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Archive: 12 May 2022

Posts in 12 May 2022

Appointment of Director in a private Limited Company

May 12, 2022 76863 Views 0 comment Print

Understand the swift process of appointing directors in a private limited company, ensuring compliance with the Companies Act and MCA regulations. Learn the steps, timelines, and necessary documentation for a seamless director appointment.

Fresh Controversies In Reassessment- Misfortune or Misinterpretation

May 12, 2022 3624 Views 0 comment Print

Uncover the controversy surrounding reassessment notices under section 148 of the Income Tax Act. Explore the Supreme Court judgment, CBDTs interpretation, and the potential impact on past assessment years. Delve into the misfortune or misinterpretation in this legal landscape.

Types of mergers

May 12, 2022 3774 Views 0 comment Print

Explore the world of mergers with insights into 5 types: Horizontal, Vertical, Conglomerate, Market-Extension, and Congeneric mergers. Real-life examples like HP-Compaq, Pixar-Disney, and eBay-PayPal provide valuable lessons for M&A success. Understand each type’s purpose, strategic goals, and potential benefits.

The doctrine of Ultra Vires

May 12, 2022 83247 Views 0 comment Print

Understand the doctrine of Ultra Vires, derived from beyond the powers of, its origin, purpose, and effects. Explore landmark cases like Ashbury Railway Carriage and Iron Co. Ltd. v. Riche, and learn how this doctrine safeguards creditors, affects contracts, company liability, and directors’ responsibilities.

Cancellation or Suspension of GST registration

May 12, 2022 1920 Views 0 comment Print

Whether a writ petition lies before the Jurisdictional Hon’ble High Court wherein the GST Department in India has cancelled or suspended the registration of the assessee without providing a chance to appear before the Authority for adjudication of the matter or one should exhaust the remedy first before the Appellate Authority GST?

Buy Back of Own Shares or Other Specified Securities

May 12, 2022 14184 Views 0 comment Print

Discover the intricacies of Buy Back of Own Shares or Specified Securities under Companies Act, 2013, SEBI Regulations, and Income Tax Act, 1961. Learn the methods, conditions, and procedures involved, ensuring compliance and avoiding penalties. Stay informed with the relevant Acts and Rules.

No tax on interest awarded by Motor Accident Claim Tribunal

May 12, 2022 28407 Views 0 comment Print

Interest paid for the delay in depositing the awarded amount allowed by the MACT in the accident case would not form part of the compensation and, therefore, would fall into the bracket of interest income and would be eligible to tax under the normal provisions.

Donation Statement in Form 10BD & Donation Certificate in Form No. 10BE

May 12, 2022 76284 Views 9 comments Print

Learn about Form 10BD and Form 10BE for donation statements and certificates under the Income Tax Act 1961, effective from 01.04.2021. Understand the procedure, time limits, details required, and consequences of non-filing. Stay compliant and informed for seamless deduction claims.

Provident Fund and Employee State Insurance – A detailed note

May 12, 2022 25182 Views 0 comment Print

Understand Provident Fund (PF) and Employee State Insurance (ESI) – the terms, regulations, and how they impact business expenditures. Learn about the mandatory scenarios, contribution rates, registration processes, and the Income Tax perspective for entities. Stay informed for efficient compliance.

Mandatory Requirement to obtain LEI for Non-individual Borrowers

May 12, 2022 2703 Views 0 comment Print

The RBI has decided that the guidelines on LEI stand extended to Primary (Urban) Co-operative Banks (UCBs) and Non-Banking Financial Companies (NBFCs). It is further advised that non-individual borrowers enjoying aggregate exposure of ₹5 crore and above from banks and financial institutions (FIs) shall be required to obtain LEI codes as per the timeline given in the below Table.

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