Recently, a three judge bench of NCLAT in V. Padmakumar vs. Stressed Assets Stabilisation Fund (SAFS) & Anr. considered the issue that ‘whether admission of debt in balance sheet would amount to acknowledgement of debt which would further amount to extension of period of limitation as per Section 18 of the Limitation Act, 1963 (Limitation Act)’.
Individual, HUF and Partnership firm, whose annual turnover does not exceed Rs. 2 crores, are given an option to pay tax by declaring business income under presumptive basis i.e. minimum 8% of the business turnover shall be treated as the net profit and thereafter, the tax shall be payable as per the applicable tax rate […]
Need for frequent GSTR-2A reconciliation after 9th October 2019 for optimum utilisation of Working Capital GST was implemented in our country from 1st of July 2017, by passing the GST Act in the parliament on 29th of March 2017. The main object of GST was to implement a simple tax structure with the concept of […]
Bonus Issue: What is a Bonus Issue: Bonus Issue is an issue of shares at free of cost. Bonus shares are issued in the form like 1:1 means- 1 extra share for 1 holding shares or 1:2 means 1 extra share for 2 holding shares, etc. As per Companies Act, 2013 As per Companies Act, […]
Ministry of Corporate Affairs (MCA) after consultation with National Financial Reporting Authority (NFRA) notified Companies (Auditor’s Report) Order (“CARO”) 2020 in suppression of CARO 2016. CARO 2020, in comparison of earlier CAROs, emphasis more on Proprietary Elements so that the users of Audit Reports will be well aware of Company’s business and activities. This article […]
APPOINTMENT OF DIRECTORS: As per Section 152 sub-section 2 of the Companies Act, 2013 every director shall be appointed by the company in the general meeting. Furthermore, every individual who has been appointed as a director on or before the appointment furnish to the company a consent in writing to act as a director in […]
RBI vs IMAI – SC Judgement dated 4-Mar-2020 The Supreme Court of India (SC) came out with its awaited judgement on virtual currency ruling the case in the favour of Internet and Mobile Association of India (IMAI) whereby declaring the Reserve Bank of India (RBI) circular no. RBI/2017-18/154DBR.No.BP.BC.104/08.13.102/2017-18 dated April 6, 2019 imposing a prohibition […]
Recently, the news regarding the acquisition of Uber eats by Zomato has been quite popular. Zomato has acquired the Indian operations of its competitor Uber Eats, the food delivery business run by Uber, for around $350 million with which the transaction marks the first big consolidation move in the cash-intensive online food-delivery market, led by Swiggy and […]
Alignment of Double Taxation Avoidance Agreements (DTAAs) With Multilateral Instrument (MLI) Background [Section 90 and 90A] Section 90 of the Act empowers the Central Government to enter into DTAAs with foreign countries or specified territories inter alia for avoidance of double taxation of income under the laws of both, India and that foreign country or […]
The Ministry of Corporate Affairs has made the process of incorporation of a new company very easy and fast and tried to give facilty of name Reservation, DIN of the Directors GST registration PAN and TAN submission in one E form i.e. Spice , it provides help to the users and its self-descriptive nature helps in filling the Form.
