INTRODUCTION: The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry. The Act establishes Real Estate Regulatory Authority (RERA) in each state for regulation of the real estate sector and also acts as an adjudicating body for speedy dispute redressal. T......

Persons Eligible for Tax Audit: As per the provision of Section 44AB, any person having income or turnover from business exceeding Rs. 200 Lakhs or gross receipt from profession exceeding Rs. 50 Lakhs is required to get his accounts audited under the Income Tax Act, 1961. A person registered under Sec. 44AE claims that the profits or losses from the business are lower than that computed on the......

Are you seeking a solution to recover lost money or are you suffering from bad debt? If you are a manufacturer or a Creditor who has given a loan or provided services or supplied goods, etc. to a Company and the Debtor/Corporate debtor has not paid or defaulted on the payment, then the new Insolvency & Bankruptcy Code, 2016, is the answer to all your woes. How does the Insolvency & B......

ELIGIBILITY: Where a company is formed and registered under Companies Act, 1956 or 2013 for a future project or to hold an asset or intellectual property and has no significant accounting transaction, such company or an inactive company may make an application to the Registrar for obtaining a status of the dormant company. Meaning of Inactive companies is those which has not been carrying on any ......

Recently, Ministry of Corporate Affairs has notified Section 12 of Companies Act 2013 vide Companies (Amendment) Act, 2017 which requires a Company to establish its registered office capable of receiving and acknowledging all communications and notices as may be addressed to it, within 30 days of its incorporation and at all times thereafter. The said provisions also mandate an intimation to Regis......

Foreign Tax Credit – Act, Rules, Treaties, and Judicial Precedents – Road to Confusion Ahead   Today, if one were to discuss the various provisions of the Income-tax, 1961 one area which would elicit different responses would be the mechanism for computation of Foreign Tax Credit.   Central Board of Direct Tax (‘CBDT’) set up a Committee to suggest the methodo......

Section 22 of the CGST Act, 2017 specifies the list of persons liable for registration and section 24 of the CGST Act, 2017 lists categories of persons who are required specifically to take registration even if they are not covered under section 22 of the Act. Following is a list:- Supplier: Supplier of taxable goods or services or both exceeding the specified threshold limit of Rs. 10 l......

Dear Professional Colleagues, In the era of globalization, trade barrier’s does not exist between countries due to which Multinational companies(MNCs) having a presence in many countries freely trade across the globe. Due to this presence in many countries, MNC’s enjoys the inherent advantages of trading globally such as lower prices, reduced interest rates, and higher credit period. ......

Dear Professional Colleagues,Ministry of Corporate Affairs vide its notification dated 10th September 2018 mandated the issue of securities in dematerialized form and facilitating dematerialisation of all its existing securities by unlisted public Companies which shall effective from October 02, 2018.   This is another step taken by the Ministry Corporate Affairs towards the cleaning proces......

Partner Mamta Binani & Associates Introduction The Investors invest in the securities of companies with an expectation that they will receive a good return on their investments. The investors get their return on investments by the way of dividend from the profits of the company as well as through corporate benefits like bonus shares etc. In case the investee company is listed, the investor......

Dear Professional Colleagues,   As per the Ministry of Corporate Affairs new amendment dated 10th September 2018 (http://www.mca.gov.in/Ministry/pdf/CompaniesProspectus3amdRule_10092018.pdf) requiring Admission for Unlisted Company for offering the facility of dematerialisation to shareholders.   In this regard, we wish to inform you that the Issuer may establish electronic connectiv......

Dear Professional Colleagues,As its name suggests Employee Stock Ownership Plan is an extensive employee benefits offering that works in a meaningful way to drive employee satisfaction, motivation and retention. Whereas the employee benefit plan such as medical, life and disability insurance plan, retirement benefits plan, paid-time-off benefits provide financial security to......

Dear Professional Colleagues,Bonus Shares are issued for capitalising the Profits and/ or Reserves of the Company. Companies Act, 2013 has provided distinguished provisions for the same unlike in erstwhile Companies Act, 1956 where reference had to be taken of the Articles of Association of the Company while doing so. As per sub-section (1) of Section 63 of the Companies Act, 2013: A Com......

Did you get Disqualified from Directorship? The drastic step of Mass Disqualification of Directors and deactivation of DINs by ROC has left the whole Industry flabbergasted and startled. This is not a roadblock but a beginning in the line with Compliance module. Directors are being provided with various opportunities to get their Disqualification Removed and DIN Restored even if they are not......

TEAM MAMTA BINANI & ASSOCIATES As the title suggests E-Form DIR 3 KYC is a reform in the corporate world. But a question also comes to mind regarding DIN (Director’s Identification Number) and DIR 3. It is a known fact that to become a Director one has to apply for DIN in Form DIR 3 and for any modification in the form it is done in Form DIR 6. E-Form DIR 3 KYC has been introduced by Ce......

30th July, 2018   Dear Professional Colleagues,                                      Subject: Companies (Amendment) Act, 2017 and Companies (Incorporation) Third Amendment Rules, 2018 – Reg. The Min......

(Notified on 5-July-2018)Applicability – All the Directors including Disqualified Director.Every Director who is having DIN on or before 31-March-2018 and whose DIN is in Approved Status has to file DIR-3 KYC eForm. This form would be duly certified by practising professional (CS\CA\CMA). Timing Of Filling – On or before 31-August-2018, Afterwards will be filed Annually. Details to b......

Vinita Nair and Pammy JaiswalPartner, Vinod Kothari & Companycorplaw@vinodkothari.com This note endeavours to provide clarity on whether domestic mutual funds can be regarded as an Investment Vehicle for the purpose of reporting foreign investment to RBI. Investment Vehicle & Mutual Funds: Meaning  ‘Investment Vehicle’ is defined under the FEMA (Transfer or Issue of S......

