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Highlights of Budget 2019

July 5, 2019 1146 Views 0 comment Print

The first budget of Modi government is present today by Nirmala Sitharaman following are the top 100 highlights of budget 1. No income tax for less than 5 lakh per annum income 2. 3% Increase in surcharge for individuals with incomes between 2 to 5 cr. 7% increase in surcharge for incomes above 5 cr […]

Clarification on BEN -2 FORM

July 4, 2019 70695 Views 9 comments Print

Eform BEN-2 is required to be filed pursuant to Pursuant to Section 90(4) of the Companies Act, 2013 and Rule 4 of the Companies (Significant Beneficial Owners) Rules 2018, which are reproduced for your reference. Section 90(4): Every company shall file a return of significant beneficial owners of the company and changes therein with the […]

How to determine whether SBO exist?

July 4, 2019 6213 Views 0 comment Print

A Reporting Company can follow the below mention steps in order to ascertain, whether any SBO exist or not: 1. Check whether you have shareholders in form of Body Corporate/HUF/Partnership/LLP/Trust/PIV (“Indirect Entities”)? 2. If answer is no, then no reporting required. 3. If answer to (1) is Yes, check whether they hold 10% or more? […]

Revised Annual Return on Foreign Liabilities and Assets Reporting by Indian Companies (FLA RETURN)

June 28, 2019 6375 Views 0 comment Print

Revised Annual Return on Foreign Liabilities and Assets Reporting by Indian Companies As per regulation issued by RBI which stipulated that all Indian companies which have received FDI and/or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current year, should file the annual return on Foreign Liabilities and Assets (FLA) in […]

Conversion of One Person Company to Private Limited Company

June 27, 2019 4908 Views 0 comment Print

The conversion of an OPC- One Person Company into Private Limited Company as per Section 18 of the Companies Act, 2013 and the provisions of Companies (Incorporation) Rules of 2014 should be discharged by a newly formed Private Limited Company. These rules will not affect the existing debts, liabilities, obligations or contracts of the OPC. […]

Power of Central (or State) Government to make rules under GST

June 27, 2019 3606 Views 0 comment Print

The Central Government (or the State Government) may, on the recommendation of the Council, make rules, including rules conferring the power to issue notifications with retrospective effect under those rules, to carry into effect the purposes of this Act. In particular, and without prejudice to the generality of the foregoing power, such rules may — […]

FAQS on SGST (Punjab Goods and Service Tax Act 2017)

June 27, 2019 1491 Views 0 comment Print

Q.1 What do you mean by SGST? Ans. Under GST, SGST is a tax levied on Intra State supplies of both goods and services by the State Government and will be governed by the SGST Act. As explained above, CGST will also be levied on the same Intra State supply but will be governed by […]

Frequently Asked Questions On CGST

June 26, 2019 4083 Views 0 comment Print

Q.1 What is the scope of the term ‘supply’ as defined in the CGST Act, 2017? Ans. As per Section 7(1) of the CGST Act, 2017, Supply includes: Ø  All forms of supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be […]

GST Valuation Rules

June 20, 2019 66888 Views 1 comment Print

GST is a tax payable on ad-valorem basis i.e percentage of value of the supply of goods or services. Section 15 of the CGST Act and Determination of Value of Supply, CGST Rules, 2017 contain provisions related to valuation of supply of goods or services made in different circumstances and to different persons: 1. Value of supply of goods or services where the […]

Whether a Trade Union become an Operational Creditor under IBC

June 20, 2019 1338 Views 0 comment Print

Whether a Trade Union Become an Operational Creditor Under The Insolvency and Bankruptcy Code (IBC) An operational creditor is defined under Section 5(20) of the IBC to mean “any person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred“. In order to ascertain […]

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