"24 August 2020" Archive

R&D for Covid vaccine, drugs & medical devices included in CSR

Notification No. G.S.R. 526(E) (24/08/2020)

Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020 MCA notifies following activities as CSR Activity Provided that any company engaged in research and development (R&D) activity of new vaccine, drugs and medical devices in their normal course of business may undertake research and development activity of new vacc...

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Contribution for R&D activities-More entities covered in CSR

Notification No. G.S.R. 525(E) (24/08/2020)

MCA amends Schedule VII of Companies Act, 2013  and to include more entities in engaged in research and development to whom contribution will fbe treated as Contribution for Corporate Social Responsibility (CSR) Activities as required under Section 135 of Companies Act, 2013. Same is done by substituting item (ix) of Schedule VII of Comp...

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How should you prepare yourself to face present difficult times & ahead as well?

We all are locked in difficult and uncertain times of pandemic of Covid-19. Even after 5 months of various stages of lockdown we are yet not in a position to say anything with certainty about how long spread of this pandemic will last and how long the impact of it will last on economy and […]...

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Posted Under: Company Law |

Remuneration to Directors

Meaning of Remuneration The ordinary meaning of ‘Remuneration‘ is an amount of money that is paid to somebody for the work they have done; reward; compensation. As per Section 2(78) of the companies Act, 2013 ‘Remuneration’ defined as any money or its equivalent given or passed to any person for services rendered b...

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Posted Under: Company Law |

List of 8 recent changes in Direct Tax

List of recent changes in Direct Tax To increase liquidity in the hands of an Individual and Corporates and battle Corona Virus and reduce financial distress, the Government announced various relief measures in last one year from an Income tax perspective. Following are measures which would benefit Indian taxpayers. 1. Introduction of Sec...

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Posted Under: Company Law |

Interpretation of Section 6 of Hindu Succession Act, 1956

Interpretation of Section 6 of the Hindu Succession Act, 1956. Article explains the latest judgment of the Hon’ble Supreme Court of India, delivered on 11-8-2020, in the case of ‘Vineeta Sharma Vs. Rakesh Sharma’, on the interpretation of Section 6 of the Hindu Succession Act, as amended by the Amendment Act of 2005. Introdu...

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Posted Under: Company Law |

Tax on Income Distributed By Way of Buy-Back of Shares By Unlisted Companies- Anti Abuse Provision

Tax on Income Distributed By Way of Buy-Back of Shares By Unlisted Companies- Anti Abuse Provision Dear Friends, payment of taxes is the duty of every citizen of this country. The Governments utilises taxes paid by us into different types of economic and socio works. Non payment or avoidance of taxes shall be punishable monetarily [&helli...

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Posted Under: Company Law |

Validity of Penalty Notice- Continuing Saga

The Bombay High Court has in its order dated 12th June, 2020 in the case of Ventura Textiles Ltd (ITA No.958/2017) has given a fresh perspective to the controversy of validity of penalty notice under section 271(1)(c). In the past the courts have held that if the show cause notice proposing penalty under section 271(1)(c) do not clearly s...

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Posted Under: Company Law |

All About Aadhar Authentication In GST Registration

With the increasing number of instances and cases of fake bills, dummy address registrations and multiple registrations in the same places, the GST council vide its amendment in the GST act has already introduced the power of aadhar authentication compulsory for all the class of registration subject to some exception....

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Posted Under: Company Law |

Winding Up (Under Companies Act, 2013 & IBC, 2016)

Winding Up (Under Companies Act, 2013 and Insolvency And Bankruptcy Code, 2016) Winding up means a proceeding by which a company is dissolved. The assets are disposed, the liabilities are paid, and the surplus, if any, is distributed among the shareholders/ members in proportion to their shareholding in the company. Winding up proceedings...

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Posted Under: Company Law |

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