Procedure for altering Articles of Association : Legal provisions, Procedure, Draft resolution
What is Articles of Association? As per Section 2(5) of the Companies Act, 2013 “articles” means the articles of association of a company as originally framed or as altered from time to time or applied in pursuance of any previous company law or of this Act; By-laws or rules and regulations which govern the management of its internal affairs and the…
Ministry of Corporate Affairs is launching Second set of Company Forms covering 56 forms in two different lots on MCA21 V3 portal
In our continuous endeavour to serve you better, the Ministry of Corporate Affairs is launching Second set of Company Forms covering 56 forms in two different lots on MCA21 V3 portal. 10 out of 56 forms will be launched on 09th January 2023 at 12:00 AM and the remaining 46 forms on 23rd January 2023.…
48th GST Council Meeting recommendation (17th Dec 2022)
GST Council recommends to decriminalise certain offences u/s 132, increase in threshold of amount of tax for prosecution and reduction in amount of compounding in GST. The 48th GST Council met under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman via virtual mode in New Delhi today. The meeting was…
What is private Limited Company?
“Private Company” means a company having a minimum paid-up share capital as may be prescribed, and which by its articles:– (i) restricts the right to transfer its shares; (ii) except in case of One Person Company, limits the number of its members to two hundred: Provided that where two or more persons hold one or…
Non deduction of TDS of Transporter II Prescribed Format of Declaration u/s 194(C)(6)
194C: Payments to contractors. 194C. (1) Any person responsible for paying any sum to any resident (hereafter in this section referred to as the contractor) for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract between the contractor and a specified person shall, at the time of…
Guidelines for consideration of proposals for acceptance of foreign hospitality under the Foreign Contribution (Regulation) Act, 2010 (MHA dated 21 Nov 2022)
The Foreign Contribution (Regulation) Act, 2010 (FCRA, 2010) and the Foreign Contribution (Regulation) Rules, 2011 (FCRR, 2011) came into force with effect from 01.05.2011. The provisions under the Act/Rules relating to ‘foreign hospitality’ and guidelines to be followed for consideration of proposals for acceptance of the same was circulated vide O.M. No. 11/21022/58(97)/2011 -FCRA-1 dated…
Search and seizure action by Income Tax Department in Bihar (Press release 22 Nov 2022)
Income Tax Department initiated a Search & Seizure action on few groups engaged in the business of gold & diamond jewellery and real estate, on 17.11.2022. The searches were carried out at more than 30 premises spread over Patna, Bhagalpur, Dehri-on-Sone, Lucknow and Delhi.During the course of the search, large number of incriminating documents and…
AUDIT QUALITY INSPECTION GUIDELINES (Press release 11 Nov 2022)
Audit quality inspections will provide an opportunity for feedback and course correction to the audit firms and at the same time foster a greater mutual understanding of the policies and procedures that underlie audit quality management. The inspections are intended to bring about systemic improvements in overall financial reporting framework in the country. Refer guidelines
India’s First Sovereign Green Bonds Framework(Press Release 09 Nov 2022)
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman approves the final Sovereign Green Bonds framework of India. This approval will further strengthen India’s commitment towards its Nationally Determined Contribution (NDCs) targets, adopted under the Paris Agreement, and help in attracting global and domestic investments in eligible green projects. The proceeds generated from issuance…
Common Income Tax Return Form (Press Release dated 01 Nov 2022)
At present, taxpayers are required to furnish their Income-tax Returns in ITR-1 to ITR-7 depending upon the type of person and nature of income. The current ITRs are in the form of designated forms wherein the taxpayer is mandatorily required to go through all the schedules, irrespective of the fact whether that particular schedule is…
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