"03 July 2020" Archive

Due date of filing of MSME-I in the year 2020-21 and Test of immunity from prosecution for delay filing

You are well aware that the companies are required to make certain disclosures pertaining to the vendors registered under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. However, we would like to marmorise flashback of changes made in the MSMED Act and requirement of Form MSME-I. In exercise of powers conferred by S...

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Posted Under: Company Law |

Online Correction Facility for 26QB Statements

As we all aware that Form 26QB has to be file to comply with TDS section 194-IA. Various instances are seen were some or other attribute of Form 26QB is wrongly mentioned and credit of TDS deducted is not reflected in Form 26AS. Earlier online correction facility is not available hence to correct any mistake […]...

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Posted Under: Company Law |

Form 15CA & 15CB- Things to be kept in mind

The new rules for preparation, filing/ issuing forms 15CA and 15CB are effective from 01st April’2016. With these new rules coming into effect significant changes have come into effect for furnishing forms 15CA & 15CB. Some of the key changes for furnishing form 15CA & 15CB that have come into effect from 01st April’2016 are: ...

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Valuation of Equity Share

Equity Valuation becomes easy when the script is listed, Company is active in business & shares are regularly trading. Since market price is ready available in stock exchange website. Further we can average out the daily closing market price of last one year to make it full proof, however it becomes challenge to value unlisted companies e...

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Posted Under: Company Law |

How to avail Maximum benefit under Section 80IB(10)

Recently, I was approached by a Builder Group seeking a number of clarifications, in respect of the incentive granted U/S 80-IB(10) of the Income-Tax Act to Undertakings engaged in the development and construction of Housing Project(s). Apparently, the provisions of S.80-IB(10) look quite simple, but when one goes into the various conditi...

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Posted Under: Company Law |

Meetings of Board Of Directors – Overview of Corporate Governance Provisions & Judicial Decisions

Section 173 of Companies Act 2013 corresponds to Sections 285 and 286 of the Companies Act, 1956. Section 173(1) provides that after incorporation, Board of Directors should conduct first meeting within thirty days, and subsequently a minimum of four meetings a year....

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Posted Under: Company Law |

Issue of preference shares on right basis

Preference as the term implies are the shares that rank at a priority above the equity shares. It means and includes that part of the share capital the holders of which have a preferential right over payment of dividend (fixed amount or rate) and repayment of share capital in the event of winding up of […]...

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Posted Under: Company Law |

Analysis of Ministry of Micro, Small and Medium Enterprises – Notification dated June 26, 2020

Analysis of Ministry of Micro, Small and Medium Enterprises – Notification dated June 26, 2020 The Ministry of Micro, Small and Medium Enterprises (MSME) has set out a notification dated June 26, 2020 regarding the new registration process called ‘Udyam Registration’ and classification of MSMEs. Under this all the existing enterpris...

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Posted Under: Company Law |

GSTR-3B “late fee waiver”: a relief to the few, unjust to many

The Goods and Services Tax (GST) Council headed by the honourable Finance Minister Smt Nirmala Sitharaman announced ‘waiver of late fees‘ on 12th June 2020, in case of delay in filing of GSTR-3B for the period between July 2017 to January 2020 with details as given below: GSTR -3B STATUS OF RETURN (July 2017 to […]...

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Posted Under: Company Law |

HC rejects writ challenging legal validity of CGST Rule 142(1)(a)

Mahavir Enterprise VsAssistant Commissioner Of State Tax (Gujarat High Court)

Mahavir Enterprise Vs Assistant Commissioner Of State Tax (Gujarat High Court) (Gujarat High Court) Therefore, to sum up, the High Court can interfere under Article 226 of the Constitution of India against a show cause notice where the same is issued by an authority in exercise of the power which is absent; the facts does […]...

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