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Archive: 16 January 2023

Posts in 16 January 2023

Penalty imposed for non-filing of Special resolution in MGT-14

January 16, 2023 4569 Views 0 comment Print

MCA concluded that the company and its Officers in default are liable for penalty under Section 117(2) of the Companies Act, 2013 for non-filing of Special resolution in MGT-14, which attracted non compliance of the provisions of Section 117(1) of the Companies Act, 2013 and the undersigned has reasonable cause to believe that the company […]

Company and its officers failed to maintain its registered office – Penalty imposed

January 16, 2023 1071 Views 0 comment Print

MCA imposes penalty as company and its officers have failed to maintain its registered office as per Section 12(1) of Companies Act, 2013.

NFRA to introduce Annual Transparency Report by the Audit Firms

January 16, 2023 8958 Views 1 comment Print

As a step towards enhancing the transparency about management and governance of audit firms and their internal policy framework to ensure high quality audits and preventing conflict of interest by maintaining independence, the National Financial Reporting Authority (NFRA) has published draft requirements regarding preparation and publication of Annual Transparency Report (ATR) by auditors/audit firms.  These […]

Tax Reforms and India’s Budgetary System

January 16, 2023 1950 Views 0 comment Print

In 1860, the British Raj introduced the first budget for colonial India. Discover India’s budget history, reforms & progress over the decades with Tax Reforms and India’s Budgetary System.

Progressive Taxation: A Look at Modern Income Tax Systems

January 16, 2023 4920 Views 0 comment Print

Understand Indias taxation history and current system with a look at Progressive Taxation. Discover how Mauryan Empire in 200 BCE laid the foundation for modern income tax systems today.

GSTR-1 Json to Excel Conversion Tool

January 16, 2023 71547 Views 3 comments Print

Instructions to use GSTR-1 JSON TO EXCEL Converter & Consolidation Tool 1. You can use this tool by using Microsoft Excel version 2016,2019,2021 or Office 365. 2. Save only GSTR-1 Json files after Extracting From the Zip file into One Folder (only in Desktop not in One drive or Google drive e.t.c.,) 3. Kindly  don’t […]

Reduce late filing fees for Form GSTR 9, GSTR 4 & GSTR 10

January 16, 2023 31002 Views 2 comments Print

It is earnestly requested to grant a one-time reduction in late fees and waiver of the penalty (wherever applicable) for filing of the Annual Return in Form GSTR 9 for all periods, before notifying this decision and introducing it on the GST Common Portal.

Exposure Draft on International Tax Reform- Pillar Two Model Rules

January 16, 2023 543 Views 0 comment Print

Exposure Draft on International Tax Reform- Pillar Two Model Rules would introduce a temporary exception to accounting for deferred taxes arising from implementation of said rules and targeted disclosure requirements.

Validity of Second notice issued under Section 148 of Income Tax Act without disposing return filed to first notice

January 16, 2023 7473 Views 0 comment Print

A short question of law involved in this writ petition is that whether a second notice under Section 148 of the Income Tax Act, 1961 issued by the assessing officer after the expiry of one year as per Section 153(6)(i) is valid without disposing the return filed to the first notice issued under Section 148 of the Income Tax Act for the very same assessment year.

Options available to Indian Private & Multinational Companies to Discharge Gratuity Liability

January 16, 2023 1824 Views 0 comment Print

Understand the requirements of Accounting and Irrevocable Gratuity Trust to Discharge Gratuity Liability for Indian Private & Multinational Companies. Payment of Gratuity Act 1972 and 5 years of continuous service explained.

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