"30 August 2020" Archive - Page 2

Form 35 Submission with Scanned Signature for filing CIT appeal is Sustainable in Law

Rivendell PE Vs ACIT (ITAT Mumbai)

The issue under consideration is whether the submission of Form 35 alongwith scanned copy of signature at the time of filing CIT appeal is sustainable in law?...

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Drawing power vs. Security in CC limit- open the knot

Today I am covering a very important provision in bank credit (working capital limit) which almost 100% of the people (even CAs and senior bankers) treat wrongly. Generally banks will compute drawing power (DP) in a cash credit/overdraft account by taking into consideration book debts outstanding upto 90 days. I think this concept is clea...

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Posted Under: Income Tax |

Acquisition of Future Group by Reliance- –A Much Awaited Deal

Reliance Retail Ventures Limited will pay INR 24,713 crore to Future Enterprise Limited (FEL) for the acquisition of retail & wholesale business and the logistics & warehousing business of the future group. Modus operandi of payment is not disclosed as yet....

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Posted Under: Income Tax |

Checklist of section 185 of Companies Act 2013

Section 185 of Companies Act 2013, prohibited companies from advancing any loan (including loan represented by a book debt) or giving any guarantee or any security in connection with a loan taken by the directors of such company or any other person in whom the directors are interested. Article contains Checklist of section 185 of [&hellip...

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Posted Under: Income Tax |

Startup Recognition & Tax Exemption

Startup Recognition & Tax Exemption Under the Startup India Action Plan, startups that meet the definition as prescribed under vide G.S.R. 127(E) dated 19th February, 2019 are eligible to apply for recognition under the program. The Startups have to provide supporting documents, at the time of application. Eligibility Criteria for Sta...

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Posted Under: Income Tax |

How Is MoneyTap Driving the Fintech Revolution in the Indian Lending Space

In 2015, entrepreneurs Kunal Varma, Bala Parthasarathy, and Anuj Kacker founded MoneyTap to address the loopholes in the traditional lending space. They introduced India's first app-based credit line that isn't tied to any collateral....

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Posted Under: Income Tax |

Allow Filing of financial statement within sixty days of AGM

We wish to submit that the provision of Section 137(1) of the Companies Act, 2013 requiring filing of financial statement within thirty days of the date of annual general meeting may be considered for amendment by prescribing a period of sixty days for such filing, aligning it with the date of filing of annual return....

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Posted Under: Income Tax |

Request for extension for holding Annual General Meeting due to COVID-19

It is once again requested that a general extension for the date of conducting AGMs may be allowed so as to provide relief to all the companies and stakeholders The MCA may also consider filing of e-Form GNL -1 for seeking extension of time in holding of AGM through STP mode, so as to speed up the approvals....

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Posted Under: Income Tax |

CSI UDIN and eCSIN Guidelines

THE INSTITUTE OF company Secretaries of India MCA: August Shri Rajesh Verma. IAS Secretary Ministry of Corporate Affairs Government of India Dr. Rajendra Prasad Road, Shastri Bhawan. New Delhi – 110 001 Subject: ICSI UDIN and eCSIN Guidelines – Reg. Respected Sir, Kindly refer to ICSI letter dated 19th December. 2019 and 3rd J...

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Posted Under: Income Tax |

Introduce CSR Compliance Certificate: ICSI requests MCA

It is proposed that CSR Compliance Certificate, by an independent professional, should be introduced, which should cover all the aspects of CSR provisions as provided ,under the Act and the Rules. A draft Compliance Certificate covering each and every aspect is given at 'Annexure B....

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Posted Under: Income Tax |

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