Dear Professional Colleagues, Every Director who has been allotted Director Identification Number (DIN) as on 31st March of a financial year shall submit e-form DIR 3 KYC to the Central Government on or before 30th April of immediate next financial year. But, for the current year, DIR-3 KYC is required to be filed on or be......

Dear Professional Colleagues & Seniors, Enclosed please find my compilation on Significant Beneficial Ownership. The above has been based on my understanding and interpretation of the provisions. Trust you shall find the same useful for your professional reference. ......

Dear Professional Colleagues & Seniors, As a measure for capacity building of Insolvency Professionals, it was being considered by IBBI to create a pool of Insolvency Associates, who will support IPs in carrying out their responsibilities as Para-staff. The program has been designed under the aegis of Ministry of Skill Development and Entrepreneurship. The inaugurati......

BRIEF BACKGROUND There’s more than one way to raise capital, and the very first option starts with you. If you’re not willing to invest in yourself, how can you expect anyone else to? Many successful entrepreneurs put nearly all their savings into their small business, and that helps catch the eye of investors because it’s clear you’re fully committed to the project. But w......

Introduction   The Investors invest in the Securities of the Listed Companies with an expectation that, they will receive a good return on their investments.   The investors get back their return on investments by way of dividend from the profits of the Company as well as bonus shares etc. These corporate action benefits are credited directly to the Demat Account of the respective sh......

CS Divya JainAssociate PartnerSR & Associates, Company Secretarieswww.csravibhushan.comIntroduction   In alignment with the Indian Government’s continuing efforts to bolster foreign investment and ease of doing business in India, the Reserve Bank of India (RBI) issued an important circular A.P. (DIR Series) Circular No.30 on 7th June, 2018 with the aim of simplifying reporting und......

Background: Identification of ultimate beneficial owners/ significant beneficial owners/ persons with significant control is not a new concept. The requirement exists globally as well as in India. SEBI[1] and RBI[2], for the purpose of client due diligence under KYC requirements, mandate identification of ultimate beneficial owners in case of clients being a company, partnership firm, LLP, Trust ......

Mamta Binani & Associates Amendment in SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015- incorporating amendments dated 7th May, 9th May and May 31st, 2018 (Classified on the basis of the dates from which they are to become effective) The said Amendments are effective in phases: few from current FY and few in next 2 FYs.  Amended  Regulations applicable ......

Introduction:           Section 230 of the Act deals with compromise or arrangements proposed between a company and its creditors or members.   Section 231 of the Act deals with the powers of the National Company Law Tribunal (the ‘Tribunal’) to enforce compromise or arrangement.   Section 232 of the Act deals with the compr......

Post the Insolvency Law Committee's Report recommending an overhaul in the Insolvency and Bankruptcy Code, 2016, the Government has passed the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018, vide Notification dated 6th June 2018, in an attempt to set things right. No doubt, IBC has triggered positive vibes in the lending market, yet being an evolving law, it has its own drawbacks......

Team Mamta Binani & Associates AN OVERVIEW OF NOTIFIED SECTIONS OF COMPANIES (AMENDMENT) ACT, 2017 The Companies (Amendment) Bill, 2017 (‘the Bill’) had been passed by the Lok Sabha on 27th July 2017 and by Rajya Sabha on 19th December 2017 and received the assent of the President of India on 3rd January 2018 and the Bill become the Companies (Amendment) Act, 2017[1](hereinafter ......

Team Mamta Binani & Associates   On the 7th of May, 2018 the MCA brought in the following Circulars:   Companies (Prospectus and Allotment of Securities) Amendment Rules, 2018[1] Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2018[2] Companies (Meetings of Board and its Powers) Amendment Rules, 2018[3] Companies (Audit and Auditor......

Introduction SEBI on 9th May, 2018 has implemented most of the recommendations presented by the Uday Kotak Committee and has introduced the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018 (“Amendment Regulations, 2018”)[1], most of the amendment of which shall be applicable on listed entities from 1st April, 2019. ......

Stock Brokers in India  Online Share brokers in India act in a proficient manner while dealing with a number of investors throughout the Indian share market. Traders can commence trading in various market segments by opening a Best trading account and Demat Account with the help of top stockbroker. Akin to the fact, leading online share brokers also provide the Best Trading platform and Onli......

MISSED TO FILE THE RETURN OF INCOME OF EARLIER YEARS AND CLAIM REFUNDS OR BENEFIT OF CARRY FORWARD LOSS? Have you missed to file returns of earlier years and claim refunds or carry forward loss? If yes, then there is a way to claim the refund or carry forward loss and set-off thereof of the earlier previous year(s) (PY) of which the income tax return(s) were not filed from your end subject to ce......

Annual Filing Process for Registered LLP for the year 2018 and action taken by various RoC for not filing Annual Returns and Financial Statements Annual Filings of the LLP for the year 2018 are coming onto neck. Now every Limited Liability Partnerships (LLPs) which are registered with the Ministry of Corporate Affairs (MCA) have to file the Annual Returns and Statement of Accounts for the Financi......

Source_ICSI......

Start-up India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and Start-ups in the country that will drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower Start-ups to grow through innovation and design. The campaign was first announced by Indi......

“Change is not inevitable - it happens only when each of us does what we can.” Here are a few of the things that I think we all can do, regardless of where and who we are:   Know yourself In her inspiring conversation with Oprah, Michelle Obama shared her thoughts about the importance of knowing who you are. “I tell my mentees and I tell my daughters, that our......

Dear Professional Colleagues, As we all are aware that in September 2017 the government of India steps up its fight against the black money. The Government of India with the help of Ministry of Finance pushes ahead with the efforts to weed out shell companies (a term used for entities that have not been carrying out business for long and are allegedly used as the conduit for illegal fund flows) h......

