"February, 2020" Archive - Page 10

Conversion of LLP into Company limited by shares

Article explains Steps for Conversion of LLP into Company limited by shares, List of Documents required filing with ROC for conversion of LLP into Company in Form URC-1, Company required to file e-form for Conversion of LLP into Company limited by shares and FAQs on Conversion of LLP into Company limited by shares. List of […]...

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Posted Under: Company Law |

Negetive List of Duty Drawback (Section-76) under Custom Act,1962

Section 76 of the Customs Act, 1962 contains the provisions in respect of prohibition and regulation of drawback and no drawback shall be allowed in the following circumstances: (a) In respect of any goods, the market price of which is less than the amount of drawback due thereon, (b) If the Central Government is of […]...

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Posted Under: Company Law |

Interest on GST – Section 50 -A New Hurdle

Since GST has been Implemented Every Day a New hurdle is taking place in GST compliances Government is trying to do various experiment. As from several months the government Revenue from GST is constantly Decreasing the government changed the Rules & Conditions for claiming the Input Tax Credit (ITC) in GSTR-3B CBIC has inserted the...

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Posted Under: Company Law |

E-Invoicing under GST – Brief Analysis

As another emerging issue under GST for a Taxpayer is Whether he need to Generate an E-Invoicing from 01-04-2020 & if Yes then –  What is an E- Invoicing? – Does E-Invoicing mean preparation or generation of tax payer’s invoice on Government portal? – Who shall generate IRN & QR Code? – What types of ...

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Posted Under: Company Law |

Section 50- Interest to be Paid on GROSS or NET GST Liability?

Many of the registered persons are receiving notices to pay interest on GROSS liability for delay in filing of GSTR 3B returns in case of failure to pay so the department may initiate recovery proceedings under sec 79, because of which there is as huge confusion among the registered tax payers regarding calculation of interest. […]...

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Posted Under: Company Law |

New CARO 2020-puts in place stringent disclosure norms

MCA has notified new CARO 2020 wherein all the existing clauses are there. Some new clauses are added and some are amended. There are various reporting requirements on the auditor now....

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Posted Under: Company Law |

Conversion of OPC into Private/Public Limited Company

As per Section 2(62) of Companies Act, 2013 read with Rule 3 of Companies (Incorporation) Rules, 2014, “One Person Company” means a company which has only one person as a member, and that person should be a natural person who is an Indian citizen and resident in India*- (a) shall be eligible to incorporate a […]...

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Posted Under: Company Law |

Tax Implications on Drop-shipping business in India

GST law do not require a business to get registered under GST if it is exclusively engaged in export of goods or services. so legally speaking, if you are exclusively engaged in international drop-shipping with no domestic business in India, you aren’t required to register under GST....

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Posted Under: Company Law |

Companies Auditor Report Order (Caro) Rules, 2020 – Analysis

COMPANIES AUDITOR REPORT ORDER (CARO) RULES, 2020 – Analyses The MCA has issued the Companies (Auditor’s Report) Order, 2020 (CARO 2020), on 25th February 2020. This order has been issued in supersession of the Companies (Auditor’s Report) Order, 2016, and is applicable for reporting on financial statements of companies whose fi...

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Posted Under: Company Law |

Direct Tax Vivad se Vishwas Act, 2020 (Amended)

THE DIRECT TAX VIVAD SE VISHWAS Scheme, 2020- An Analysis of the Scheme Article explains Salient Features Of The Direct Tax Vivad Se Vishwas Act, 2020 (‘Scheme’), Steps Involved In Payment Of Tax Arrears, Important Definitions Under The Direct Tax Vivad se Vishwas Scheme, Amount Payable By Declarant (As Per Section 3), Filing Of Decla...

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Posted Under: Company Law |