Applicability of deeming provisions of Section 56(2)(x) of Income Tax Act to buyer of undertaking under Slump Sale under section 50B of Income Tax Act, 1961 There were lots of controversies about taxation of such a sale of business as a going concern due to period of holding of the assets etc. To resolve the […]
Whether extension of AGM for financial year 2019-20 is valid up to 31st December, 2020 in each case and for all companies? Due to the outbreak of COVID-19 disease all over the world, holding an Annual General Meeting (AGM) physically is risky, therefore, if the Company is holding AGM physically then the same shall be […]
A ‘Composition Scheme’ is an alternative method of levying tax designed for small taxpayers. If your business is small, but not quite small enough to be GST-exempt, you may be able to use your company’s aggregate turnover to qualify for the composition levy scheme. A simplified ‘Composition Scheme’ has been provided; vide Section 10 of Central Goods […]
Reverse Charge Mechanism (RCM) under Section 9(4) of the CGST Act, 2017 and recent Notification No. 07/2019- Central Tax (Rate) dated 29th March 2019 effective from 1st April, 2019 The provision that has gathered maximum attention for its ability to create significant stress and nuisance would clearly be Section 9(4) of the Central Goods and […]
Clarification on Extension of Annual General Meeting (AGM) for the financial year (FY) ended as at 31.03.2020- Companies Act, 2013 [ICSI once again has made a request dated 26.08.2020 to MCA for extension for holding AGM due to COVID-19] The Ministry of Corporate Affairs (MCA) vide General Circular No. 28/2020 dated 17th August 2020 has issued […]
Position of Subscription Money Not Paid in Balance Sheet of Company & under various provisions of Companies Act, 2013 In case of newly incorporated company, situation may occur when subscribers to the Memorandum of Association (‘MOA’) fails to pay subscription money as agreed by them in MOA. Earlier there was no time limit prescribed in […]
Any gain or loss arising from transfer of Capital Asset shall be considered as a Capital Gain or Loss as the case may be. Section 45(1) of the Income Tax, 1961, is charging section and provides that- ‘Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, […]
Section 372A of Companies Act 1956 which dealt with Inter Corporate Loan, Investment, Guarantee, and Security was also amended in the concept of ‘Loan and Investment by Company’ under Section 186 of Companies Act 2013.
If any entity has been formed for the lawful purpose it requires capital to carry out the business. Such Capital is infused by the Individual or Corporates by subscribing the shares of the entity, such shares have a nominal value which is to be paid by the subscriber as ‘Subscription Money’. These persons are termed as ‘Subscribers’. Subscribers are also considered as first shareholders of the company and later on members of the company.
Reverse Charge Mechanism (RCM) for purchase of input goods and services used in Construction of Project from the Unregistered Person [Notification No. 07/2019- Central Tax (Rate) dated 29th March 2019 effective from 1st April, 2019]. After a long gap, the Central Government has used its power provided under amended Section 9(4) of the CGST Act, […]