INTRODUCTION As we all know that Central Government notified NCLT Rules, 2016 on 21st of July, 2016 in the official gazette. The provisions specify the professionals i.e., Company Secretaries, Chartered Accountants and Advocates who can practice before the NCLT or NCLAT. As we the Company Secretaries are new to this field, most of us find it difficult to file application or petition for the reviv......

INCORPORATION AND NAME RESERVATION - (NOW, BECOMES MORE SIMPLIFIED!!) On the Occasion of this 69th Republic Day, Government of India has made a new start of Incorporating a Company through 2 Services: A. RUN - Reserve Unique Name ServiceB. SPICE - Simplified Performa for Incorporating Company Electronically This is a unique initiative towards ease of doing business in India by the Governme......

Dear Professional Colleagues, This Amendment Will Apply To Assessment Year 19-20 &Subsequent Years. 1)The finance minister has proposed to increase cess on personal income tax and corporation tax to 4% from present 3%. This will increase the effective income tax an individual taxpayer pays. 2) A standard deduction of Rs 40,000 has been proposed to be introduced for salaried individuals in Bu......

Dear Professional Colleagues,Below is the Article on Analysis on Companies Amendment Act 2017.   You can also download my Article from this link.  ......

  1. No change in Tax Rate. All persons including individuals, HUF, Firms and Companies to pay the same tax. However, Education cess is being increased from 3 to 4 % to be known as Education and Health cess.   2. However for Domestic Companies having a total turnover or gross receipts not exceeding  Rs 250 crores in the Financial year 2016-17 shall be liable to pay tax at 25% as ......

BEPS Background The international tax system was born following the First World War, in a climate of financial instability and political uncertainty. It resulted from technical studies in the 1920s and international negotiations in 1928 through the League of Nations. The project on ‘Base Erosion and Profit Shifting’ (BEPS) has been the first major Global multilateral effort to amelio......

Initially, Companies Amendment bill was passed by Lok Sabha on 27th, July 2017 and the decision with regard to the passing of Bill passed by Rajya Sabha on 19th December 2017 but the Consent of President was still required. Now, the wait is finally over as on 3rd, January 2018, President gave his assent and the Companies Amendment Bill, 2017 passed and the focus of this amended Act, 2017 will be ......

Applicability: Every company having the net worth of Rs. 500 crore or more, or turnover of Rs. 1000 crore or more or a net profit of Rs. 5 crores or more during the immediately preceding financial year. Every company including its holding or subsidiary, and a foreign company having its branch office or project office in India, which fulfils the criteria specified above shall comply with the prov......

The author in these editorial gives a brief overview of the Companies Amendment Act, 2017 and has classified the amendments in the most simplest and understandable manner. The President assented the Companies Amendment Bill, 2017 on 3rd January, 2018 and has proposed the 93 amendments in the Companies Act, 2013 with the said act i.e, Companies (Amendment) Act, 2017. Now to analyze the quantum of......

Ways & Instances of Reduction of Capital under Section 66 CA 2013   Reduction of excess capital;   Cancellation of all the share capital as a part of scheme of arrangement;   Reduction to rectify an irregular repayment or purchase of shares by the directors;   Paying off part of the shares out of capital in excess of wants so as to enable......

Paytm’s parent company One97 Comunications’ restructuring exercise wherein it separated its online retail from its payments business has helped it to overcome losses by over 40%, according to filings of Company with Registrar of Companies (RoC). The Company enter in E-Commerce platform into Paytm E-commerce (Paytm Mall) while it became a 49% shareholder in the payments......

  Pursuant to the assent granted by Lok Sabha on July 27, 2017, to the Companies (Amendment) Bill, 2017, the same was put in forth to the Rajya Sabha for its approval. Rajya Sabha on December 19, 2017, approved the same without any modification. The Amendment Bill, 2017 received President’s assent on January 3, 2018, and is now regarded as the Companies (Amendment) Act, 2017 (&ldq......

Dear Professional Colleagues, E-Way Bill is an electronically generated document which is required to be generated for the movement of goods of more Rs. 50,000 from one place to another. This document is required to be generated online for transportation of goods irrespective of whether such transportation is inter-state or intra-state. Under the GST Regime, generation of the e-way bill is compu......

Dear Professional Colleagues,In the past few weeks, selected Insolvency Professionals issued advertisement for Expression of Interest with a clause that requires a resolution applicant or an interested entity to obtain an official stamp from chartered accountants, certifying its eligibility. Some Insolvency professionals told prospective resolution applicants to submit a certificate from another ......

Background and Context Applicability: Eligibility and legality of framing RISK MANAGEMENT COMMITTEE: All Companies are equally eligible to safeguard their skin from the uncertainties associated with the atmosphere within its working. There are no provisions under any statue which restricts Companies from mitigating, minimizing and managing their risk.     Key Statutory Requiremen......

What is Condonation of Delay Scheme, 2018? CODS-2018 is the scheme introduced by the Central Government, in the exercise of its powers conferred under sections 403, 459 and 460 of the Companies Act, 2013 with a view to giving an opportunity for the non-compliant, defaulting companies to rectify the default. Why Condonation of Delay Scheme, 2018? Companies registered under the Companies Act, 201......

  After implementation of Secretarial Standards for meetings of Board of Directors (SS-1) and (SS-2) Secretarial Standards for General Meetings. ICSI released the Secretarial Standards for Dividend (SS-3) at its golden jubilee year. The SS-3 will be effective from January 1, 2018, for voluntary adoption by companies. In this article, we shall discuss the Introduction, Scope and Ascertainmen......

