The companies are required to file forms related to creation or modification of charges within the timelines provided in section 77 of the Companies Act, 2013, i.e. a total of 120 days of the creation or modification of charge.
Two Negatives maketh a Positive. Not so often, but sometimes, this mathematical formula does apply to real life economic situations. With the omnipresent Covid Pandemic there is no searching for the first negative, and second negative is the dire state of economy of Bahrain’s neighboring country Saudi Arabia. New economy revival measures announced by Saudi […]
Recent Amendments Under Companies Act, 2013 And Insolvency And Bankruptcy Code, 2016 Further to the official announcements made by the Hon’ble Finance Minister of India, Smt. Nirmala Sitharaman during the press conference held on the 24th day of March 2020, Ministry of Corporate Affairs and Ministry of Law and Justice, has notified certain amendments to vide […]
In our Country many women are unaware about their rights regarding share of family property and even if they know their rights, they don’t know how to avail or enforce them. We have always seen that women are deprived of their rights, Property right is also a part of it. There are many reasons behind […]
MCA has announced vide General Circular No. 23/2020 a Scheme for relaxation of time limit of filing of forms relating to: 1. Creation of charges; 2. Modification of charges
MCA Circular No 23/2020 dated 17th June 2020 for relaxation of time for Registration/modification of charge Applicable to all type of Companies with effect from 17th June 2020. Forms covered Form CHG-1 (Creation or modification of charge) Form CHG-9 (Creation or modification of charge for debentures) Legal Provision As per section 77 of the Cos […]
TRAN-1 is the artery to infuse the eligible cenvat credit from the erstwhile tax regime to GST. Transitional provisions for this purpose have been provided in the CGST Act. Section 140 of the CGST Act, 2017 empowers the government to prescribe the procedure in this regard. Accordingly rule 117 of the CGST Rules, 2017 prescribed […]
We all have been familiar with form no. 26AS where we verify details of tax deducted by our employer. Likewise for retired and pensioners the details of tax deducted by the bank also reflect here. The form no. 26AS has the details of all the tax deducted and collected from our income. It also has […]
Section 147 and 148 of Income Tax Act is a well designed weapon for the Income Tax Department empowering it to assess, re-assess or re-compute income, turnover etc. which has escaped assessment. Sec. 147 and Section 148 of the Act contain the per-requisite conditions to be fulfilled for invoking the jurisdiction to reopen the assessment. Powers of the Assessing Officer to re-open a completed assessment are not un-abundant or luxuriant.
Issues that need to be addressed under clause (viib) of sub-section (2) of section 56: Cut off time to examine the status of Company: The status of company at the time of receipt of consideration is relevant and not its status at the time of allotment of shares. Hence, if the company was not closely held company at the time of receipt of consideration, no taxability under clause (viib) arises.
