The Companies (Amendment) Bill, 2019 was introduced in the Lok Sabha on Thursday, July 25, 2019 by the Minister of Finance, Ms. Nirmala Sitharaman, which seeks to tighten corporate social responsibility compliance, reduce the load of cases on the National Company Law Tribunal (NCLT) and other amendments to the Companies Act, 2013.
Analysis of the amendment done by IBBI in Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019 wef 25th July 2019. The IBBI has issued Notification dated 25th July 2019 amending Liquidation Process under IBC 2016, in consonance with existing CIR process under IBC 2016. These amendments are applicable wef 25th July 2019. […]
All the registered taxpayers paying tax under the provisions of section 10 of CGST Act 2017 or availing benefits of Notification No. 2/2019-Central Tax (Rate) dated 07th March 2019 have been categorized under ‘special category of persons’ by the CBIC. A special procedure has been laid out by the CBIC via Notification no. 21/2019 – […]
E-Form DIR-3 KYC is to be filed by an individual who holds Director Identification Number (“DIN”) or Designated Partner Identification Number (“DPIN”) and is filing his KYC details for the first time or by the DIN/DPIN holder who has already filed his KYC once in E-form DIR-3 KYC but wants to update his details.
Private Limited Company: Private Limited Company is defined under Section 2(68) of the Companies Act, 2013 . It Means a company which by its articles : (i) restricts the right to transfer its shares; (ii) except in case of One Person Company, limits the number of its members to two hundred: Provided that where two […]
The article attempts to examine whether violation of the conditions laid u/s 13(1)(c), r.w.s 13(3) and 13(2)(b) would lead to only disallowance of monetary value of the benefit given to the prohibited person(s), or would result in denial of the entire exemption claimed by the assessee u/s 11 and 12 of the I.T. Act.
Krishna Mohan Prasad Principal Director General of Income Tax (Legal & Research) krishna.m.prasad@incometax.gov.in Sh. Krishna Mohan Prasad is an IRS officer of 1984 batch and is currently posted as Principal Director General of Income Tax, Directorate of Legal & Research, New Delhi. He had worked extensively as Commissioner (Appeals) and Commissioner(Judicial). He had been part […]
Executive Summary A separate code on transfer pricing under sections 92 to 92F of the Income Tax Act, 1961 (hereafter, the ITA) covering intra-group cross-border transactions became applicable from 1 April 2001. The regulations are based on the arm’s length principle and provided for determination of arm’s length price of international transactions between associated enterprises. The Rules 10A to 10 E of the Income Tax Rules, 1962 (hereafter, the Rules) deals with procedural aspects regarding the implementation of transfer pricing law.
Valuable resources of the nation get wasted in pursuing the litigation in various courts of law before a final or conclusive view emerges out. Since, conventional methods of appeal and further appeals have proven to be time consuming and costly better way to manage disputes would be to have clarity in advance in which context the institution of ‘Advance Ruling’, needs to be fine tuned and strengthened on the above suggested lines which if done will go a long way in improving the dispute management.
The concept of Advance Rulings has global background and perspectives. The system is in vogue in several countries though procedurally there may be dissimilarities. The first document which shed light on this important concept is the International Bureau of Fiscal Documentation (IBFD) which was published in 1997-2000. It contained articles by authors of various countries on the fundamentals of Advance Rulings