Recently Ministry of Corporate Affairs has canceled the registration of around 2.10 lakh defaulting companies and subsequent direction of the Ministry of Finance to banks to restrict operations of bank accounts of such companies by the Directors of such companies or their authorized representatives.   MCA in September 2017, identified 3,09,614 directors associated with the companies that ha......

The wild gyrations in the stock market on December 18 as the election results for Gujarat came in reminded us that volatility — the two-way movement in asset prices — is not dead. It just took a rather long vacation. Its return this time was in a bit of a cameo role. The volatility lasted for a day, and then the stock market began rising again. However, it may feature more prominently ......

The wait for framing final regulations to punish high profile individuals, including promoters, who have given personal guarantees for corporate loan defaulters may soon be over as the regulator is set to make a call on the matter next week. The governing body of Insolvency and Bankruptcy Board of India (IBBI) is expected to finalise broad contours for dealing with persona......

Corporate tax reform is nice in theory but tough in practice. It usually requires lowering of tax rates and closing of loopholes. And whatever new, lower tax rate is determined, there will probably be another country willing to lower its rate further, creating what author of Too Big To Fail, Andrew Ross Sorkin, described as "a sad race to zero".   The US is in the process of putting theory ......

India's logistics and supply chain sector is undergoing a wave of change as two big moves by the government—implementing GST and giving infrastructure status to the sector—has led companies to ascribe unprecedented importance to this aspect of business, making investments in it and hiring the best talent to steer it. "From GST the industry has one co......

With a chairman for the National Anti-Profiteering Authority in place, the anti-profiteering methodology is the next key thing to watch out for. An announcement to this effect can be expected in a few weeks, said an Economic Times report, adding that India may adopt a product-specific approach similar to that of Australia to ensure that the full benefit of price reductions due ......

According to the government’s mandate, you have to link your Aadhaar number with various key documents and services to continue using them. The deadlines for doing so are fast approaching, therefore, if you haven’t done it yet, it’s time to get a move on. Read on to find out how to go about the linking process. PAN You should visit the Income Tax website, enter you......

    This comes as the government has been pushing companies to pass on the benefit of the mid-November GST cuts on various items to lower prices for consumers. Prices at McDonald's (in the north and east), Burger King, Pizza Hut, Domino's and KFC have risen in the past week — at least on some of the costlier items on the menu — despite a cut in ......

There are certain deadlines that you need to meet related to your Aadhaar to avoid pain in the coming year, 2018. However, the government has requested the Supreme Court to postpone the hearing on the legality of Aadhaar to next year and has expressed its willingness to extend the Aadhaar linking deadlines with various services by three months to March 31, 2018. While the final decision regardi......

INTRADAY (Day Traders) INTRADAY TRADE Buying and Selling a stock on a particular trading day without taking the actual physical delivery of the shares. The objective of such trade is to make money on the basis of some price belief. Some of the points which an intraday trader should always be kept in mind before entering into a day transactions Call Put Ratio( Adverse or Favourable) Order Book (......

We are sharing with you the success stories of Indian entrepreneurs who successfully started with almost nothing.These stories hopefully will inspire you through your startup journey and will keep you motivated. Written By: Mamta Chhikara   1. Patricia Narayan, ( winner of this year’s ‘FICCI Woman Entrepreneur of the Year’ award is amazin......

AuthorCS Anand ChuraThe Author can be contacted at anandchura@gmail.com......

Dear Students, Sub: ICSI and National Skill Development (NSD) Council enter into MoU to Develop GST Accounts Assistants  The Hon’ble Prime Minister of India, Shri Narendra Modi, while inaugurating Year-Long Golden Jubilee Celebrations of the ICSI on 4th October, 2017 at New Delhi, and with the objective that the benefits of the GST reached one and all, had emphasised on the need to ......

TIME PERIOD OF GST RETURN FILING(Outcome of 23rd meeting of GST Council at Guwahati) GSTR-3B :   CONTINUE TILL 31/03/2018 TIME OF FILLING 20TH OF SUCCEDDING MONTH ALONG WITH TAX. GSTR-4 (COMPOSITION DEALER) : 24/12/2017 NOTE :    LATE FEE  FOR FILLING AFTER OCTOBER               For Nill rated Rs20 per day   &nb......

Ministry of Finance has today issued Press Release for 23rd GST Council Meeting held at Guwahati and recommended the measures for taxpayers and professionals. Summary of press release is stated below:PART-A-TAX RETURN & OTHER MEASURES                      The return filing process is to be ......

GST is India’s biggest tax reform, is based on the principal of “One Nation, One Tax, One Market” that come in force w.e.f. 1st July, 2017. This mean that GST doesn’t differentiate between goods and service i.e. it is single tax on supply of goods and service, right from manufacturer to consumers. GST will significantly impact the Indian Economy as it had changed the w......

  On 7th November, 2017, the Insolvency and Bankruptcy Board of India (“IBBI”) issued a press release[1] amending the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016 (“CIRP Regulations”), and the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regul......

Dear Professional Colleagues, The Insolvency and Bankruptcy Code passed by the Parliament is a welcome overhaul of the existing framework dealing with insolvency of corporates, individuals, partnerships and other entities. It paves the way for much needed reforms while focussing on creditor driven insolvency resolution. ......

Digital Signature Certificates (DSC) are the digital equivalent (that is electronic format) of physical or paper certificates. A digital certificate can be presented electronically to prove one’s identity, to access information or services on the Internet or to sign certain documents digitally. In India, DSC are issues by authorized Certifying Authorities.The GST Portal accepts only PAN base......

In our earlier Articles all you have gone through Input Tax Credit in GST, How to adjust Credit, Rates of GST with Compliances:, hope you will be come across to know the how to get Input Tax Credit.Now further we are compiled our efforts to put all material facts about GST Comparison chart, Practitioner Forms and Opportunity for GST Practitioner, Returns and their Due Dates in next Article Given b......

