CBT notifies New FORM NO 15C under Income Tax Rulee 29B for Application by a banking company or insurer for a certificate under section 195(3) of the Income – tax Act, 1961, for receipt of interest and other sums without deduction of tax vide Notification No. 75/2020-Income Tax dated 22.09.2020. MINISTRY OF FINANCE (Department of […]
Valuation under different Acts i.e. the Companies Act, 2013, Income Tax Act, 1961 and Foreign Exchange Management Act, 1999 Till the introduction of the Companies Act, 2013 (Act 2013), the valuation of shares, assets, net worth of companies etc. was conducted by Chartered Accountants or as prescribed by other laws such as the Foreign Exchange […]
Request for Extension of Companies Fresh Start Scheme i.e. CFSS 2020 by at least by 3 months i.e. until 31st December, 2020 and a further request for similar relief for LLP Settlement Scheme 2020 in view of genuine hardships which have arisen due to Covid-19 pandemic. KARANATAKA STATE CHARTERED ACCOUNTANTS ASSOCIATION (R.) Date: 17th September […]
There are certain unaddressed genuine concerns which are have been causing unwarranted difficulties and hardship to our members while performing their audit of Co-operative societies in the state. We thought to bring these concerns on the table through this representation, we urge you to take cognizance of these concerns and hardships as faced by our members and provide amicable resolutions to enable our members to discharge their onerous audit function in a more efficient and effective manner in future.
Navneet Sahay Verma and another Vs. Registrar of Companies and another (Bombay High Court) The Petitioners, because of their disqualification, cannot apply under the Companies Fresh Start Scheme in respect of their companies. This Scheme is to end on 30 September 2020. They, therefore, seek a direction that they may be permitted to apply under […]
The share capital clause of memorandum of association (SCC) of a Company can be altered as per the provisions of Section 61 of the Companies Act, 2013 (Act). Section 61 provides that the articles of association (AOA) shall contain provisions for alteration of SCC of a Company, thereafter the company shall obtain an approval of […]
In brief:- Recently, many taxpayers were facing problems since the time of Revocation against cancellation of GST Registration had been expired. In this regard, the GST council provided one-time opportunity by providing an extension to file revocation applications in the 40th council meeting on 12.06.2019. Now, CBIC issues order about this matter. In detail:- Legal […]
The issue under consideration is whether freezing the bank account for such a long period is justified in law?
The 3 bills which were passed in the Lok Sabha today are (i) Industrial Relations Code, 2020 (ii) Code on Occupational Safety, Health & Working Conditions Code, 2020 & (iii) Social Security Code, 2020.
The 2013 Act introduces a new type of entity to the existing list i.e. apart from forming a public or private limited company, the Act enables the formation of a new entity a ‘one-person company’ (OPC). An OPC means a company with only one person as its member (section 3(1)). Signing of Annual Return The […]
