"07 February 2021" Archive

Analysis of recent amendment in CSR Rules & Provisions

1. Brief Background a) The Company law in India mandates certain category of companies to carry out Corporate Social Responsibility (CSR) activities mandatorily. Section 135 of the Companies Act, 2013 enlists the companies which are mandatorily required to comply with the CSR requirements, which are: i. Net worth of Rs. 500 crore or more,...

Posted Under: Company Law |

Section 11(2) not mandate a limitation for filing notice of accumulation in Form No. 10

Infrastructure Development Fund Vs DCIT (ITAT Chandigarh)

Infrastructure Development Fund Vs DCIT (ITAT Chandigarh) The Tribunal adjudicating on the identical issue, has held that if form No. 10 is filed during the continuation of the assessment proceedings that should have been taken into consideration by the Assessing Officer. That non filing of the Form No. 10 within stipulated period may be ...

Creditor not become Financial Creditor if Corporate Debtor Only Gives Security by Pledging Shares without Undertaking to Discharge Borrower: SC

Phoenix Arc Pvt. Ltd. Vs Ketulbhai Ramubhai Patel (Supreme Court)

Phoenix Arc Pvt. Ltd. Vs Ketulbhai Ramubhai Patel (Supreme Court) This Court held that a person having only security interest over the assets of corporate debtor, even if falling within the description of ‘secured creditor’ by virtue of collateral security extended by the corporate debtor, would not be covered by the financial...

Capping of interest on PF to discourage savings & investment

Capping of interest on PF to disincentivise, demotivate & discourage savings & investment in PF The Finance Bill 2021 has introduced capping of tax free interest on PF above the contribution of 2.5 lacs in a financial year. In simple words it implies that if an assessee contributes more than Rs. 2.5 lakh in any […]...

Posted Under: Company Law |

Retrospective amendment in respect of interest on delayed payment of GST

It is stated that proviso to sub-section (1) of Section 50 of the Central Goods and Service Tax, 2017 (CGST Act, 2017) is sought to be amended to substitute retrospectively with effect from the 1’st July, 2017, vide Clause 103 of Finance Bill, 2021, so as so as to charge interest on net cash liability […]...

Posted Under: Company Law |

FCRA Charter For Chartered Accountants

Charter For The Chartered Accountants Since the Foreign Contribution (Regulation) Act, 2010 (FCRA, 2010) is dealing with national security, associations are required to exercise extreme care and caution in utilising foreign contribution. 2. Chartered Accountants (CAs) examine and audit all relevant books of accounts and Bills and vouchers...

Posted Under: Company Law |

SC imposes fine on finding casual approach of authorities in filing SLP’s

Commissioner of Public Instruction & Ors. Vs Shamshuddin (Supreme Court of India)

SC on finding that the Special Leave Petition had been filed with delay of 1288 days without any cogent or plausible ground; had imposed costs on the authorities for wastage of judicial time and adopting an approach that they could walk in to the Supreme Court as and when they please ignoring the period of limitation prescribed by the Sta...

Section 194Q TDS Applicability on Purchase of Goods

Tax Deducted at Source (TDS) under section 194-Q  at 0.10% shall be applicable on aggregate Purchases over & above Rs 50 Lacs from a Supplier in India in a financial year....

Posted Under: Company Law |

Role of Merchant Banker in IPO Management (with case study)

SEBI (MERCHANT BANKERS) REGULATIONS, 1992 defines ‘merchant banker’ as any person who is engaged in the business of issue management either by making arrangements regarding selling, buying, or subscribing to securities or acting as manager, consultant, adviser, or rendering corporate advisory service in relation to such issue ...

Posted Under: Company Law |