"20 June 2021" Archive

ICICI Bank – NEFT/RTGS Automated Excel Utility

ICICI Bank NEFT/RTGS Automated Excel Utility for generating NEFT/RTGS Form at any time. You can add 2000 beneficiaries to the Form, and also you can create a very good data base of beneficiaries that can be use in future purpose .Utility have a Label format of Account Holder details, we can just copy and paste […]...

Posted Under: Fema / RBI |

SOP on Minutes under Companies Act, 2013 read with SS-1 & SS-2

MINUTES Governing provisions: Section 118 of Companies Act, 2013 read with Secretarial Standard-1 and Secretarial Standard-2. As per the provisions of Section 118- Every company shall observe Secretarial Standards with respect to General and Board meetings (including Committee Meeting – as per explanation to Secretarial Standards) speci...

Posted Under: Fema / RBI |

Strengthening the Statutory Regime for Independent Directors

Independent Directors hold paramount position in the Board of Directors since they are donned with the responsibility of upholding the interest of the stakeholders and are expected to bring in independent judgement on the Board’s deliberations especially on issues of strategy, performance, risk management, resources, key appointments an...

Posted Under: Fema / RBI |

Repercussions of Prosecution in Cases of Tax Deducted at Source Defaults

INTRODUCTION For a huge population, India has a well-structured hierarchical taxation system. The Indian taxation system has seen several changes over time. Clearly, taxes are our government’s main source of revenue, making the taxpayer the government’s customer. Income tax rates have been standardised, with simpler governing ...

Posted Under: Fema / RBI |

GST Registration – An Indispensable need of today’s businesses

Overview The Businesses are booming with the introduction of GST as it eliminated the complicated existing indirect tax structure in the country on sale of goods or of providing services and due to this complicated tax structure the businesses were incurring huge cost on meeting their compliance and maintenance of records. The Government ...

Posted Under: Fema / RBI |

Board Report Disclosures for FY 2020-21

Sec 134 ofCompanies Act, 2013 read with Companies (Accounts) Rules, 2014 and other Rules The Directors/Board’ report is a financial document that is required to file at end of the financial year by the Companies as an attachment in e-form AOC-4. The following are the disclosures to be made in the Board Report: – S. […]...

Posted Under: Fema / RBI |

Compliance of Section 206AB, Section 206CCA & Section 139AA

Section 206AB, Section 206CCA and Section 139AA of Income Tax Act and compliance thereof In the already Compliance burdened Assessee, Government of India has introduced new section 206AB/206CCA and implemented Section 139 AA under Income-tax Act, 1961, (‘the Act’) w.e.f July 1, 2021. Under this section, TDS/TCS will be deducted/collec...

Posted Under: Fema / RBI |

Convert Partnership Firm into Private Limited Company

Conversion of Partnership firm into a Private Limited Company is a good option for anyone who wishes to expand small and medium scale enterprises to a large scale one, or for infusion of equity capital. Benefits of Conversion ♦ Limited liability as compare to partnership firm ♦ Easy access to funds i.e. Borrowing for expansion [&helli...

Posted Under: Fema / RBI |

GST Exemption of Mid-Day Meal Services to Educational Institutions

Various representations have been received by CBIC seeking clarification regarding applicability of GST on exemption of serving of food in schools under Mid-Day Meals Scheme if such supplies are funded by government grants and/or corporate donations....

Posted Under: Fema / RBI |

Steps to be followed before registering DSC on New Income Tax Portal

From last 2 weeks we as practitioners, assessee’s all are facing numerous glitches coming out from accessing the new Income Tax Portal. One of the issues is related to registration of DSC. However, now we are able to register the DSC on new portal. But many of us not follow the instructions given and due […]...

Posted Under: Fema / RBI |

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