Introduction According to Regulation 55A (1) of SEBI (Depositories and Participants) Regulations, 1996, every issuer company who has issued its any security whether shares, debentures etc. on a recognized stock exchange is mandatorily requires to submit the concerned Stock Exchanges where the issu...
CORPORATE Compliance CALENDAR
For the month of September, 2019
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About Arti...
DIR-3 KYC: Mandatory Compliance for DIN Holders
(An Analysis Of MCA Circulars, Notification, Laws And Regulation, E-Forms Etc.)
Attention:
MCA (Ministry of Corporate Affairs) has recently issued Companies (Appointment and Qualification of Directors) Third Amendment Rules,...
Disadvantage/Problems of Not Filing ITR with in Due Date
WHAT HAPPENED IF ITR (INCOME TAX RETURN) NOT FILED ON OR BEFORE DUE DATE Due date extended from 31.07.2019 to 31.08.2019
ITR Filing
After the end of a financial year, earning individual and entities need to calculate total...
Key Highlights on DPT-3 Form (including ICSI Webinar key points)
As per the recent amendments made under the Companies Act, 2013 and read with the various notification issued by the Ministry of Corporate Affairs of India‐
The companies are required to make disclosures of Deposits&n...
Annual Return on Foreign Liabilities and Assets (FLA Return)
- An Analysis (Key Points, FAQ’s and Important Definitions)
1. Compliance Particular: Annual Return on Foreign Liabilities and Assets (FLA Return)
2.Requirement: FLA Return is required to be submitted mandatoril...
Maternity Benefits to the Women Employees
Government is working on an incentive Scheme of reimbursement of 07 weeks wages for entities that provide 26 weeks maternity benefits
to their woman employees as provided for in the Maternity Benefit (Amendment) Act, 2017. To enable an entity to av...
Compliance overview for Private Limited Companies
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 Per...
Payment of Gratuity to employees under the Working Journalists (Conditions of Service) and Miscellaneous Provisions Act, 1955
A. Applicability
The Working Journalists (Conditions of Service) and Miscellaneous Provisions Act, 1955 lays downs an elaborate scheme applicable to Working J...
Important Question on NFRA -1 Applicability
What is the reason that NFRA is not applicable to the Company as defined under Section 2(20) of the Companies Act, 2013 ?
Interpretation only
In E-form NFRA-1, details of Auditors is required to be filed. As under Companies Act, ...
Hello to all professional colleges!! It is easy to advise the client about the conventional form of business concerns, but what made us different from other players in the market is that at what extent we can advise them novation, benefits/ exemptions from various governing laws, extent of co...
Key Higlights of Budget - Direct Taxes
Increased turnover threshold for claiming 25 percent tax rate
The current lower tax rate of 25 percent is applicable only to companies whose annual turnover is up to Rs. 250 cr. This annual turnover threshold is proposed to be in...
Clarification regarding Annual Returns and Reconciliation Statement
The Government of India has been receiving a number of representations regarding Annual Return (FORM GSTR-9 / FORM GSTR-9A) and Reconciliation Statement (FORM GSTR-9C). In this regard the following clarifications are issued for inf...
Arjuna (Fictional Character): Krishna, When is GST Audit applicable?
Krishna(Fictional Character): Arjuna, GST Audit for FY 2017-18 is applicable to every registered person whose aggregate turnover during a financial year exceeds Rs. 2 Crores. The copy of audited annual accounts and a reconciliat...
GST AUDIT CHECKLIST
To help in conducting GST audit and in order to facilitate a clause by clause analysis of Form GSTR-9C by members and other stakeholder, GST & Indirect Taxes Committee of ICAI has brought out the Technical Guide on GST Audit. Since GST Audit is the last activity to be done ...
The Finance Act, 2018 has withdrawn the exemption under section 10(38) of the Income-tax Act, 1961 and has introduced a new section 112A in order to levy long term capital gain tax on the transfer of a long term capital asset being an equity share in a company or a unit of an equity oriented funds o...
Civil Appeal No.3747 of 2019 titled Hari Sankaran vs. Union of India & Others filed by Ex-Director of Infrastructure Leasing & Financial Services Limited before the Apex Court has been dismissed by the Hon’ble Court.
...
Central Board of Indirect Tax & Customs has made certain changes with regard to Prosecution of Foreign Nationals for the offences covered under the Customs Act, 1962 involving Foreign Currency vide Circular No.12/2019-Customs dated 24th May, 2019. The aforesaid changes is attributed to inc...
Sr. No.
Issue addressed
Details
1
Auto-Population of Form GSTR-9 from GSTR-2A
Terminology:-
GSTR-2A:_Details of auto drafted supplies
GSTR-9: Annual Return
Clarification:-
Information contained in GSTR-2A(table 3 & 5) as on 01.05...
Solution to GSTR 9 Queries (GST Annual Return)
v Annual Return Form?
Form GSTR 9
v Filing by whom?
Every Registered Person
v Turnover Criteria for GSTR 9?
To be filed irrespective of Turnover in FY 2017-18
v Form to be filed PAN or GSTN ...
Meaning under GST ACT
‘Search’ involves an attempt to find something. Search, in tax/legal parlance, is an action of a government official (a tax officer or a police officer, depending on the case) to go and look through or examine carefully a place, person, object etc. in order...
GOODS TRANSPORT AGENCY IN GST
A) Definition
As per Notification-12/2017, Clause no-ze, Dt-28.06.17 (Central Tax Rate) a GTA is any person who provides service in relation to transportation of goods by road and issues a consignment note by whatever name called. Thus, it can be seen that i...
Introduction: - The Ministry of Corporate Affairs through notification dated 21st February 2019 has introduced the Companies (Incorporation) Amendment Rules, 2019. Under the new rules, all companies registered on or before 31st December 2017 are required to file form ACTIVE (Active ...
1. Whether UDIN is mandatory for Statutory Bank Audit?
For Statutory Bank Audit, UDIN is not mandatory. However, for all Certificates to be signed while conducting Bank Audit, generation of UDIN is mandatory as UDIN is already mandatory on all Certification w.e.f 1st Feb 2019.
2. W...
Infrastructure for public services—such as roads, bridges, hospitals, airports, water distribution facilities, energy supply etc.—constructed, operated and maintained by the public sector and financed through public budget appropriation.
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Scope: arrangement involves a private sec...
Many of you may have been allotted bank branch audits. I congratulate them heartily. Today, I am sharing with you few things to keep in mind while going for bank branch audit this time. It will be very much relevant for the members performing statutory audits:
1. In view of RBI circulars da...
GST Impact Transfer of Business conversion of Pvt Ltd to LLP Company Act, 2013 or LLP Act, 2008 allows companies or LLP or Partnership Firms to change their constitution or convert them i.e. from Private limited to LLP or any other combination. In such a situation, it’s very impo...
Before understanding the Norms for Agriculture Advance first should know about the Which type of Loans cover under Agriculture Advances:
Types of Agricultural Loans in India One can avail a loan for the following activities related to agriculture:
Running day to day operations
Bu...
CORPORATE Compliance CALENDAR
For the m/o March, 2019
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About Article :
This art...
Article on “KYC of Companies” introduced on 21st February, 2019
The Ministry of Corporate Affairs (MCA) has introduced Companies (Incorporation) Amendment Rules, 2019 vide its Notif...
