"16 January 2022" Archive - Page 2

One Person Company (OPC) And Various Provisions Related to it

An individual forming the One Person Company (OPC) can be a resident of India or a non-resident. OPC is incorporated in a form of a company but have the benefits of a sole proprietorship. It has very less compliances, legal status, easy ways to get funds, easy incorporation, perpetual succession and many other benefits....

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Posted Under: Company Law |

ICAI extends last date for complying with mandatory CPE hours

Extension of last date for complying with the mandatory CPE hours’ requirements for the Calendar Year 2021 either in physical/offline mode or in virtual mode through VCM/DLH – from 31st December, 2021 to 28th February, 2022 In view of impact of Covid-19 across the world and the difficulties faced by Members for completing their mandat...

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Posted Under: Company Law |

Special drive in Haryana against 81 risky GST taxpayers

Government of Haryana identified a list of 81 risky taxpayers exhibiting considerable shortfall in tax paid (25 taxpayers having GSTR1-GSTR3B mismatch worth 117.23 Crores) and mismatch in Input Tax Credit availed (56 taxpayers having GSTR2A­-GSTR3B mismatch worth Rs. 63.64 Crores). The list was shared with the field formations and accord...

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Posted Under: Company Law |

ICAI expresses concerns on returning of Approach Paper for revision of existing AS by NFRA

ICAI is extremely astounded and surprised to see that the Approach Paper on Revision of Existing Accounting Standards has now been returned by NFRA. It may be mentioned that while formulating the revised ASs as per the Approach Paper; transparent mechanism was followed by ICAI through all stages wherein exposure drafts were issued, commen...

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Posted Under: Company Law | ,

Name Reservation Process for Company

Name Application for a Company could be made through SPICe+ Part A under New Application as well as through the Reserve Unique Name (RUN) Web Form. RUN web-form is a web service used for reserving a name for a new company or for changing its existing name. The web service helps you verify whether the […]...

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Posted Under: Company Law |

Producer Company – Objects and 10 important points

PRODUCER COMPANIES: ‘Producer Company’ means a body corporate having objects or activities specified in section 581B and registered as Producer Company under this Act; Now the matter is what are these objects or activities specified in Section 581B? 581B. OBJECTS OF PRODUCER COMPANY (1) The objects of the Producer Company shal...

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Posted Under: Company Law |

Educational expenses- Contradictory Advance Rulings of AAR Rajasthan

Symmetric Infrastructure Pvt. Ltd – AAR Rajasthan- Coaching services to students, along with supply of goods/printed material/test papers, uniform, bags and other goods, which are not charged separately but a consolidated amount is charged, have been treated as a 'Composite Supply'....

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Posted Under: Company Law |

Courts Cannot Relax Terms of Insurance Policy- NCDRF

Dharmanandan Diamonds Pvt. Ltd.  Vs. Senior Divisional Manager, New India Assurance Co. Ltd. (National Consumer Disputes Redressal Commission, New Delhi)

As you know that warranties in an insurance policy is some terms and conditions , the fulfilment of those are necessary to bind both parties on contract of insurance. It is utmost important to follow and fulfil warranty and any breach of warranty may lead to termination or avoidance of contract by he insurance company....

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IGST & Compensation Cess on goods re-imported after being exported for repairs would be wholly exempt

Interglobe Aviation Limited Vs Union of India (Delhi High Court)

High Court observed that in the absence of specific mention of IGST and Compensation Cess in the Exemption Notification, only the BCD on the fair cost of repair charges, freight and insurance charges would be payable. The IGST and Compensation Cess would be wholly exempted. Therefore, the assessee could not be denied such exemption on r...

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Section 245 : Class Action Suit under Companies Act, 2013

The provision of Class Action Suit was inserted in the Companies Act, 2013 (hereinafter referred to as Act) on the recommendation of the JJ Irani Committee as there was no such provision under the erstwhile Companies Act i.e. Companies Act, 1956. Also, the Satyam Fiasco majorly opened the eyes of the law maker and posed […]...

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Posted Under: Company Law |

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