₹2000 Denomination Banknotes – Withdrawal from Circulation; Will continue as Legal Tender (FAQs, LATEST PRESS RELEASE)
FAQs : ₹2000 Denomination Banknotes – Withdrawal from Circulation; Will continue as Legal Tender1. Why are ₹2000 denomination banknotes being withdrawn? The ₹2000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act, 1934 primarily with the objective to meet the currency requirement of the economy in an expeditious manner after withdrawal…
CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to notify Excluded Entities
In the Finance Act, 2023, an amendment has been introduced to bring the consideration received from non-residents for issue of shares within the ambit of section 56(2)(viib) of the Income-tax Act, 1961(the Act), which provides that if such consideration for issue of shares exceeds the Fair Market Value(FMV) of the shares, it shall be chargeable…
Release of Direct Tax Statistics
The Central Board of Direct Taxes (CBDT) has been releasing key statistics relating to Direct Tax collections and administration in public domain from time to time. In continuation of its efforts to place more and more information in public domain, the CBDT has further released Time-Series data as updated upto F.Y. 2021-22. The key highlights…
Under PMLA, Rs. 936 crore related to crypto currency is attached/seized/freezed by ED as on 31.01.2023
Crypto Assets are borderless, require international collaboration to prevent regulatory arbitrageUnder PMLA, Rs. 936 crore related to crypto currency is attached/seized/freezed by ED as on 31.01.2023Posted Date:- Feb 06, 2023 Crypto Assets are by definition borderless and require international collaboration to prevent regulatory arbitrage. This was stated by the Union Minister of State for Finance,…
ED seized ₹859.15 crore under PMLA and Rs 189.28 crore under FEMA Act (Press release 07th Feb 2023)
The Reserve Bank of India (RBI) has furnished the list of Digital Lending Apps (DLAs) being used by Regulated Entities (REs) of RBI to the Ministry of Electronics & Information Technology (MeitY), which in turn, has shared the list with respective intermediary (App Stores) and requested them to ensure that only the apps figuring in…
Government proposes quick settlement of contractual disputes to promote ease of doing business as announced in Union Budget 2023-24 (Press release 08 Feb 2023)
Government proposes quick settlement of contractual disputes to promote ease of doing business as announced in Union Budget 2023-24Circulates scheme for graded settlement terms for stakeholder consultationPosted Date:- Feb 08, 2023 The Ministry of Finance today circulated a draft scheme for consultation with stakeholders. The scheme is aimed at bringing quick finality to certain contractual…
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…
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