"23 December 2022" Archive - Page 4

Company not filed annual return- ROC assumed non conduct of Board meetings- Imposes Penalty

Order No. ROC/ PAT/ SCN/173/ 22431/2317-2320 23/12/2022

It is observed that the Company has not filed annual return since incorporation, therefore no record is available regarding the number of board meetings taken place. Hence, it is implied that the Company has not conducted the board meetings. Therefore, it appears that the provision of section 173(1) of the Companies Act, 2013 has been [&h...

MCA imposes penalty of Rs. 1771500 for not filing Financial Statements since incorporation

Order No. ROC/PAT/SCN/137/22431/2321-2324 23/12/2022

Company is in default for filing its Financial Statements since its incorporation with the office of Registrar of Companies, Patna. Whereas, this office has not received any reply from the company and its directors. Hence, it appears that the provisions of Section 137 of the Companies Act, 2013 has been contravened by the company and its...

Taxation of Indian Resident Individual with Worldwide Income

Introduction: In India, the tax liability of a resident individual with worldwide income is determined based on the provisions of the Income Tax Act, 1961. According to the Act, a resident individual is taxed on their worldwide income, including all income earned or received in India and any income earned or received outside India. Income...

GST on affiliation provided by Kota University to its constituent colleges

In re University of Kota (GST AAR Rajasthan)

Affiliation provided by Kota University to its constituent colleges for imparting education is a supply and taxable under GST. Amount collected by way of affiliation fees is not exempted vide SI.No. 66 Notification No.12/2017-CT (Rate) dated 28.06.2017 as amended....

Rejection of GST refund for non-submission of documents physically- HC directs department to pass fresh order

Lupin Ltd. Vs Union of India (Andhra Pradesh High Court)

Lupin Ltd. Vs Union of India (Andhra Pradesh High Court) The petitioner challenged ex-parte order refund cannot be rejected merely for non-submission of documents. Relies upon the rule 90(3) and proviso thereto of CGST Rules. The Petitioner challenged ex-parte order rejecting claim for refund on the ground of non-submission of documents. ...

Basics of Insurance one should know

Insurance is a financial product that helps protect individuals and businesses from potential financial losses. It involves the payment of a premium to an insurer in exchange for protection against certain risks or losses. There are many different types of insurance, including health, life, automobile, and property insurance. When you pur...

Posted Under: Company Law |

Advantages of Faceless Tax Assessment for Taxpayers and Agencies

Faceless assessment is a system of income tax assessment introduced by the Indian government in August 2020. It is designed to make the process of income tax assessment more efficient and less time-consuming for taxpayers. Under the faceless assessment system, assessments are conducted electronically without the need for taxpayers to phys...

Posted Under: Company Law |

Legal Procedure of Filing an Appeal under GST Act

Any party who feels aggrieved by a decision made in compliance with the CGST, SGST, or UTGST acts may appeal it under the terms of the GST Act to the relevant authority or High court....

Posted Under: Company Law |

Partial Withdrawal for NPS Subscribers

Circular No. PFRDA/2022/40/ASP-EXIT/04 23/12/2022

The circular also provided for the option of submission of the partial withdrawal requests by the subscribers through their nodal office/POPs as per the prevalent practice....

Compensation to be enhanced in case of Permanent Disability under Employees Compensation Act, 1923

Chandramma Vs Manager (Supreme Court of India)

The Honble Supreme Court have considered disability as permanent and have enhanced compensation under Employees Compensation Act, 1923 as the disability report showed that there is Permanent Partial Disability of about 58% of the limb, which corresponds with 26% whole body. There is no dispute that the appellant suffered from disablement ...

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