Under the normal tax regime, the liability of collection and payment of tax is on the supplier of Taxable Goods/services.But, in some cases, the tax is charged as per Reverse Charge method, that means, the recipient of goods/services is liable to pay tax and not the provider of goods/services. Normal Circumstances- Supplier is supposed to collect the GST and later deposit with government In case ......

Donations with 100% deduction without any qualifying limit:     National Defence Fund set up by the Central Government     Prime Minister’s National Relief Fund     National Foundation for Communal Harmony     An approved university/educational institution of National eminence     Zila Saksharta Samiti constituted in......

Dear Professional Colleagues and Seniors   I am pleased to share a compilation of study material for the Limited Insolvency Examination. The said study material is valid for the examination to be held up to 31st  December, 2017 and covers the syllabus relating to the Insolvency and Bankruptcy Code, 2016.   You may refer the same while preparing for your exams.   All the best in......

BRIEF SUMMARY Foreign companies planning to set up their business operations in India need to start a liaison office. The main purpose of starting a liaison office is to explore possible business opportunities in India by gathering relevant business information. This helps the companies to develop a business strategy to tap the existing business potential in India. The application for Liaison offi......

Goods and service tax or GST will be one tax to subsume all taxes. It will bring in “One nation one tax” regime. While there will be certain initial transition challenges, GST will bring in much clarity in many areas of business. One of the areas is accounting and bookkeeping. Read on to find out about accounting entries under GST. Current scenario: Separate accounts have to be maintai......

Consumer is getting restive about a three year high in the petrol and diesel prices because he/she feels the concept of market-determined rates was tampered with by frequent tax hikes when the crude oil prices fell steeply and are ruling at exactly half the level of USD 107 per barrel in  May, 2014 even after  rising in the last three months. “It is true that the crude oil has shot......

Dear Professional Colleagues, It is a fact that many states, including BJP ruled states had opposed the GST bill under UPA rule. But were only BJP states opposing GST? Lies. Even as late as December 2013, just 4 months before end of UPA’s 10 year rule, it was reported that the Congress-led ruling UDF government in Kerala has lent support to the Gujarat government’s apprehensi......

ByPradeep Kumar Mittal1 B.Com,LLB,FCSPkmittal171@gmail.comThe Indian Hospitality Industry is one of the key drivers of growth in the service sector. Apart from hotels, lodges and restaurants, it includes tourism services as well. Tourism and Hospitality Sector’s direct contribution to GDP in 2016 was estimated to be $47 billion. In fact, the National Restaurant Association of India (NRAI) in......

Valuation is essential for the following:(i) strategic partnerships, (ii) mergers or acquisitions of shares of a company and/or acquisition of a business (iii) Valuation is also necessary for introducing employee stock option plans (ESOPs) and joint ventures.                              Objective To conclude a transaction ......

Salary in arrears/advance, received in lump-sum, is liable to tax in the year of receipt (unless it has already been subjected to tax earlier). Some relief is, however, allowed from tax on such receipts. Relief is also available in respect of gratuity for past services of not less than five years; leave encashment, compensation on termination of service, payment in commutation of pension, family p......

Earlier CBDT had extended ITR Fling due date (AY 2017-18) from 31 July 2017 to 5 Aug. 2017 for non-tax audit cases/ individuals. Now the due date for filing of ITR/ Tax Audit Report filing (AY 2017-18) has been extended for corporate assessees or where tax audit is applicable from 30 sept. 2017 to 31 Oct. 2017. Also, PAN Aadhaar linking due date has been extended by 4 months upto 31 Dec. 2017. Cl......

Income tax laws allow you various benefits in respect of amounts spent or invested. Primarily these tax benefits are available for amounts spent or invested on yourself but for certain items, the benefits are available for amounts invested or spent on family members. SECTION 80D allows you an exclusive deduction of Rs. 25,000/- paid for health insurance premium for your parents whether financially......

In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 24tn day of August,2OlT as the date on which the provisions of sub-sections (8), (9) and sub-section (10) of section 212 of the said Act shall come into force. As per NOTIFICATION dated, 24h August, 2017 Section 212- INVESTIGATION INTO AFFAIRS OF C......

A new section 234F has been inserted by the government in the Income Tax Act. As per this section, an individual would have to pay a fee of up to Rs 10,000 (maximum) for filing income tax return after the due dates specified in section 139(1) of the Act. The fee to be levied is based on the time period of delay which is as follows: A fee of Rs 5,000 in case returns are filed after the due date bu......

In the latest press release, dated 19th August, 2017, the last date for paying GST for the month of July, 2017 is 25th August, 2017. Following are the steps for filing the same: Go to https://services.gst.gov.in/services/login, fill in the required details i.e. username and password After login, we have two options, either we can click directly ‘create challan’ or under services>......

About the title “One” 1.1 GST : One tax for whole nation It is  GST regime which covers, all ‘supply’ such as sale, transfer, barter, lease, import of services under ONE tax that is GST,while taxable events such as ‘manufacture’, ‘sale’, ‘provision of services’ etc. will lose their relevance. Further, certain supplies, even if mad......

In this Article, I have tried to cover up the significant facts as to GSTR 3B by quoting examples and what if ITC on closing stock is available ? To make you undertstand better. I have created a video on the same which will help you immensely. Kaushal Kumar Agrawal ICAI and ICSI faculty GST Consultant Faculty of Direct and Indirect Taxation Ph 9999 22 7381 taxbykk.com ......

Form GSTR 3B is the first return of GST regime to be filed by registered dealer and not composition dealer. This online return pertaining to the period of July 2017 needs to be filed by 20-8-2017. This is the summary return of aggregate turnover of taxable supply, exempt supply, export supply and non levy supply and also tax payable. This return can be accessed on www.gst.gov.in   The excel u......

