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Archive: 07 March 2021

Posts in 07 March 2021

Abridged Annual Return in Form MGT-7A for OPCs & Small Companies

March 7, 2021 9483 Views 4 comments Print

Recently, two notifications have been issued by Ministry of Corporate Affairs (MCA) on 5th March, 2021. First Notification is with regard to notify the date of applicability of amendment in Section 92 of Companies Act, 2013 (CA, 2013) which deals with Annual Return of the Company and was made by Companies (Amendment) Act, 2017  but […]

How to get first FC-GPR approved – In case of a Greenfield Project?

March 7, 2021 5655 Views 0 comment Print

What do you mean by a Greenfield Project? Getting your hands on to any new industry can be broadly referred to as Greenfield project and Brownfield project. Meaning of the aforesaid terms are mentioned hereunder: 1. Greenfield project refers to completely new venture that has to be executed from scratch viz a viz setting up […]

Section 132(13) & 131(1)(a) of Income Tax– Unexplored Provisions

March 7, 2021 5430 Views 0 comment Print

Uncover the unexplored provisions of Section 132(13) & 131(1)(a) of Income Tax. Learn about the significance of these provisions and their connection to Search and Seizure under CRPC.

Analysis of MCA amendments vide notifications dated 5th March 2021

March 7, 2021 13830 Views 3 comments Print

MCA on 5 March. 2021 has made some amendments with 3 different notifications.  Let us know about those amendments through this article.  Summary of amendments made  ♣ Provisions of Section 23(1) to be made applicable w.e.f. 5 March, 2021  ♣ Insertion of Option for Aadhaar Authentication for GST Registration for Company Incorporation  ♣ Omitting the […]

Investor Guide for Rights Issue

March 7, 2021 1764 Views 1 comment Print

After the implementation of the SEBI circular SEBI/HO/CFD/DIL2/CIR/P/2020/13 dated 22/01/2020 for Streamlining the Process of Rights Issue the concept of dematerialized Rights Entitlements (RE’s) came into force. While the Rights issue is not a new process but the trading in RE’s is something unheard of by the Investors before. RE trades in the stock market like any […]

TDS not deductible by Uber India on Payments to Driver Partners

March 7, 2021 4719 Views 0 comment Print

Uber India Systems Private Limited Vs Jt. CIT (ITAT Mumbai) Uber B.V. is involved in rendering lead generation service to the Driver-Partner and transportation service is not provided by Uber B.V. or UISPL. The transportation service is provided by the Driver- Partner to the User for which the car is arranged by the Driver-Partner, all […]

Regulation of Independent Directors: What SEBI Ignores?

March 7, 2021 1887 Views 1 comment Print

On 1st of March 2020, the Securities & Exchange Board of India (SEBI) came up with a consultation paper to review the regulatory framework for independent directors (IDs). The existing framework for independent directors includes sections 149, 150 and schedule IV of the Companies Act, 2013 and the SEBI Listing Obligations & Disclosure Requirements (LODR) Regulations.

GST registrant to update their business activity

March 7, 2021 1230 Views 0 comment Print

Taxpayers are required to select their business activity only once, as – Manufacturer, wholesaler/Distributor/Retailer, service providers & others post login based on highest turnover amongst them. You can change the same later. Source-

13 Suggestion to FM for Simplification of GST (Hindi & English)

March 7, 2021 22608 Views 13 comments Print

जीएसटी को भारत में लागू हुए 3 वर्ष से अधिक का समय हो चुका है लेकिन अभी भी डीलर्स और प्रोफेशनल्स को जीएसटी एवं इससे जुडी हुई प्रक्रियाओं से परेशानी हो रही है लेकिन महोदया जीएसटी भारत में अप्रत्यक्ष कर प्रणाली में सरलीकरण के लिए लाया गया था और हमें अभी भी आपके नेतृत्व में जीएसटी सरलीकरण के अपने प्रयास जारी रखने चाहिए और आपसे उम्मीद है कि आपके कार्यकाल में जीएसटी अपने सरलीकृत रूप को प्राप्त कर लेगा|

Rectification was justified in case Tribunal’s ignorance of material on record was a mistake apparent on record

March 7, 2021 1134 Views 0 comment Print

Concerning the scope of section 254, ignoring the material already on record on the part of  Tribunal was a mistake apparent on the face of the record. Thus,  Tribunal had rightly recalled its order and rectified the mistake and it had rightly set aside the additions under Section 68. 

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March 2021