CORPORATE LAW UPDATE FOR THE MONTH : MCA MCA has notified the New Form AOC – 4 (XBRL) which shall be available for filing w.e.f today, 1st October, 2015. All Companies which are falling under the critiria as prescribed by the MCA are required to file the financials in the XBRL mode only. The recently …
CLARIFICATION REGARDING BINDING NATURE OF CIRCULAR AND INSTRUCTIONS Recently, CBEC issued Circular No. 1006/13/2015-CX dated 21st September,2015 vide F.No.96/90/2015-CX.1 to clarify issues related to binding nature of circular and instructions which are contrary to the judgment(s) delivered by Honble Supreme Court. Circular draws attention towards judgment of Hon’ble Supreme Court in case of M/s Ratan …
NEW RELIEF FOR DEVELOPERS IN HARYANA AS RULE 49A Earlier, on 12th August 2014 the Haryana State Government, issued a notification No. S.O. 89/H.A.6/2003/S.60/ 2014, for introducing composition scheme specifically for the builders engaged in the construction activities and inserted Rule 49A for the lump sum payment of VAT by the builders. Although, prior to …
NO TERMED AS SERVICE OF NOTICE – POSITION WHEN DISPATCHING NOTICE AT INCORRECT ADDRESS Recently in case of Ventrapathi Financial Services v. Superintendent of Central Excise (2015), honorable Andhra Pradesh high court held that dispatching of notice at incorrect address could not be deemed as service of notice and accordingly entire proceedings are liable to be set …
CORPORATE UPDATE FOR THE MONTH: Wal-Mart’s India sales go south by 32% in 2014 Sep 28, 2015 The Indian unit of Wal-Mart Stores Inc, the world’s largest retailer, posted its first ever sales decline after parting ways with key client Bharti Retail and halting store expansion amid an ongoing internal probe into alleged corrupt …
LOB CLAUSE BETWEEN INDIA-SINGAPORE IS NOT APPLICABLE IN CASE OF PAYMENT IS MADE TO A BANK ACCOUNT IN THIRD COUNTRY LOB CLAUSE BETWEEN INDIA-SINGAPORE IS NOT APPLICABLE IN CASE OF PAYMENT IS MADE TO A BANK ACCOUNT IN THIRD COUNTRY IF THE SAID INCOME WAS TAXABLE IN SINGAPORE ON ACCRUAL BASIS AND NOT ON REMITTANCE …
RELIEF CANNOT BE GRANTED IF ASSESSE DOES NOT COMPLY WITH PROVISIONS OF VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME VCES, 2013 Recently on 1st September, 2015, Hon’ble Bombay High Court dismissed Writ petition no. 1735 of 2015, seeking availment of benefit of ST- Voluntary Compliance Encouragement Scheme (VCES), 2013, by the petitioner in the matter of Sunil Agnihotri Productions vs. …
Corporate tax Update for the Month : Company Law: Query: Is sitting fees payable to a director who participates in a meeting through video conferencing? Answer: Yes, sitting fee is payable to a director who participates in a meeting through any of two modes viz. in person or through video conferencing or any other audio visual means. …
KEY POINTS ON ANNUAL FILINGS TO ROC – MGT-14 for Approval of Accounts & draft board report a. Pvt Co. – Not Required b. Public Co. – Required New forms AOC-4 (earlier 23AC/23ACA) and MGT-7 (earlier 20B) are introduced for annual filings. Board Report shall include various disclosures as per sec 134 & other section …
POLICIES, PROCEDURE AND LEGAL FRAMEWORK – FOR FOREIGN DIRECT INVESTMENT IN INDIA India is one of the fastest growing economies since last few years and witnessed a large amount of foreign investment in various sector. The government has formulated its Policy aiming towards attracting more and more funds considering the domestic business concerns simultaneously. This article …