"21 April 2022" Archive

Company Law Committee Report Recommendation affecting Auditors

The Ministry of Corporate Affairs (MCA) has formed the Company Law Committee (CLC) to make recommendations to the government on reforms that will improve the ease of doing business in India and simplify the Companies Act 2013.  There were numerous recommendations in the report on the overall structure of the Act; however, in this post, [...

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Posted Under: Company Law |

Nidhi (Amendment) Rules, 2022 – Detailed analysis of compliances

Nidhi Company along with recent amendments dated 19.04.2022 vide Nidhi (Amendment) Rules, 2022 Introduction:  This Article contains detailed analysis of compliances applicable to Nidhi Company. MCA has recently came out with some amendments in the Nidhi Rules, 2014 vide Nidhi (Amendment) Rules, 2022 dated 19.04.2022 wherein more stringen...

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Posted Under: Company Law |

TDS not deductible on services rendered outside India by Non-Residents

DCIT Vs JLC Electromet Pvt. Ltd. (ITAT Jaipur)

DCIT Vs JLC Electromet Pvt. Ltd. (ITAT Jaipur) In the present case, undisputed facts are that the commission has been paid to various non­resident entities in respect of sales affected by the assessee outside of India, the services have been rendered outside of India and the payments have been made outside of India. In light […]...

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Imprisonment + Fine (both) for Corporate Fraud in India

1. Introduction on the Imprisonment + Fine (both) for Corporate Fraud under Section 447 of the Companies Act, 2013 (Act). (a) Corporate frauds are increasing in India by the person(s) those are directly or indirectly connected or even not-connected to the corporate. (b) It’s required that high standards for corporate governance and str...

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Posted Under: Company Law |

Accounting for Export Transactions of Goods – GST viz a viz AS AS 9 & 11

This Article deals with the nuances of the GST framework for Export Trade viz a viz the challenges laid down while adhering to the Accounting Standard AS 9 – Revenue Recognition and 11 – The  Effects of Changes in Foreign Exchange Rates...

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Posted Under: Company Law |

Support for International Patent Protection in Electronics & Information Technology (SIP-EIT)

The Government of India had launched ‘Startup India’ with the aim to generate employment and also to create wealth. Accordingly, various Schemes are being launched under the ‘Startup India’ initiative. One such scheme is ‘Support for International Patent Protection in Electronics & Information Technology’, shortly known as...

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Posted Under: Company Law |

Five important things to know around TDS Returns

Most TDS sections have a defined amount within which tax may not be deducted. This is called the ‘Threshold Limit’. However, if the cumulative amount during the year, exceeds the threshold, TDS would be applicable on the total amount....

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Posted Under: Company Law |

4G mobile towers are movable in nature & eligible for CENVAT credit

Reliance Jio Infocomm Ltd. Vs Assistant Commissioner (CESTAT Mumbai)

Reliance Jio Infocomm Ltd. Vs Assistant Commissioner (CESTAT Mumbai) Department urged a new ground, which was not even part of the allegations contained in the show cause notice nor part of the findings of the Commissioner (Appeals), that the definition of input contains an exclusion clause which excludes from the ambit of inputs all good...

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RBI extends guidelines on LEI to Primary UCBs & NBFCs

RBI/2022-23/33 DOR.GOV.REC.No.26/18.10.004/2022-23 21/04/2022

On a review, it has been decided that the guidelines on LEI stand extended to Primary (Urban) Co-operative Banks (UCBs) and Non-Banking Financial Companies (NBFCs)....

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Master Direction – Credit Card & Debit Card – Issuance & Conduct Directions, 2022

RBI/2022-23/92 DoR.AUT.REC.No.27/24.01.041/2022-23 21/04/2022

The provisions of Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022 relating to credit cards shall apply to every Scheduled Bank (excluding Payments Banks, State Co-operative Banks and District Central Co-operative Banks) and all Non-Banking Financial Companies (NBFCs) operating in India....

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