Dormant companies The companies Act, 2013 has recognized a new set of companies called as dormant companies. As per Section 455(1) Where a company is formed and registered under this act for a future project or to hold an asset or intellectual property and has no significant accounting transaction, such a company or an inactive […]
Transfer of Unclaimed shares to Investor Education and protection fund (IEPF) (if condition fulfilled) (A) Manner of Dealing with Unclaimed Shares (Regulation 39(4) read with Schedule VI of SEBI (LODR) Regulations, 2015) The listed entity shall comply with the following procedure while dealing with securities which remain unclaimed and/or are lying in the escrow account. […]
In most cases when a company acquires certain types of long-term assets, it has an obligation to remove these assets after the end of their useful lives and restore the site. Most of these long term assets are constructed on leased land or premises, thus obligating the user to return it in the original condition at the end of the agreed term.
The NBFC sector is recognized as a methodically important component of the financial system. The growth of NBFC is entirely constant year-on-year. NBFCs are regulated by the RBI. Reserve Bank of India has the power to keep a check on different categories of NBFCs registered in India. In this topic, we will discuss the necessary […]
MCA Filing Form SPICe+ (SPICe Plus) for Company Registration-Complete Overview 1. Introduction The government has rolled out a new simple application to make it further easier for incorporating a business in India. The new web form, Simplified Proforma for Incorporating Company Electronically Plus (SPICe+), which integrates various services from various ministries and departments The simplified […]
One of the major objectives of GST implementation in India was to ensure the seamless movement of goods and no-check posts in between the states. Further, it was expected that it would put an end to the prolonged road permit system and inspector raj in India. In order to facilitate the same E-way bill mechanism […]
The Government vide CBDT circular No. 10/2020 Dated 24 April 2020 deferred reporting of Compliance related to Goods and Service Tax (GST) in the income tax audit reports by a year. The move is a major relief to businesses struggling to cope with the challenges of the Covid -19 pandemic. The tax audit report form […]
A crisis like this calls for bigger tax measures which can form part of larger economic stimulus which the government provides to bring economy back on track. Therefore, the following measures have been proposed for the short-term basis, i.e. for 3-6 months, to enable the taxpayer to withstand the uncertainty in the economy:
With the advent of time, all the processes ranging from our day to day life to corporate models (work from home as observed recently), everything is becoming digital. There were the days when the process of applying Nil/lower withholding certificate (or order) under section 197 of the Income-tax Act, 1961 (‘the Act’) was manual. The […]
Presently, the charitable trusts/Institution are enjoying the perpetual benefit of zero taxation on income earned out of property held by such trust/Institution. Interestingly, once the registration under section 10(23C)/12AA/35/80G/ is notified/granted, will remain in force till the CG/Commissioner of Income tax basis the documents called for, find that the same should be rescinded/withdrawn. Also Read: […]
