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Archive: 09 March 2021

Posts in 09 March 2021

Action initiated to control fraudulent companies

March 9, 2021 846 Views 0 comment Print

The term ‘Fraudulent Company’ is not defined in the Companies Act, 2013. However, Ministry of Corporate Affairs (MCA) through the Registrar of Companies (ROC) CRC at Manesar registers new companies by following due process of law.

3,82,875 number of Companies struck off in 3 years up to FY 2020

March 9, 2021 1011 Views 0 comment Print

3,82,875 number of Companies struck off in three years up to financial year 2020 Based on non-filing of Financial Statements (FS) consecutively for two years or more, “Shell Companies” were identified and after following due process of law as provided under Section 248 of the Act, 2013 read with the Companies (Removal of Names of Companies […]

Ombudsman Scheme Under Insurance Industry

March 9, 2021 9786 Views 2 comments Print

OMBUDSMAN: An Ombudsman is an officer ,appointed by the Government , who investigate complaints ,lodged by citizen against Government, Universities, Colleges , Municipalities, Companies, Financial Institutions etc., and attempt to resolve the complaint with mediation or marking recommendations. “Ombudsman” is taken from a Swedish word it means “ Legal Representative”, appointed to investigate the cases […]

Circulars amending FTP 2015-20 provisions ultra vires FTP 2015-20

March 9, 2021 2214 Views 0 comment Print

Atlantic Shipping Private Limited. Vs Union of India (Bombay High Court) High Court Held that DGFT Policy Circular Nos. 06/2018 dated 22.05.2018 and 08/2018 dated 21.06.2018 in so far as they seek to add and amend the provisions of the FTP 2015-20 by inserting additional conditions to curtail the rights / benefits claimed by the […]

Tax on Purchase of Property-Some Points to Keep in Mind while Buying Property

March 9, 2021 141015 Views 15 comments Print

Buying property is dream come true for buyers. Every person wants to earn and purchase property which he or she can own in his or his family members and loved one name. Buyers invests his hard-earned money in buying property and many a times land up in difficult situation because everyone knows that tax is […]

Delhi VAT: 13 Steps Planned for increasing revenue & achieving annual targets

March 9, 2021 1824 Views 0 comment Print

During the two rounds of review meetings with ward authorities, several measures were discussed for increasing revenue mobilization and achieving annual targets by the respective wards. As we approach the end of financial year, all-out efforts need to be made by ward authorities and zonal incharges. In this regard, the following steps arc again stress. :-

ITAT allows Expenses claimed against Lease Rent to Hero Fin Corp

March 9, 2021 495 Views 0 comment Print

DCIT Vs Hero Fin Corp Ltd. (ITAT Delhi) The assessee is earning lease rent from the lease charges of cars, plant & machinery given on hire to M/s Hero MotoCorp. The AO held that the income of the hire charges are to be chargeable under the head “income from other sources” but not under the […]

Evolution of Performance of Board of Directors

March 9, 2021 5505 Views 0 comment Print

Evolution is a process through which a company access performance , ability ,virtues and eligibilities of its Board of members. Evolution is a process based on some fixed parameters on which performance of Board members are accessed. Performance evaluation is the process of evaluating how effectively employees are fulfilling their job responsibilities and contributing to […]

E-invoicing/QR Code on invoices- Latest NN 05/2021 dated 8/3/2021 -The Specter of “Notifications”

March 9, 2021 7581 Views 0 comment Print

E-invoicing/QR Code on invoices- Latest NN 05/2021 did. 8/3/2021 -The Specter of Notifications Opening Remarks: To the one who has tracked the E invoice and QR’s nascency and adolescence, cannot help be ‘sadly amused’  by the ironical twists and histrionics of the ‘Notification Apparition’. The turn of events, as will be discussed in the following […]

CBDT approves ‘Bennett University’ for Scientific Research – Section 35(1)

March 9, 2021 603 Views 0 comment Print

Central Government hereby approves M/s Bennett University, Greater Noida, Uttar Pradesh (PAN: AAAJB1388A) under the category of ‘University, College or other institution’ for Scientific Research and Research in Social Science and Statistical Research for the purposes of clauses (ii) and (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961) read with rules 5C and 5E of the Income-tax Rules, 1962.

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