Dear Professional Friends & Seniors, The Insolvency and Bankruptcy Code, 2016 (IBC), in my opinion is the second biggest reform in our Country after the proposed GST regime. I am writing this article because I have received numerous calls specially from youngsters seeking guidance as to whether it offers professional opportunities for them or not.  My views are as follows: For regis......

Introduction The Liability (right) side of a company’s balance sheet represents common stock, preferred stock and debt. These are called capital component of a company. Any increase in a company’s total assets will have to be financed through an increase in at least one of these capital components. The cost of these components is called cost of capital for a company. In simple words, c......

Shifting of the Registered Office under the Companies Act, 2013, Provisions relating to shifting of the registered office from one state to another are contained in Section 13(4) of the Companies Act, 2013 which are detailed in the rule 30 of The Companies (Incorporating) Rules, 2014. In the present article, this procedure has been given in Lucid manner to understand the whole proceeding of shif......

Introduction On 1st July, 2017, the most awaited and debated law came into force. The Central Board of Excise and Customs (“CBEC”), notified the Central Goods and Service Tax Act, 2017 ( “GST”) with majority of the section of the Act coming into force from that date. The concept of GST was first discussed in the year 2006, wherein it was proposed to introduce a simple ......

Under the provisions of Companies Act, 2013 when merger or amalgamation or any kind of corporate restructuring occurs, any one of them loses its identity be it either transferor or transferee company or both and a new entity gets established. A riskier and popular way that companies can grow is through mergers and acquisitions strategy which can create synergies when companies with complement......

Section 16 of CGST Act, 2017 (hereinafter called this Act) speaks of taking of Input Tax Credit (hereinafter called ITC) upon receipt of supply of either goods or services or both of them, which are used or intended to be used in the course or furtherance of his business and the said amount shall be credited to the electronic credit ledger of such person. In other words, the “Registered Pers......

Issue of capital by listed companies by way of Equity shares FCDs/PCDs Any other convertible instrument to select group of persons. Exemption from applicability of Regulations in following cases: Where preferential issue of equity shares is made: pursuant to conversion of loan or option attached to convertible debt instruments in terms of sections 81 (3) and (4) of the Companies Act, 1956; pur......

I. Concept of LLP: Governing Legislation: Limited Liability Partnership Act, 2008 The Limited Liability Partnership is an alternative corporate model that provides the benefits of limited liability of a company but allows its members the flexibility of organizing their internal management on the basis of a mutually arrived agreement, as is the case in a partnership firm. This corporate model is q......

SEBI vide notification dated March 24, 2015[1] had provided framework for consolidation and re-issuance of debt securities under Regulation 20A of SEBI (Issue and Listing of Debt Securities) Regulations, 2008 (‘ILDS Regulations’) subject to fulfillments of certain conditions. One of the conditions was to have an enabling provision in the Articles of the Company w.r.t. consolidation and......

Definition of Charge: ? As per Section-2 (16) Charge means- An interest or lien created on the property or assets of a company or any of its undertakings or both as security and includes a mortgage; Principle rule of Creation of Charge is that “Charge will be creating on the Assets of the Company”, Assets as defined in Schedule III of the CA-2013 PROVISIONS OF CHARGE GIVEN UNDER CHAP......

Introduction: What is Share Forfeiture ? Share forfeiture is the process by which the directors of a company cancel the power of a shareholder if he does not pay his call money when the company demands for it. The company will give 14 days' notice; after 14 days if the shareholder does not pay the company will forfeit his shares and strike his name from the register of shareholders. The company......

No Change Made In Taxation of Legal Services In The GST EraIn Press Statement dated 15th July, 2017, it was cleared as to whether the legal services provided by Advocates including senior advocates is in forward charge or reverse charge. No change made in taxation of legal services under GST, FALLS UNDER RCM The government has recently clarified that there is no change made in taxation of legal se......

The Office of the Registrar of Newspapers for India (RNI) is statutory authority for authorizing the publishing of Books, Newspapers and Magazines Registration in India. It is regulated by the Press and Books Registration Act, 1867 (PRC Act, 1867). Some of the responsibilities entrusted with RNI include compliance and maintenance of a Registrar of Newspapers, issue of Certificate of Registration t......

Dear Professional Colleagues,In this Article, All About GST Registration Exemption has been summed up for your ready referral. A trader dealing only in exempted goods or where his aggregate turnover is below Rs 20 lakh in the financial year, but not engaged in inter-state supplies, is not required to register under GST. As per Section 2(6) - “aggregate turnover” means the aggre......

It is always a feel good factor when you get appreciated for your creative thoughts and constant motivation from people around you to just keep creating such thoughts. Heartfelt thanks to all for liking and finding the second article very helpful. This article is independent of the other two articles but the topic dealt with is related to NCLT. This part focuses on Section 55(3) which is issu......

In our earlier Article, we had discussed over GST and its History in India. If you have missed reading it, kindly click here.In this Article, we have compiled the GST Benefits and its important components i.e; CGST/SGST/IGSTGST Benefits for Individuals: Elimination of Multiple Taxes The biggest benefit of GST is an elimination of multiple indirect taxes. All taxes that currently exist will not be ......

What is GST?The GST is a Value added Tax (VAT) proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by the Indian Central and state governments. Goods and services tax (GST) will subsume various indirect taxes including central excise d......

During recent times “Corporate Governance has gained attention globally. The reason behind focus is due to increase in corporate frauds and scams which leads to corporate failures. So to save the corporate sector from failures there need a mechanism termed as “Corporate Governance “.   In India,various initiatives have been taken in the past by:- The Ministry Of Corporate ......

