Happy Diwali to All....🎉🙏
Quick Reference to " Few Technical Aspects w.r.t. Proxy under Companies Act " :-
1. According to Rule 19 (2) of Companies ( Management and Administration ) Rules, 2014, :-
The Person shall not Act as a Prxoy on behalf of members more than 50 and holding in total of upto 10% of the total share capital of the Company carrying Voting Rights.
2. A Member Holding more than 10% of total share capital of the Company carrying Voting Rights may apooint a Single Person as a Prxoy and that person Shall not Act as Proxy for another Person.
3. If the member himself attends the meeting, then it will amount " Automatic Revocation of Proxy ".
4. A Shareholder Can revoke the Appointment of Proxy before voting by Proxy.
5. The Officer of the Company and the Company shall not issue any Invitation to members for appointment Proxy. It's Known by Canvassing for appointment for Proxy. ( Sec 105 (5) ).
6. A Proxy cannot appoint a Proxy.
7. AOA of the Company can decrease the time period but cannot Increase the Time period for depositing Proxy form with the Company ( 48 Hours Criteria ).
8. The Proxy appointed by the Member of the Company should also be the member in case of Section 8 Company.
9. The relationship between Shareholders & his Proxy is that of Principal and Agent . ( Case study:- Narayana Chettiar V/S Kaleeshwas Mills ).
10. An Artificial Person cannot be appointed as Proxy. The should be only Individual as a Proxy.
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Govt Notifies Enhanced Threshold Limit for Composition Scheme [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-enhanced-threshold-limit-composition-scheme/12211/
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Govt issues Concept Note on Education Services under GST [Read Concept Note]
Read more at: http://www.taxscan.in/govt-issues-concept-note-education-services-gst/12218/
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Concept Note on Refund of Integrated Tax Paid on Account of Zero rated supplies Released
Read more at: http://www.taxscan.in/concept-note-refund-integrated-tax-paid-account-zero-rated-supplies-released/12230/
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Steel Bars of ‘Austenitic variety’ to be considered different from ‘Bright steel bars’ while filing drawback claim: Bombay HC [Read Judgment]
Read more at: http://www.taxscan.in/steel-bars-austenitic-variety-considered-different-bright-steel-bars-filing-drawback-claim-bombay-hc-read-judgment/12236/
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👉🏻GST penalty imposed before deadline.*
(The deadline for filing GST returns for September transactions is October 20. However, when returns were uploaded on the website, it erroneously issued penalties for late filing starts on Saturday — six days before the deadline. This is only because of return submission and return filed. )
👇🏻 👇🏻 👇🏻
https://goo.gl/LD2yRY
*👉🏻SEBI sets norm for physical settlement in commodity derivative.*
(Markets regulator SEBI asked exchanges to prefer physical settlement system for commodity derivatives contracts, a move that is expected to help hedgers manage risk better as well as curb excessive manipulation.)
👇🏻 👇🏻 👇🏻
https://goo.gl/q1r8R4
*👉🏻PNB Invites Applications For Empanelment Of Insolvency Resolution Professionals.*
(PUNJAB NATIONAL BANK invites applications for empanelment of Insolvency Resolution Professionals for the period 2017-2018. No application will be entertained for the current empanelment process, after 03.11.2017.)
👇🏻 👇🏻 👇🏻
https://goo.gl/RKY48F
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CBEC has notified the Central Goods and Services Tax (Ninth Amendment) Rules, 2017 which shall come into force on the date of their publication in the Official Gazette.
CBEC to test online processsing of trade documents. the revenue department has decided to launch shortly paperless processing of document sat Chennai and New Delhi on pilot basis.
Govt. Had not issued notification for waiver off Late filing fees for the month of August for 3B so file GSTR 3B with late fees if later waived off then your cash credit ledger will credited by that amount.
Change Bank account in Customs or GST to ensure both are same. Initially, Exporters to get refund even if different. Ensure validity by PFMS.
Persons providing any exempted service such as extending deposits on which interest is received will now be eligible for the Composition Scheme. Composition Scheme can be opted till 31st March, 2018.
MCA has notified the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2017 which shall come into force from 13th October, 2017.
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# *GST*: Items in 28% GST rate slab may be pruned by GST Council - Revenue Secretary Hasmukh Adhia
# *GST Council* may consider for bringing the real-estate sector under the GST net.
# *IT*: Amount which was credited in books of accounts of the assessee in the preceding year cannot be treated as unexplained cash credit u/s 68 in the relevant assessment year – ITO, Samba Vs Choudhary Construction Co. & Vice-Versa (2017 (10) TMI 675 - ITAT Amritsar).
# *ST*: The imposition of penalty u/s 78 cannot be set aside on the ground of the appellant having deposited the entire service tax and interest prior to the issuance of the show-cause notice – Tranquil Security Solutions Vs CST (2017 (10) TMI 661 - CESTAT Chennai).
# *DGFT* has made Amendments in Para 5.25 (Re-Export / Repair / Replacement of Capital Goods Imported under EPCG Scheme).
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📺 *Updates*
➡1. Ind AS: FAQs on Disclosures in Ind AS Financial Statements
https://accountsandaudit.taxmann.com/fileopennew.aspx?id=222330000000013212&mode=home&page=
➡2. No need to deposit in Capital Gain's Scheme if house is purchased within time limit of sec. 54F: ITAT
Sunayana Devi v. Income-tax Officer, Ward- 2 (4), Siliguri
➡3. No sec. 194J TDS on reimbursement of expenses to HRTC for carrying out development work on behalf of assessee.
Principal Commissioner of Income-tax v. H.P. Bus Stand Management & Development Authority.
🙏�Thank you🙏�
Have a nice day
