An overview of Companies (Creation and Maintenance of Databank of Independent Directors) Rules, 2019 Independent Directors serve as an important Institution of corporate governance contributing significantly at the boards by bringing a diverse set of skills with an independent judgement on the significant issues. The Desirable Corporate Governance Code by CII (1998) for the first […]
Recent circulars/ notifications/ rules/ clarifications/News ♦ Furnishing & upload of Form No. 34BB on Income Tax E-filling Portal (Notification No. 05 of 2021-Income Tax 24/05/2021) ♦ CBDT notifies Rule 11UAE Computation of Fair Market Value of Capital Assets for the purposes of section 50B of Income-tax Act, 1961 (Notification No.68/2021 [G.S.R. 338(E)] 24/05/2021) ♦ CBDT […]
Ministry of corporate affairs (MCA) has recently notified some major changes in reporting requirements of financial statement by notifying amendments in Schedule III of companies Act 2013 to be applicable from FY 2021-22 these changes will correspondingly effect reporting and preparation of independent auditor’s report as well, though these changes are applicable from FY 2021-22, […]
Section 50B read with Section 48 of the Act provides that capital gains on slump sale will be the difference between the full value of the consideration received/ accruing as a result of transfer of capital asset and the net worth of the undertaking sold.
A critical analysis of Section 10(26) of Income Tax Act 1961 Introduction: Section 10(26) of Income Tax Act 1961 says “In the case of a member of a Scheduled Tribe as defined in clause (25) of article 366 of the Constitution, residing in any area specified in Part I or Part II of the Table […]
Discover the Startup India initiative and its impact on entrepreneurship in India. Learn how it has transformed the country into a hub of innovation and job creators.
NCLAT JUDGEMENT SUMMARY FOR THE MONTH OF MAY’ 2021 ON IBC, 2016 It gives us immense pleasure to share our 3rd Edition of NCLAT Judgement Summary for the month of May’ 2021 covering summary/ gist of finding of the Hon’ble NCLAT. The Judgement summary prepared by us is for the purpose of understanding in short […]
According to the provisions of Section 55 of the Companies Act 2013 a company limited by shares, if authorized by the Articles of Association [AOA] of the company may issue preference shares which are liable to be redeemed within 20 years from the date of their issue. No company shall be allowed to issue irredeemable preference shares.
The three-judge bench of Supreme Court of India in the case of Deputy Commissioner of Income Tax v. M/S Pepsi Foods Ltd struck down the third proviso of Section 254(2A) of Income Tax Act (Act) as unconstitutional and violative of Article 14 of the Constitution of India on account of being arbitrary and discriminatory in nature.
This is an attempt to briefly discuss the provisions with regards to claiming of input tax credit and subsequent levy as outward supply under GST law of the benefits/facilities granted by the employer to the employee during COVID-19 pandemic under GST regime:
