THE DOCTRINE OF ULTRA-VIRES IS LIKELY TO LOSE ITS SANCTITY AFTER COMING INTO FORCE OF COMPANIES AMENDMENT BILL, 2016?

Whats up

Posted on August 26th, 2016 by Snehal Kamdar

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Prize money paid to service provider for good performance isn’t liable to service tax

Posted on July 20th, 2016 by Snehal Kamdar

Prize money paid to service provider for good performance isn’t liable to service tax Facts: a. Assessee was a registered service provider under the category of ‘site formation and clearance and excavation services’. It was discharging its service tax liability on basis of bills raised and amount paid by the service recipient. b. One service […]

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RBI decides to simplify and rationalise the process of registration of new NBFCs

Posted on June 21st, 2016 by Snehal Kamdar

Date : Jun 17, 2016 RBI decides to simplify and rationalise the process of registration of new NBFCs In order to make the process of registration of new NBFCs smoother and hassle free, theapplication form for registration of new NBFCs and the checklist of documents to be submitted have been revised. The number of documents to be submitted by […]

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15 things you should know about Model GST Law

Posted on June 15th, 2016 by Snehal Kamdar

On June 14, 2016 the Finance Ministry has released the ‘Model GST Law’. It outlines the structure of the GST regime. Further, the draft of ‘Integrated GST Bill, 2016’ is also released along with such Model GST laws. It also provides the framework for levy and collection of CGST and SGST. “CGST” is the tax […]

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*Ten Features that distinguish the NCLT from CLB*

Posted on June 13th, 2016 by Snehal Kamdar

The constitution of these Tribunals marks the dissolution of the Company Law Board (CLB). Fourteen years after its introduction in the Companies (Second Amendment) Act, 2002, and after several rounds of litigation, the Government has finally constituted these tribunals. The primary objective of these tribunals is to provide simpler, speedier and more accessible dispute resolution […]

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Transaction charges paid to Stock Exchange don’t attract sec. 194J TDS

Posted on June 13th, 2016 by Snehal Kamdar

Facts: a) The assessee debited certain amount on account of transaction charges paid to the Stock Exchange. The Assessing Officer disallowed such charges on the ground that the assessee had not deducted tax at source while making the payment of transaction charges. b) The Commissioner (Appeals) held that the transaction charges were paid to the […]

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Cabinet Approves India’s First National IPR Policy

Posted on June 12th, 2016 by Snehal Kamdar

On 13 May 2016, the Union Cabinet approved India’s first Intellectual Property Rights (IPR) policy for awareness, creation, commercialization, protection and enforcement of Intellectual Property (IP) in India. As our readers may recall, the Indian Patent Office (IPO) had previously published a draft IPR policy on 9 January 2015 for comments from the stakeholders and […]

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The Insolvency And Bankruptcy Code, 2016 – Key Highlights

Posted on June 12th, 2016 by Snehal Kamdar

The Insolvency and Bankruptcy Code passed by the Parliament is a welcome overhaul of the existing framework dealing with insolvency of corporates, individuals, partnerships and other entities. It paves the way for much needed reforms while focussing on creditor driven insolvency resolution. BACKGROUND At present, there are multiple overlapping laws and adjudicating forums dealing with […]

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Krishi Kalyan Cess-Hidden misery

Posted on June 10th, 2016 by Snehal Kamdar

Krishi Kalyan Cess (KKC) at the rate of 0.5% is being imposed on all taxable services with effect from 01.06.2016 on all taxable services provided or agreed to be provided by the service provider. The revenue collected from this Cess will be utilised by the government for improving agricultural sector and for taking initiatives to […]

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THE DOCTRINE OF ULTRA-VIRES IS LIKELY TO LOSE ITS SANCTITY AFTER COMING INTO FORCE OF COMPANIES AMENDMENT BILL, 2016?

Posted on June 8th, 2016 by Snehal Kamdar

DOCTRINE OF ULTRA-VIRES The word ‘ultra’ means beyond and the word ‘vires’ means powers. In the case of a company whatever is not stated in the memorandum as the objects or powers is prohibited by the doctrine of ultra vires. As a result, an act which is ultra vires is void, and does not bind […]

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