The MCA notified the Companies (Appointment and Qualification of Directors) Amendment Rules, 2017[1] (‘Amendment Rules, 2017’) w.e.f July 5, 2017 exempting certain unlisted public companies from the requirement of appointing independent directors. Additionally, MCA has amended Form DIR-5 in relation to cancellation or surrender or deactivation of DIN. Amendment in line with recommendat......

Introduction: GST which stands for Goods and Services Tax is now a very familiar term among the common people of India these days. It has become such a subject which is commonly debated and discussed among all the fraternities in India. The impact of this act is on every person irrespective their income. This act is regarded as the largest reform in India. The slogan of GST is ......

SEBI vide circular  dated June 30, 2017[1] has put a limit on the maximum no. of ISINs that shall be allowed to the Company in any financial year in respect of private placement of debt securities. There are certain classes of companies exempted from adhering to the limit. The provisions of this circular shall be applicable for the debt securities issued in the Financial Year  2017-18 i.......

In general, Director means a person who is in charge of an activity, department or entity. With regards to social norms, we can say that father of the children or bread winner of family is Director of the family. As per section 2(34) of the Companies Act, 2013 (hereinafter referred to as Act) Director means a director appointed to the Board of a company. Director appointed to the Board is an offic......

In the recent years, the Real Estate Sector has shown a phenomenal growth in Indian Economy. Real Estate (Regulation and Development) Act, 2016 has been deliberated for number of years and finally became effective from May 1, 2017. Like any other Sectors, GST which is all set to be implemented on July 1, 2017 has also an impact on Real Estate sector. The real estate sector is estimated to ac......

In recent years, e-commerce business has shown a remarkable progress in the Indian Economy. It seems like it has become the need of the nation in a short span of time to learn the impact of GST for all traders registered online on their on portal or those who have registered themselves on websites like Amazon, Flipkart, Snapdeal, Shopclues etc. This is because E- commerce operators also come under......

The speed with which the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “Code”) was enacted; the Financial Resolution and Deposit Insurance (FRDI) Bill, 2016 (hereinafter referred to as “FRDI Bill”) will soon see the light of day[1]. Both the Code and FRDI Bill is expected to provide a comprehensive resolution mechanism for our economy. In our earlier writ......

Deposits have always been strictly regulated by all the lawmakers, be it MCA, RBI or SEBI. Chapter V of Companies Act, 2013 (‘Act, 2013’) read with Companies (Acceptance of Deposits) Rules, 2014 [‘Deposit Rules’] provides the framework for lawful acceptance of deposits by companies. The framework provides the list of amounts which do not fall within the meaning of deposits,......

As per Section 22 of the CGST/SGST Act 2017, every supplier (including his agent) who makes a taxable supply i.e. supply of goods and / or services which are leviable to tax under GST law, and his aggregate turn over in a financial year exceeds the threshold limit of twenty lakh rupees shall be liable to register himself in the State or the Union territory of Delhi or Puducherry from where he ma......

Section 2(34) Director Bare Act- “Director” means a director appointed to the Board of a company. Analysis Directors are the representatives of the shareholders to run the business of the company as it is an artificial person which is incapable of acting on its own. As the word “appointed” has been used for the directors, that means they should be expressly appointed ......

The following Act of Parliament received the assent of the President on the 12th April, 2017.  An Act to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the Central Government and for matters connected therewith or incidental thereto. It extends to whole of India except the state of Jammu & Kashmir. (Article 370 of the Constitution of ......

Many people dream of doing own business and see it as a way to control their own destiny. Starting a business is an exciting venture that offers many benefits. You can participate in every step of the decision-making process, or you can hire competent people to make decisions in the best interest of the company. Nidhi Companies in India were created for refine the habit of small savings targeted a......

The Google Tax was brought in by the honourable Finance Minister of India, Arun Jaitley in the Union Budget 2016. However, it is known as Google Tax around the world, yet in India it is known as the “EQUALIZATION LEVY”. WHAT IS THIS GOOGLE TAX (EQUALIZATION LEVY)? As per the Union Budget 2016, the budget states that any individual or entity who use Non-Resident technology services s......

The Government of India has taken remarkable steps whether be it rolling out of GST (ONE NATION ONE TAX) or introduction of SPICE form  for incorporation of Companies in shorter period of time hassle free, This sentiment reflects the mood of Government of India in making "INDIA business Hub" and Generating Employment. Private Companies are one of the most popular forms OR ways of doing busine......

India being an Independent nation is only a stage behind from receiving this assessment structure and that is probably going to happen most recent by June, 2017 so in the wake of embracing this GST (Goods and Service Tax) it turns into the greatest expense change in India. It makes one National Tax supplant a huge number of complex ones that contrast from state to state. What does Composition Lev......

Quarterly / Half Yearly / Annual Compliances under SEBI Listing Regulations 2015 (LODR) 1 Regulation 7 (3) – Compliance Certificate certifying maintaining physical & electronic transfer facility Within one month of end of each half of the financial year.     The listed entity shall submit a compliance certificate to the exchange, duly signed by both that is by ......

Section 245 brought in force from June 1, 2016 vide Ministry of Corporate Affairs notification number S.O. 1934(E). Class Action Suit became reality for Indian investor(s)/depositor(s) under new Companies Act, 2013 which is also known as Representative Suit. This kind of lawsuit is very popular in countries like USA, UK, Singapore, Canada, Austria and other European countries. Class Action Suit ga......

MEANING OF NBFC Meaning of NBFC Section 451 (f) of RBI act, 1934 “Non?banking financial company” means – a “Financial Institution” which is a company; a Non?Banking Institution which is a company and which has as its Principal Business the receiving of deposits, deposits, under any scheme or arrangement arrangement or in any other manner, or lending in any manner; su......

