Brief overview The Ministry of Corporate Affairs (MCA) notified Ind AS 116 – ‘Leases’ on March 30, 2019 to come into force on April 01, 2019. Ind AS 116 replaces the current guidance on lease accounting in Ind AS 17. What is a Lease? A lessee may elect not to apply Ind AS 116 for […]
Marriage is regarded as a ‘social institution’ in the society in which the husband –to- promise to take care of the social and economic needs of his wife-to-be. The law in India also recognizes the obligation of the husband to maintain his family including his wife. But, what if he dies? Who will take care […]
Following is the composition of board of directors:- According to Section 149 of The Companies Act 2013, 1. Every company should have minimum 3 directors in PUBLIC company 2 directors in PRIVATE company 1 director in ONE PERSON company Maximum no of directors can be 15 in any company. However company by passing special resolution […]
Another legacy provision that has been included under the GST laws from erstwhile tax regimes is the concept of Advance Rulings. The purpose of advance rulings is to help an applicant who is already a registered taxable person or is liable to be registered to provide clarity and understanding with regards to any supply which […]
Law to protect Internet Companies – Section 230 under Review Does India needs such a Law? INTRODUCTION In the age of Internet wherein entire domain has been transformed into one digital platform. In such era it becomes very crucial to have legal statutes to regulate the companies which are wholly operational on digital platforms. Every […]
This project discusses the position of taxation on sanitary pads pre and post exemption regime, discussing the effects of the same in both eras. Moreover, it also discusses the consequences of exempting the sanitary napkins completely of GST and suggests what can be the alternatives to tackle the problems of high maximum retail price and less accessibility of the pads to the general masses
COVID-19 Pandemic has played a significant role in changing of the companies’ working patterns. The companies are facing plenty of difficulties to fulfill their regulatory, procedural, and technical requirements governed by the Companies Act, 2013 (the Act). The Government of India is initiating various relief packages, to provide aid to the companies to ease their […]
ACCEPTANCE OF DEPOSIT BY THE NIDHI COMPANY- Rule-11 of the Nidhi Rules, 2014 1. Net owned fund to deposit Ratio Not More than 1:20 2. Maximum limit of Accepting deposit Not More than 20 Times of its Netowned Funds as per its latest Audited Financial Statements. 3. In case of Company registered under the previous […]
Should you go for the new tax regime for Individuals? what are the features, benefits and conditions? From FY 2020-21, you can choose to pay income tax under an optional new tax regime. The new tax regime is available for individuals and HUFs. ‘Lower tax rates but no deductions/exemptions’ is the key feature. Provisions of […]
Process of verification of registered office and change of registered office within the same city Provisions applicable: Section 12 of Companies Act, 2013 read with rules made thereunder Process of filing of information of notice of registered office after incorporation and changes thereafter: Basically, the companies act specifies on mandatory registered office address to be […]
