"08 July 2021" Archive - Page 5

Modi Government creates a new Ministry of Co-operation

Cabinet Secretariat Modi Government creates a new Ministry of Co-operation Posted On: 06 JUL 2021 In a historic move, a separate ‘Ministry of Co-operation’ has been created by the Modi Government for realizing the vision of ‘Sahkar se Samriddhi’. This ministry will provide a separate administrative, legal and policy framework for ...

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Posted Under: Corporate Law |

Improvement of owner’s title to asset is different from improving asset itself

Improvement of owner’s title to asset is different from improving asset itself | Section 48, 49, and 55 of the Income Tax Act, 1961 Cost of improvement which is liable to be deducted , should be an improvement to the asset itself , not an improvement of the owner’s title to the asset . Meaning […]...

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Posted Under: Corporate Law |

Karad takes charge as Minister of State in Ministry of Finance

Dr Bhagwat Kishanrao Karad took charge as Minister of State in the Ministry of Finance, here, today. Dr Karad is a first time member of the Rajya Sabha. Active in public service, he has served as Mayor of Aurangabad Municipal Corporation and also as Chairman of Marathwada Legal Development Corporation. Dr Karad is 64 years old and a docto...

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Posted Under: Corporate Law |

Form FCGPR (Theoretical And Practical Aspects)

With the objective of integrating the extant reporting structures of various types of foreign investment in India, RBI introduced Single Master Form (SMF) through its Circular RBI/2017-18/194 A.P (DIR Series) Circular No. 30. Dated June 07, 2018 w.e.f. September 1, 2018. SMF Form provides reporting of various forms for foreign investment ...

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Posted Under: Corporate Law |

Checklist For Conversion of Public Company Into Private Company

Conversion of Public Company Into Private Company is governed by following Provisions of Companies Act and Rules- 1) Relevant Section and rules for Conversion: a. Section 13: Alteration of Memorandum of Association. b. Section 14: Alteration of Articles of Association. c. Section 18: It provides the manner in which an existing Company can...

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Posted Under: Corporate Law |

Section 194Q V/s 206C(1H)

Section 194Q V/s 206C (1H)  What is Section 194Q? Section 194Q is for Tax deducted at source (TDS) applicable from 01.07.2021. What is Section 206C (1H)? Section 206C (1H) is for Tax Collected at source (TCS) applicable from 01.10.2020. A person is liable to deduct TDS under Section 194Q when the below conditions are satisfied- The per...

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Posted Under: Corporate Law |

TDS under Section 194N

(1) Every banking company  (2) cooperative bank; or (3)  post office, who is responsible for paying  any amount in cash the  aggregate of which is exceeding Rs. 1 crore during the previous year from one or more accounts maintained by the recipient with it shall at the time of payment of such sum deduct an amount equal to […]...

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Posted Under: Corporate Law |

Declaration of Divided by NBFCs

Declaration of dividends by NBFCs In order to infuse greater transparency and uniformity in practice, it has been decided to prescribe guidelines on distribution of dividend by NBFCs. Applicability – All NBFC’s regulated by RBI Effective Date – Effective for declaration of dividend from the profit of F.Y. 2021 – 22 and onwards. Co...

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Posted Under: Corporate Law |

Actor Vijay slammed by HC for hesitancy in payment of Entry Tax on Imported Car

C. Joseph Vijay Vs The State of Tamilnadu (Madras High Court)

The petitioner has imported a prestigious costly Car from England. But, unfortunately not paid the Entry tax as per the Statutes. He filed a writ petition in order to avoid payment of Entry tax for the Car imported from England. The petitioner, who is a reputed Cine Actor, is expected to pay the tax promptly and punctually....

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Papad of any size and shape will attract NIL GST: AAR Gujarat

In re Global Gruh Udyog (GST AAR Gujarat)

In re Global Gruh Udyog (GST AAR Gujarat) Authority for advance ruling, Gujarat, held that For classification of a product its ingredients, manufacturing process and trade parlance is important and not it’s size and shape. Accordingly, papad of any size and shape will attract NIL GST. Earlier it was held that fryums attracts 18 % [&...

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