Section 184 of the companies act about Disclosure of interest by Director 184(1) Every director shall at the first Board Meeting of the Board in which he participates as a director and thereafter at the first  Meeting of the Board in every Financial Year or whenever there is any change in the disclosure already made, then at the first Board Meeting held after such change, disclose his concer......

Dear Professional Colleagues,The government has introduced new section 139AA which makes it mandatory to quote Aadhaar number at the time of filing of Income Tax Returns and also for applying fresh PAN card with effective from 1 July 2017.   We must be wondering as to why Aadhaar Number has been made Mandatory for filing Income Tax Returns and applying Fresh PAN Card.&nbs......

Applicability: This section is applicable to all companies. Section 5(1) and (2): Contents in Articles of Association Overview: The articles of association are drawn for internal administration of the Company. The articles of the company, besides containing the regulations of the company shall also include such additional matters as may be necessary for its management. Under Companies Act, 19......

Related Party Transaction is a transaction in which the Company shall enter into contract or arrangement with Related Party, subject to Board's Approval or Shareholder's Approval as the case may be. 188(1) Except with consent of the Board of directors given by resolution at a meeting of the Board and subject to such conditions as may be prescribed, no company shall enter into any contract or arran......

NCLT Mumbai – Removal of Director By Majority After Due-Compliance With Requisite Procedure Not Oppressive NCLT dismisses cross petitions, dismisses the first petition wherein the Petitioners alleged siphoning of funds, misappropriation of immovable property, use of company premises for personal gains of the Respondent and removal of Petitioner without due notice as baseless. Note that remov......

Corporate Governance is the system by which the corporate shall be managed more transparently and efficiently. Corporate governance is about promoting corporate fairness, accountability and should be best interest of stakeholders. Corporate Governance is the plans, policies and procedures framed by management to achieve its objective and prevent the frauds. It will help to strengthen the existing ......

Introduction: As the focus of the topic is alteration of the articles, let’s first understand what exactly the word 'alteration' means as per Companies Act, 2013. The word alteration is used in the act to mean any addition, omission, and substitution in the article. The word substitution cannot be interpreted as adopting another format of the article and substituting......

There is no particular definition in the Companies Act, 2013 providing specific definition for Articles of Association (‘Articles’). While in case of Naresh Chandra Sanyal vs Calcutta Stock Exchange Association Limited (1971), the Supreme Court of India stated that subject to the provisions of the Companies Act, a Company and its Members are bound by the provisions of company’s A......

HISTORY & DEFINITION: A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence. This is an important difference from the ......

Hello Friends, in this Article we are discussing the below bullet points about Company Secretary: Background of Company Secretary course How to join a Company Secretary course Work of Company Secretary Responsibilities of Company Secretary Scope of Company Secretary MOU with other organization of ICSI Being a member or a student of ICSI (company secretary course it a......

A Non-profit organization can be registered as a Company under Section 8 of the Companies Act, 2013 corresponding to Section 25 of the Companies Act, 1956. Section 8 company can be incorporated for promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object, provided it intends to apply its profits, if any,......

Meaning of word “NIDHI”   The word Nidhi contains a meaning itself “wealth“. So under Companies Act, 2013 or in 1956 the companies which are incorporated as a Nidhi company shall carry the business of lending and depositing the amount from and to their members Definition under Companies Act, 2013 Nidhi Company defined in Companies Act, 2013 under section 406. In t......

Managing your own practice (business) is a gratifying and fulfilling experience, especially if you’ve worked many years to make that dream a reality. In today’s competitive and rapidly changing economy, business environment and regulatory framework, managing the practice may be the single most important skill for every practicing professionals whether he is a Company Secretary, Charter......

Corporate Social Responsibility is not a new concept in India, however, the Ministry of  Corporate Affairs, Government of India has notified the Section 135 of the  Companies Act, 2013 along with Companies (Corporate Social Responsibility Policy) Rules,  2014 "hereinafter CSR Rules" and other notifications related thereto which makes it  mandatory (with effect from 1st April, 2......

History of India’s Demonetizes Currency The Indian rupee (INR) is the official currency of the Republic of India. The rupee is subdivided into 100 paisa (singular paisa), though as of 2011 only 50 paisa coins are tender. The issuance of the currency is controlled by the India. The Reserve Bank manages currency in India and derives its role in......

Dear Professional Colleague,In this Article, let us explore and understand SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015. Well; SEBI (LODR) Regulation, 2015 is applicable on all the listed entities as per below given applicability with effect from December 1, 2015. “Unless otherwise provided, these regulations shall apply to the listed entity who has listed any of t......

Dear Professional Colleague,In this Article, Let us know the Real Estate Act, 2016 The Real Estate (Regulation and Development) Act, 2016 The Real Estate (Regulation and Development) Act, 2016 (“Act”) received the assent of the President on the 25th March, 2016. It extends to the whole of India except the State of Jammu and Kashmir. It come into force from 1st May, 2016 with 69 of 92 s......

Dear Professional Colleague, I am Vikas Gupta, An Associate Member of The Institute of Company Secretaries of India. In this Article, I have tried to compile and brief about Producer Company. Well; According to Sec. 581C (1) of the Companies Act 1956, Producer Company is a company where there are ten or more individual, or each of them is a producer in any two or more producer institutions. It can......

INTRODUCTION The company must have Board of Directors for the smooth functioning of its affairs. It is the directors under whose supervision, the management team, run the business affairs of the company. A Director may act as Executive or non-executive director of the company. As per Companies Act, 2013 (Act), a company shall have minimum number of three directors in the case of a public compan......

Role check for Indian companies to be implemented at http://www.mca.gov.in/Role check can be performed only after the signatories have registered their Digital signature certificates (DSC) with MCA. Once the role check is implemented, system shall verify whether the signature on the eform filed, is of signatory of the company.Step by step Process for DSC registration by DirectorStep by step Proces......