In the present case the Auditor Report categorically states it has relied on the information provided by the management of the Company and as per the management there was no default in the repayment of loans or borrowings to financial institution. However, the Company has failed to repay its dues to bank and has been declared as NPA by bank and the matter is lying with Debts Recovery Tribunal.
The WG has come up to a conclusion that the MTP Obligation should be a function of number of vehicles insured/uninsured instead of premium derived from motor third party insurance business and accordingly a simple & equitable formula for calculating the MTP Obligation has been proposed.
It has also been decided that, non-achievement of PSL targets will not be included as one of the criteria for classifying a UCB as Financially Sound and Well Managed (FSWM) with effect from March 31, 2021. However, it will continue to be taken into account while granting regulatory clearances/approvals for various purposes.
Many Indian companies have opened subsidiaries abroad when all that they required was a collection bank account. This is often felt necessary for the purpose of collecting payments from customers either through bank transfers or through online transactions. Reserve Bank of India, strangely, is positively inclined towards Indians opening companies abroad but does not seem […]
Corrigendum to Notification No. 17/2020-Customs, dated 25th March, 2020 MINISTRY OF FINANCE (Department of Revenue) CORRIGENDUM New Delhi, the 24th April, 2020 G.S.R. 263(E).—In the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 17/2020-Customs, dated the 25th March, 2020, published in the Gazette of India, Extraordinary, Part II, […]
Company’s Fresh Start Scheme, 2020 Government of India has released several measures granting relaxation to businesses to combat COVID-19 Outbreak, the Ministry of Corporate Affairs (MCA) has also come up with specific measures for Companies and LLP’s. What Comes First……… The Companies (Registration Offices and Fees) Second Amendment Rules 2018 has been notified on 7th […]
Harina Developers Pvt. Ltd. Vs ITO (ITAT Bangalore) The issue under consideration is that whether the loan received from two directors can be considered as unexplained cash credit u/s 68 of the Act? In the given case, the assessee has received amount from two of its directors. The assessee could file only ledger account extract […]
Notification No. 13/2017 provides that the Services provided by Director to the body corporate would come under the ambit of Reverse Charge Mechanism. By the virtue of the said Notification, the services provided by the Director would be taxable. But the question arises that whether the said entry of the Notification is under the permissible limits as prescribed by the Parent Act i.e Central Goods Service Tax Act, 2017.
Let us understand some basics about registration of Designs and its related frequently asked questions (FAQs). The Designs office can assist you to search whether the design has been previously registered or not. For the same, application under Form No. 6 with requisite fees needs to be filed.
Indian bankruptcy Code 2016 is set to be a game changer providing an efficient framework to deal with business failures. The Code deals with insolvency and liquidation proceedings in a time bound and efficient manner in order to maximize best possible value of stress assets. Sections 43 to 51 and Section 66 of the Code […]
