"05 March 2021" Archive

MCA enables Aadhar authentication for GSTIN on Company Incorporation

G.S.R.158(E) 05/03/2021

Companies (Incorporation) Third Amendment Rules, 2021. Introduction of Aadhar authentication facility for GSTIN Registration in Form INC-35 AGILE-PRO This is to inform you that the Ministry of Corporate Affairs has issued a notification on 05th March 2021 stating that in the Form INC-35 AGILE-PRO, part of SPICE+, in serial no-12 at the en...

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MCA mandates new Form & MGT-7 & MGT 7A for OPC & small companies

Notification No. G.S.R. 159(E). 05/03/2021

(1) These rules may be called the Companies (Management and Administration) Amendment Rules, 2021. (2)  They shall come into force on the date of their publication in the Official Gazette....

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LTC (Leave Travel Concession) Cash Voucer Scheme

01/01/1970

Government in Budget 2021 notified Leave Travel Concession (LTC) cash Voucher scheme. In view of the situation arising out of outbreak of COVID pandemic, it is proposed to provide tax exemption to cash allowance in lieu of LTC. Initially, the scheme was announced in October 2020 for Central Government Employees and later via a press [&hel...

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Posted Under: Company Law |

MCA notifies amendment in Section 92 of Companies Act 2013

S.O. 1066(E). 05/03/2021

Commencement notification of the provisions of Companies (Amendment) Act, 2017 w.e.f. 05th March, 2021 in respect of provisions relating to Annual Return MCA notifies date of applicability of amendment in Section 92 of Companies Act, 2013 w.e.f. 05th March, 2021 which deals with Annual Return of the company. Amendment was made by Companie...

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Clarification regarding possibility of double taxation during Covid-19 – FY 2020-2021

01/01/1970

The whole Covid-19 pandemic situation has made government to release a lot of relaxations and clarifications. One major concern that was brought forward for the clarification was the question of double taxation. Due to the pandemic, lot of flights were suspended making the temporary stay of the non-residents in India to extend for the fur...

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Posted Under: Company Law |

CGST arrests two for GST Fraud of more than Rs 392 crore

01/01/1970

. The syndicate has thus defrauded the Government exchequer of more than Rs. 392 crore by issuing bogus invoices of more that Rs. 3,000 crore without actual supply of any goods or services which is likely to increase as the investigation progresses. It is pertinent to mention that M/s Vertilink Media Solutions Private Limited has adm...

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Posted Under: Company Law |

CBDT prescribes rules for determination of Annual accretion

Notification No. 11/2021-Income Tax/G.S.R. 155(E). 05/03/2021

CBDT prescribes rules for determination of Annual accretion for the purposes of section 17(2)(viia) of Income Tax Act, 1961 vide Notification No. 11/2021-Income Tax dated 5th March, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 11/2021-Income Tax New Delhi, the 5th March, 2021 G.S.R. 15...

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SEBI Guidelines for votes cast by Mutual Funds

Notification No. SEBI/HO/IMD/DF4/CIR/P/2021/29 05/03/2021

Mutual Funds including their passive investment schemes like Index Funds, Exchange Traded Funds etc. shall be required to cast votes compulsorily in respect of the following resolutions:...

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Corpus donation cannot be treated as part of Income & Expenditure

Swami Keshwanand Sikshan Sansthan Vs CIT (ITAT Jaipur)01/01/1970

We observe that the fund in question is a capital fund/corpus fund therefore, it is out of preview of the provisions of section 11(2) of the Act. Section 11 of the Act deals with the utilization of income of a trust. This section is not having any provision about the utilization of corpus donation/fund like general fund or other receipts....

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Analysis of GSTIN (Goods and Services Tax Identification Number)

01/01/1970

Under GST when your GST registration application gets approved then you get registration certificate in REG-06 mentioning registration number which is called as GSTIN (Goods and Services Tax Identification Number) and practically this GSTIN is also called as GST Number or GST Registration Number. GSTIN (Goods and Services Tax Identificati...

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Posted Under: Company Law |

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