Delhi High Court pronounced That a company secretary of a private firm is not mandated to disclose non-filing of balance sheet, profit and loss account and annual return for the previous financial year in his compliance certificate.
SEBI is planning to limit investors’ exposure to shares and equity derivatives in line with their net worth, said three people with knowledge of the development. The move is aimed at preventing individuals from going overboard on equity investments, considered riskier than bonds.
SEBI through its circular has asked Registrars and Share Transfer Agents to comply with enhanced monitoring requirements, through implementation of internal policy framework and periodic reporting on key risk areas, data security measures and governance structures
The Registrar of Companies have issued Public Notice under the provisions of the Section 248(5)of the Companies Act, 2013 and applicable Rule 9 of the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 for for Striking of Name of 24280 Companies.
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Toll Plaza does not include Tahbazari, No TCS: Allahabad HC [Read Judgment]
Read more at: http://www.taxscan.in/toll-plaza-include-tahbazari-tcs-allahabad-hc/27209/
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Depreciation allowable on Non-Competent Fee and Brand Equity: Madras HC* [Read Judgment]
Read more at: http://www.taxscan.in/depreciation-allowable-non-competent-fee-brand-equity-madras-hc/27215/
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💡AAR ruling which will have far reaching implication
Karnataka AAR in the matter of *Columbia Asia Hospital* held that activities performed by the employees at the corporate office in the course of or in relation to employement such as accounting, other administrative and IT system maintenance for th units located in other states as well i.e. distinct person as per section 25(4) of the CGST Act,2017 shall be treated as supply as per Entry 2 to Schedule I of th CGST Act
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GST: Changes made in the GST Act for new returns approved by GST Council
Necessary amendments have been made to incorporate the proposals approved by the GST Council in respect of GST returns, which are as follows:
a) Provisions have been inserted to enable prescribed suppliers to file quarterly returns.
b) New provisions have been introduced to put reasonable restrictions on new taxpayers from availing of the Input Tax Credit in first 6 months from the date of registration.
c) A registered person (buyer) can verify, validate, modify or delete the details of supplies furnished by the suppliers (seller), which has been auto-populated in his return.
d) The Input Tax credit shall not be allowed to the buyer if seller (supplier) doesn't furnish the GST returns for the prescribed no. of months.
e) In case of default in payment of GST, the supplier and recipient of a supply shall be jointly and severally liable to pay tax and ITC availed.
f) Different due dates shall be notified for different class of taxpayer for filing of GST returns. The due dates shall be based on the quantum of turnover of such taxpayers
Case Study: Unutilized Subsidy shown as Current Liabilities is Not An Income As Per Matching Concept - CIT Vs Canon India Private Limited (Delhi High Court)
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Due Dates
15-08-2018- Due date for issue of TDS Certificate (other than salary) for qtr ending June,18
15-08-2018- PF & ESIC Payment for m/o July 2018
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Sachin Tendulkar wins a Tax Case: ITAT allows Vacancy Allowance since He couldn’t find Tenant for Vacant Flat* [Read Order]
Read more at: http://www.taxscan.in/sachin-tendulkar-wins-tax-case-itat-vacancy-allowance-tenant-vacant-flat/27257/
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Salary Paid for Services by Firm to its Branch Offices in Other States attract GST: AAR [Read Order]
Read more at: http://www.taxscan.in/salary-paid-services-firm-branch-offices-states-attract-gst-aar/27253/
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Form DIR3-KYC is likely to be revised on MCA21 Company Forms Download page w.e.f 15th AUG 2018.
Inter-state office services to attract GST
GST to be levied on activities between corporate office and units located in other states being distinct persons.
NCLT approves merger of LLP into company – A new dimension to corporate re-structuring.
Registration of insolvency professional suspended due to contravention of conduct under IBC.
Company secy not required to disclose non-filing of previous year's annual return: Court.
This Independence Day, Delhi Metro has a special message for its commuters.It has started the service of a special train, which is wrapped with the photographs of freedom fighters and other Indian icons, for a period of two months.
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HIGH COURT OF CALCUTTA : In Akshay Jhunjhunwala and Anr. vs. Union of India Through MCA and Ors.*
*_The classification amongst the creditors of a company into financial and operational creditor made in Insolvency and Bankruptcy Code, 2016 (‘Code’) is on reasonable differentia and differentia introduced by the Code in respect of a creditor of a company does not offend any provisions of the Constitution of India._*
*_Read full case law at :_* https://dasgovernance.com/2018/08/15/high-court-of-calcutta-in-akshay-jhunjhunwala-and-anr-vs-union-of-india-through-mca-and-ors/
