"05 April 2022" Archive

MCA grants permission to ROC to file complaint against CA/CS

Request to grant sanction to file complaint before Professional Institutes against professionals i.e Chartered Accountants and Company Secretaries - This post contains 9 page list of MCA asking to file complaints against CAs and CSs with ROC of Delhi and Haryana. ...

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Posted Under: Company Law |

Regarding correct submission of return(s) under GST

GST Circular No. 1/2022 05/04/2022

The Section 53 of CGST Act/RGST Act and Section 17, 18 of the IGST Act read with the Goods and Services Tax Settlement of Funds Rules, 2017 provides for the manner of cross utilization of IGST or may be of SGST and apportionment of IGST between Centre, States and within State for the purpose of settlement or transfer of funds from the Cen...

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Revision of UPI limits in Public Issue of Equity Shares and convertibles

Circulars No. SEBI/HO/CFD/DIL2/CIR/P/2022/45 05/04/2022

NPCI has reviewed the systemic readiness required at various intermediaries to facilitate the processing of applications with increased UPI limit and confirmed that as on March 30, 2022, more than 80% of SCSBs/Sponsor Banks/UPI Apps have conducted the system changes and have complied with the NPCI provisions....

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Investment in Mutual Fund: A Path To Financial Independence

Mutual Fund Investment : A Path To Financial Independence* I. INTRODUCTION: There are different places to invest your money. Savings account (less risky, less return), Gold /jewelry (moderate risk, volatile returns), Real estate (low-moderate risk, volatile return) Some people who want to take more risk also invest in the stock market. Th...

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Posted Under: Company Law |

Taxation Aspects of Corporate Social Responsibility (CSR)

Section 135 of the Companies Act, 2013 Every company -having net worth of 500 crore or more, or -turnover of 1000 crore or more, or -a net profit of 5 crore or more during the immediately preceding financial year shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more Directors, […]...

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Posted Under: Company Law |

Bail Once Grated Cannot Be Cancelled and Set-Aside- Distinction Between Cancellation of Bail and Setting-Aside the Bail Order.

The topic of bail cannot be discussed without taking into account this canon of criminal jurisprudence that ‘bail is the rule and jail is the exception’ laid down by Hon’ble Justice Vaidyanathapuram Rama Krishna Iyer in the matter of State of Rajasthan Vs Balchand alias Baliay [ 1977, 4 SCC 308]. The cancellation of bail [&h...

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Posted Under: Company Law |

Pradhan Mantri Jeevan Jyoti Bima Yojana – Analysis

While delivering the budget speech in the year 2015, the Finance Minister of India, for the very first time introduced ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’. Later on, the Pradhan Mantri Jeevan Jyoti Bima Yojana was launched on 9th May, by the Prime Minister of India, Shri Narendra Modi. Features; eligibility criteria; premium amo...

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Posted Under: Company Law |

Revision in Peer Review Mandate

It was clarified that holding a valid Peer Review certificate by Practice Units (referred to as ‘firms’ in the Announcement dated 12.02.2022) should be a pre requisite for undertaking audit of all entities falling under phase I; II; III and IV of the mandate....

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Posted Under: Company Law |

Contribution to provident fund – Calculation & deduction of taxable interest

Circular No. WSU/6(1)2019/IncomeTax/Part-I (E-33306) 05/04/2022

DS will be applicable in case of PF final settlement, transfer claims, on transfer from Exempted establishments to EPFO and vice versa, on transfer from one Trust on another, past accumulations transfer, at the time of annual accounts processing, on back period accounting after accounts for year 2021­22 are processed....

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Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Amendment Bill, 2022

Bill No. 96 of 2022 05/04/2022

No person shall finance any activity which is prohibited under this Act, or under the United Nations (Security Council) Act, 1947 or any other relevant Act for the time being in force, or by an order issued under any such Act, in relation to weapons of mass destruction and their delivery systems....

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