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Archive: June, 2022

Posts in June, 2022

Loan to Director – Section 185 of Companies Act, 2013 – Provisions

June 9, 2022 16896 Views 2 comments Print

Navigate Section 185 of the Companies Act, 2013 on Loans to Directors. Explore the prohibitions, conditions for loans to interested persons, and exemptions. Understand the legal implications and punishments for contravention. Stay compliant with expert insights.

Specified Violation under section 12AB of Income Tax Act, 1961

June 9, 2022 14853 Views 0 comment Print

Explore the latest amendments in Income Tax Act, 1961! Understand the implications of Finance Act, 2022, specifically the changes in section 12AB. Learn about ‘Specified Violations’ and the potential cancellation of registration for non-compliance. CA Amit Jindal, Legal Head at Neeraj Bhagat & Co. Chartered Accountants, provides insightful commentary on the amendments, CBDT clarifications, and procedural details. Stay informed to navigate the complexities.

Enlistment of PSIA under para 2.55 of HBP 2015-2020

June 9, 2022 1623 Views 0 comment Print

2 Agencies are notified as PSIAs alongwith their approved equipments. Additional areas of operation in respect of Agency at Sl.No. 3 is notified for a period upto 27.12.2023 only.

Modification in Cyber Security & Cyber Resilience Framework of MFs/AMCs

June 9, 2022 1956 Views 0 comment Print

Mutual Funds/ AMCs are mandated to conduct comprehensive cyber audit at least 2 times in a financial year. Along with the cyber audit reports, henceforth, all Mutual Funds/ AMCs are directed to submit a declaration from the Managing Director (MD)/ Chief Executive Officer (CEO) certifying compliance by the Mutual Funds/ AMCs with all SEBI Circulars and advisories related to cyber security from time to time.

Discontinuation of Return under Foreign Exchange Management Act, 1999

June 9, 2022 1137 Views 0 comment Print

Reserve Bank of India RBI/2022-23/69 A.P. (DIR Series) Circular No. 05 June 09, 2022 AD Category I banks Madam/ Sir, Discontinuation of Return under Foreign Exchange Management Act, 1999 Attention of Authorised Persons is invited to A.P. (DIR series) circular No 26, dated February 18, 2022, wherein Authorised Persons were advised about proposed discontinuation of the […]

Discussion Paper on Remuneration of an Insolvency Professional

June 9, 2022 4770 Views 0 comment Print

Discussion Paper on Remuneration of an Insolvency Professional deals with issue of fee of an insolvency professional (IP) acting as interim resolution professional (IRP)/ resolution professional (RP) in corporate insolvency resolution process (CIRP) 

CAs authorised to Appear before GST Authorities- Gorakhpur Commissioner clarifies

June 9, 2022 16311 Views 1 comment Print

On meeting with DM and Commissioner by the Chartered Accountants of Gorakhpur, Finally Clarification issued by the GST Addl Commissioner of Gorakhpur that CAs are authorised to Appear before GST Authorities. Source- Social Media and not confirmed Also Read: Gorakhpur advocates not allowing CAs to appear before VAT/State GST Authorities

Rejection of Instalment facility for payment of Amount Due as per Self-Assessed Return including interest justified

June 9, 2022 2088 Views 0 comment Print

P.K. Ores Pvt. Ltd. Vs Commissioner of Sales Tax (Orissa High Court) It is admitted fact on record that the petitioner has deposited an amount of tax admitted in self-assessed returns beyond the time stipulated under Section 39 and hence the CT & GST Officer, Bhubaneswar-II Circle, Bhubaneswar had raised demand of interest to the […]

ITAT rejects claim of land conversion into stock as assessee not filed any evidence to substantiate his claim

June 9, 2022 1086 Views 0 comment Print

Babusha Haribhau Gade Vs ITO (ITAT Pune) Another issue for consideration is whether the appellant has converted the land into stock-in-trade as claimed. It is a fact that this issue was not raised before the AO. Therefore, the AO had no opportunity to verify the assessee’s said claim. This Bench made a specific query to […]

Notaries (Amendment) Rules, 2022

June 9, 2022 18591 Views 0 comment Print

(1) These rules may be called the Notaries (Amendment) Rules, 2022. (2) They shall come into force on the date of their publication in the Official Gazette.

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