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Archive: 05 February 2021

Posts in 05 February 2021

Budget 2021-22 will boost Start-ups in country

February 5, 2021 666 Views 0 comment Print

Budget 2021 incentivizes the incorporation of One Person Companies (OPCs) by amending the Companies (Incorporation) Rules to allow OPCs to grow without any restrictions on paid up capital and turnover, allowing their conversion into any other type of company at any time, reducing the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days and also allow Non-Resident Indians (NRIs) to incorporate OPCs in India.

Highlights of Corporate Social Responsibility (CSR) Amendments

February 5, 2021 6840 Views 3 comments Print

Ministry of Corporate Affairs (MCA) has amended the CSR provisions by notifying the following w.e.f. 22.01.2021: a. The Companies [Corporate Social Responsibility (CSR) Policy] Amendment Rules, 2021. b. Section 27 of the Companies (Amendment) Act, 2020. c. Section 21 of the Companies (Amendment) Act, 2019. Key highlights of these amendments are as follows: ♦ Exemption […]

QRMP Scheme v/s Monthly GSTR 3B System?

February 5, 2021 7104 Views 0 comment Print

Every GST registered person as well as professionals filing GST returns for them are confused these days about which scheme to opt, QRMP scheme or Monthly 3B system. Like in Income Tax, Govt has introduced New Tax Slab Regime with lower tax rates & you have option to choose between old & new tax slab […]

Budget Remedy for Non-Performing Assets (NPA)

February 5, 2021 3516 Views 1 comment Print

THE IDEA OF BAD BANK BY WAY OF ASSET RECONSTRUCTION COMPANY (ARC) Governor of Reserve Bank of India Shaktikanta Das during the question-and-answer session at the 39th Palkhivala Memorial Lecture said, ‘If there is a proposal to set up a bad bank, the RBI will look at it’. The Union Budget presented on 1st February […]

RBI directives on Loans & advances to directors, their relatives etc.

February 5, 2021 1704 Views 0 comment Print

UCBs shall not make, provide or renew any loans and advances or extend any other financial accommodation to or on behalf of their directors or their relatives, or to the firms / companies / concerns in which the directors or their relatives are interested

Minimum investment amount per client of INR 50 Iakhs applicable for PMS advisory services

February 5, 2021 1383 Views 0 comment Print

Whether our understanding, that no separate registration under the IA Regulations is required to render investment advice to general investors as we are also a fund manager of an AIF apart from being registered as a Portfolio Manager, is correct? Whether we are required to comply with general obligations and responsibilities under Chapter III of […]

Single Window Approval System for Industries

February 5, 2021 357 Views 0 comment Print

The Central Government is working on setting up a Single Window System for   clearances and approvals of industry in the country. Despite the presence of several IT platforms for investing in India such as in departments of the Government of India and State Single Window Clearances, investors need to visit multiple platforms to gather information and obtain clearances from different stakeholders.

Strict Compliance to Limitation while filing Appeals/Petitions before Courts/ Tribunal

February 5, 2021 1284 Views 0 comment Print

Field formations have been directed to strictly adhere to the aspect of limitation in filing appeals/ petitions before Courts/ Tribunal. CBEC Instruction vide F.No.1080/DLA/50/Tech/Monitoring/SLPs-Appeals/16 dated 01.06.2017 provides timelines for filing SLP and Civil Appeals.

New issue cannot be raised by Department while filing Cross Objection

February 5, 2021 1122 Views 0 comment Print

By way of present ground of CO, the Revenue intends to rake up altogether a new situation. The ld.AO did not take any action for recasting of the balance sheet by observing that expenditure debited in the work-in-progress has not been claimed in the profit & loss account.

SEBI Master Circular for Depositories updated till 31.10.2020

February 5, 2021 1029 Views 0 comment Print

This Master Circular is a compilation of the relevant circulars/communications pertaining to Depositories issued by SEBI up to October 31, 2020 and shall come into force from the date of its issue. References in the Master Circular to the Statutes/Regulations which now stand repealed, have been suitably updated.

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