"12 May 2022" Archive

Appointment of Director in a private Limited Company

Brief on Appointment of new Directors for a private limited Company – Compliance with the Companies Act – MCA Compliance Do you know that appointment of Directors to the Board of a Private Limited Company can be done in one day after the passage of such resolution for appointment, provided he or she already had Director Identificati...

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Posted Under: Corporate Law |

Fresh Controversies In Reassessment- Misfortune or Misinterpretation

The Honourable Supreme Court has delivered his judgement in the controversies surrounding in cases of reassessment notice issued between 01.04.2021 to 31.03.2022 u/s 148 of the Income Tax Act and used power conferred under article 142 of constitution to save the revenue from humiliation to a great extent. In this decision, The Supreme Cou...

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Posted Under: Corporate Law |

Types of mergers

Companies are going for record mergers these days. Before going for one, it is pertinent to understand which entity to merge with and what type of merger to go for. This is one of the vital factor to make an M&A deal successful. There are 5 types of mergers generally which we are going to […]...

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Posted Under: Corporate Law |

The doctrine of Ultra Vires

The word Ultra Vires is derived from the Latin phrase ‘beyond the powers of.‘ Ultra vires refer to any transaction or conduct that goes beyond the limits of the company or the power granted to the custodian of the company. Origin of the doctrine In the classic case of Ashbury Railway Carriage and Iron Co. Ltd. […]...

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Posted Under: Corporate Law |

Cancellation or Suspension of GST registration

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?...

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Posted Under: Corporate Law |

Buy Back of Own Shares or Other Specified Securities

 Applicable Acts Companies Act, 2013 – Section 68, 69, 70 Companies (share capital and debentures) Rules, 2014 – Rule 17 SEBI(Buy-back of Securities) Regulations, 2018 Income Tax Act, 1961 – Section 115QA Introduction A buyback, also known as a share repurchase, is when a company buys its own outstanding shares to reduce the nu...

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Posted Under: Corporate Law |

No tax on interest awarded by Motor Accident Claim Tribunal

Oriental Insurance Co. Ltd. Vs Chief Commissioner of Income Tax (TDS) (Gujarat High Court)

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....

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

Statement of Donation received by the Charitable Instruction or fund in Form 10BD and Certificate of donation in Form No. 10BE under Income Tax Act 1961 Applicable From 01.04.2021 Introduction: – As we are aware, The income tax department allowed deduction u/s 80G of the Income Tax Act based on the claim made by the […]...

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Posted Under: Corporate Law |

Provident Fund and Employee State Insurance – A detailed note

All the tax professionals are very familiar with the terms, contributions to various funds (i.e., provident fund, Employee state insurance, superannuation funds, gratuity fund or any other fund etc.) by employees as well as employers as per defined percentage in accordance with the respective law. However, this seems as a mandatory requir...

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Posted Under: Corporate Law |

Mandatory Requirement to obtain LEI for Non-individual Borrowers

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...

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Posted Under: Corporate Law |

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