"14 May 2023" Archive

How to deal with INC-24 rejection where rejection remark refers to Section 15 of Companies Act 2013

‘Duly Noting’ the provisions of Section 15 of the Companies Act 2013: how to deal with INC-24 rejection where the rejection remark refers to Section 15 Introduction: Section 15 of the Companies Act 2013 states that “every alteration made in the memorandum or articles of a Company shall be noted [emphasis added] in every copy...

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Nationwide Initiative to Combat Fake GST Registrations by Department

Nationwide Initiative to Combat Fake GST Registrations: Mechanisms and Actions by the Department – Instruction No. 01/2023-GST dated 04th May, 2023 In a concerted effort to tackle the pervasive issue of fake and bogus GST registrations, the Central and state GST departments have planned a special all-India drive from May 16th to Jul...

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Posted Under: Company Law |

Complete Guide on Incorporation of Producer Company In India Under Companies Act, 2013

Producer Company is defined under section 465 of Companies Act, 2013 is a company formed as 'Private Limited Company' with an objective of doing agricultural activities...

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Posted Under: Company Law |

Understanding AOC-4 XBRL – A Step Towards Digital Reporting

As the world is going digital, so are the business processes. One such process is the filing of annual financial statements with the Ministry of Corporate Affairs (MCA). In recent years, MCA has been making efforts to reduce the manual filing of documents and promote digital reporting. One of the steps towards this direction is […]...

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Posted Under: Company Law |

Understanding the Basics of Form 35 (CIT Appeal) of Income Tax Act 1961

In this article, we will delve into the details of Form 35 CIT Appeal, exploring its significance, the process involved, and key considerations for taxpayers....

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Posted Under: Company Law |

Demystifying Transfer Pricing Rules for Finance Professionals

Transfer pricing refers to the pricing of goods, services, and intangibles between related parties, such as a parent company and its subsidiary. The purpose of transfer pricing rules is to ensure that such transactions are conducted at arm’s length, meaning the prices should be similar to what would be paid in transactions between u...

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Posted Under: Company Law |

Navigating the Changing Landscape of Ease of Doing Business in India: Insights for Finance Professionals

India has made significant strides in improving the ease of doing business in the country over the past few years. The government's efforts to simplify regulations, reduce bureaucracy, and promote entrepreneurship have created a conducive environment for businesses to thrive....

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Posted Under: Company Law |

A study of legal framework and regulatory issues involved in mergers and acquisitions in corporate sector

As businesses look to grow their operations and boost their market share, mergers and acquisitions (M&A) have become a widespread practise. To achieve success, M&A deals must carefully manage a number of complicated legal and regulatory hurdles....

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Posted Under: Company Law |

Extended period invocable as non-payment of service tax detected by Anti-evasion unit

K. Villaudam Vs Commissioner of Central Excise (CESTAT Chennai)

CESTAT Chennai held that extended period of limitation rightly invoked as non-payment of Service Tax has been detected and investigated by the Anti-evasion Unit of the Commissionerate....

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Reopening of assessment unsustainable as prerequisite for reopening beyond four years not fulfilled

DCIT Vs Gujarat State Road Development Corporation Ltd (ITAT Ahmedabad)

ITAT Ahmedabad held that reopening of assessment under section 147 of the Income Tax Act is unsustainable as prerequisite laid down in law for reopening of the case beyond four years is not found to be fulfilled....

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