, when he has served as a director or key managerial personnel, for a total period of not less than ten years, as on the date of inclusion of his name in the dat...

Govt extends term of appointment of SEBI Chairman Ajay Tyagi

Notification No. S.O. 911(E) 28/02/2020

Central Government hereby extends the term of appointment of Shri Ajay Tyagi as Chairman of the Securities and Exchange Board of India for a period of six months beyond 29.02.2020 or until further orders, whichever is earlier....

No Penalty for TDS Default due to reasonable cause on Foreign LTC Paid to Staff

State Bank of India Vs ACIT (ITAT Bangalore)

State Bank of India Vs ACIT (ITAT Bangalore) The assessee is a banking institution. A survey u/s 133A of the Act was conducted in the hands of the assessee in order to verify compliance of TDS provisions. It was noticed that the assessee has provided LTC facility to its employees and some of the employees […]...

Much-awaited SBI Cards IPO to open on March 02; here’s everything you need to know

Payment solutions provider SBI Cards and Payments Services Ltd., a subsidiary of India’s largest public lender State Bank of India (SBI), is set to launch its Rs10,352cr IPO on March 02, 2020. The much-awaited SBI Cards IPO will be open for four days, unlike most other IPOs that usually remain open for 3 days. What’s […]...

Posted Under: Company Law |

Goods Transport Agency (GTA) under Goods & Services Tax (GST) 

1. Who is GTA?  GTA means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called. 2. What are the rates of GST for GTA? GTA have the option to charge GST at the rate of 2.5% or 6% CGST (equivalent SGST and 5%, […]...

Posted Under: Company Law |

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