REPORTING OF FDI The reporting requirements for any investment in India by a person resident in India under Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 are specified by the RBI. Regulation 4 of the Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019 vide notification No. FEMA. 395/2019-RB dated 17.10.2019 issued […]
Assessment Of Income-Meaning And Scope/Procedure/Time Limit of Assessment Under Section 143(1)- Processing of Returns RETURN OF INCOME: – The Income-Tax Act, 1961 contains the provisions for filling of Return of Income. Return of Income is the format in which the assessee furnishes information as to his total income and tax payable. In short, it is the declaration […]
If the Company is having Share capital, then firstly the question of transferability of share capital arises. So, to transfer shares there is Company Law which governs the transfer. These are provisions of Companies Act, 2013 which has to be kept in mind while transfering the share. Section 56 and Section 88 As per section […]
The Chairman informed that to obtain approval of shareholders for preferential allotment of shares to concerned allottees and any other matter with consent of shareholders, it was required to convene Extraordinary General Meeting of the Company. After some discussion the following resolution was passed:
Atlas Jewellery (P) Ltd Vs Deputy Commissioner (Kerala High Court) Tax Assessment: Orders passed while the Managing Director was detained in a foreign nation are unsustainable – Violation of principles of natural justice: High Court of Kerala. It is proclaimed in Atlas Jewellery [P] Ltd Vs. The Deputy Commissioner & Ors (W.P.(C) No. 21798 of […]
It has recently come to notice that, An account was de-freezed on the basis of the letter signed by the Ward In-charge, whereas it was later found that no such letters/communications was issued from the concerned Ward In-charge.
With a view to enhance the efficiency and professionalism of officers/teams deployed for carrying out anti-evasion/anti-smuggling work, particularly when they are required to search premises, vehicles; verify a stock of goods; draw up a panchnama or to arrest a person away from their office premises, Board has received a suggestion that a standard toolkit may be provided.
Valuation aspects company needs to consider at the time of issue/transfer of shares
The Ministry of Corporate Affairs (MCA) vide its Notification dated 04th March, 2022 has notified Limited Liability Partnership (Second Amendment) Rules, 2022 to further amend the existing Limited Liability Partnership Rules, 2009, which shall come into force on the date of its publication in the Official Gazette. Sr. No. Amendment Effect/ Comments 1 Substitution: Rule […]
Since assessee was not earning any profit as the main object of assessee was to improve the public transport system in the country and the road safety standards and activities of laboratory testing and consultancy are bringing revenue to the assessee-association but intent of such activities is not to earn profit for its shareholders/owners, therefore, exemption under section 11 could not be denied to assessee.
