"07 March 2023" Archive

IBBI disposes SCN against IP without direction as it found no mala fide in conduct of IP

Orders No. IBBI/DC/154/2023 07/03/2023

The DC notes that Preamble of the Code makes it clear that all out efforts are to be made for resolution of the Corporate Debtor. CoC having sole FC has shown undue haste in reaching the conclusion, that CD has to be pushed towards direct liquidation. In the process, it discouraged the RP from even […]...

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Why Investors need to be more educated in the new Age of Investing

In the last two and half years India has added around 2.5 cr new demat account holders who are doing investments in the Indian equity market. Well, the definition of DIIs has changed dramatically in the last couple of years. Nearly 28 million demat accounts were added in 2022. This turns out to be a […]...

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Posted Under: Corporate Law |

TDS on Immovable Property

TDS on Immovable Property – Sec 194IA  (as amended by Finance Act 2022) Conditions: Seller MUST be Resident. Buyer may be Resident or Non-Resident. Consideration or Stamp Duty Value of such Property is Rs. 50,00,000 or more. Note :- For the purpose of TDS calculation, Consideration paid for acquisition of immovable property under same ...

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Posted Under: Corporate Law |

Demystifying Retrospective and Retroactive Operation of Law

In today’s dynamic business world, the only constant thing is change. In this context, the law cannot remain standstill, and it has to adapt to changes. When changes are effected from the past, the situation becomes complex. Such changes effected from the past are referred to as Retrospective amendments. However, making the law effectiv...

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Posted Under: Corporate Law |

E-invoicing for Input Service Distributor under GST

We all are aware that E – invoicing was introduced from Oct 2020 onwards. There is a confusion whether E – Invoicing is applicable to Input Service Distributors or not. In this article, lets discuss the same in detail. Notification No. 13/2020 – Central Tax dated 21st March 2020 read with Notification No. 17/2022 -Central […]...

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Posted Under: Corporate Law |

Short Note on Apprentices Act, 1961 read with Apprenticeship Rules, 1992

During apprenticeship training, if any apprentice meets with any accident or personal injury, the employer is responsible for paying the compensation to the apprentice as per the provisions of the Workmen’s Compensation Act....

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Posted Under: Corporate Law |

Role of inventory management control in cost accounting

What is inventory management control in cost accounting? What is the role of inventory management control in cost accounting? Inventory management control is a critical aspect of cost accounting, which involves managing and controlling inventory levels to optimize the balance between costs and customer service levels. The goal of inventor...

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Posted Under: Corporate Law |

Compliance Calendar for The Month of March 2023

Corporate Compliance Calendar For The Month of February, 2023 contains Compliance Requirement Under Income Tax Act, 1961, Goods & Services Tax Act, 2017 (GST), Other Statutory Laws, Foreign Exchange Management Act, 1999 (FEMA), External commercial Borrowings, SEBI (Listing Obligations And Disclosure Requirements) (LODR) Regulations, 2015,...

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Posted Under: Corporate Law |

Govt notifies Cryptocurrency – Virtual digital assets under PMLA, 2002

Notification No. S.O. 1072(E). 07/03/2023

Central Government hereby notifies that the following activities when carried out for or on behalf of another natural or legal person in the course of business as an activity for the purposes of said sub sub-clause, namely:- (i) exchange between virtual digital assets and fiat currencies; (ii) exchange between one or more forms of v...

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Rectifiable labelling information for imported food consignments

Instruction No. 09/2023-Customs 07/03/2023

The labels on imported food consignments which are found to be non-compliant by laboratory during analysis, the importer may rectify the label and the concerned AO (Authorised Officer)/his representative shall verify the compliance and issue the No Objection Certificate (NOC) for the said consignment...

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