FORMAT OF CONSENT FOR SHORTER NOTICE Consent of shareholder for Shorter Notice (Pursuant to Section 101(1) of Companies Act,...
IS IT MANDATORY TO SIGN FINANCIALS BY AUDITORS BEFORE 06.09.2019? There is confusion in mind of professionals and corporate...
MAJOR COMPLIANCES RELATING TO MINUTES: CONTENT OF THE MINUTES: Content of the Minutes are divided into two parts: i....
RBI on Tuesday issued notification stating corporate borrowers can avail of ECB “for repayment of rupee loans availed domestically...
When a law is enacted, the intent with which it gets enacted is made loud and clear by the...
Govt notifies 10% LTCG tax on IPO/FPO gains The levy will be effective fromApril 1 next year The Income...
The Corporate Affairs Ministry has amended the Companies (Accounts) Rules, 2014, governed by the Companies Act, 2013, mandating the...
Dear friends, Every year the return dates come near and the talk for extension starts in our ca faternity....
In Shobhnath v. Prism Industrial Complex Ltd., the NCLT Allahabad (in an order dated 5 July 2018) discussed a very...
The Parliament has recently approved The Negotiable Instrument (Amendment) Act, 2018, pursuant to which, new provisions Section 143(A) and...
Like every other year, every other Due Date, again one Due Date came. we are cribbing for reason best...
As per the latest ICAI notification, ICAI has launched new system to generate a new unique identification Number to...
Key amendments IBC: T= Commencement of the CIRP and appointment of the IRP Regulation 6: The IRP has to...
I am sharing herewith the latest FAQs (effective 1st July, 2018) released by IBBI on the Limited Insolvency Examination...
Integrity and Fairness 1. A valuer shall, in the conduct of his/its business, follow high standards of integrity and...
ROC drive to be launched during the current financial year 2018-19; a total 2,25,910 companies identified for being struck-off....
The IBC Amendment Ordinance 2018 received assent from the President of India on 6th June 2018. Here is an...
President Ram Nath Kovind on Wednesday gave assent to promulgate the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. The...
IBBI Debars a Chartered Accountant from practicing as Insolvency Professional, a tagline used by below mentioned website. http://www.taxscan.in/ibbi-chartered-accountant-insolvency-professional/21639/ I,...
1. Is appointment of IRP/RP, a contractual appointment? No. It appears that appointment of IRP/RP is statutory appointment since...
The Institute of Chartered Accountants of India (ICAI) has formed a new organization to be called as Registered Valuers...
Mind your cash-flow and staff Understand exactly what your finances are telling you. Calculate from time sheet cost time...
Reinvent Your Business You don’t have to be a big, high-tech firm to reinvent your business. In fact, the...
Today we see 5 main avenues to growth. This article will help you choose which are right for your...
Most accounting firms regularly give some thought as to how they might grow whether it’s through adding more clients,...
“Taking steps together” Increase the voting turn out at ICAI Election and get the council members of your choice...
1. What is Hindu Undivided Family The expression “Hindu Undivided Family” has not defined under the Income Tax Act...
India has adopted Indian Accounting Standard (Ind AS) for convergence with International Financial Reporting Standards (IFRS). The consolidated impact...
After Nimo fraud every day in media, a lot is being discussed, posted on auditors. This is the burning...
The Institute of Chartered Accountants of India, ie., ICAI, the apex body of Chartered Accountants has constituted a High...
Orderly Liquidation Value (OLV) and Forced Liquidation Value. Definition – What does Orderly Liquidation Value (OLV) mean? The orderly...
Short summary of the RBI guidelines for simplified restructuring Dt.12 th Feb 2018 . Some 28 odd circulars withdrawn...
The Union Budget 2018 was delivered today by our FM Arun Jaitley with the following Highlights: Foreign direct investment...
Date: 30th January 2018 To, The Principal Chief Commissioner of Income Tax (A/C) Central Revenue Building, No.1 Queen’s Road...
Today let us understand corporate insolvency resolution process (CIRP) with the help of case study of company which went...
The centre has brought in changes in the foreign direct investment (FDI) policy with respect to audit firms, a...
Sea Grean Co Operatove Housing … vs Ito 21(3)(2), Mumbai on 31 March, 2017 IN THE INCOME TAX APPELLATE...
Highlights of the Ordinance to amend to the Insolvency & Bankruptcy Code, 2016 regarding wilful defaulters and entities whose...
Dr. Syed Sabahat Azim (Petitioner) filed a petition u/s 399 of the Companies Act, 1956 wherein principal grievance was...
Computer forensics is to perform crime investigations by using evidence from digital data to find who was the responsible...
Appellate Tribunal cannot grant relief by way of permission to withdraw the application when the order admitting the application...
The Gujarat High Court has passed an interim order prohibiting the NCLT Ahmedabad Bench from passing any adverse order...
CBDT today have revised E-filing Income Tax Return Preparation Utilities for filing of all types of Income Tax Return...
Will your Nominee get the money on your death ? Did you think that your nominee is the...
Part I – Categorization of Questions The questions that have been presented in the model LIE question paper in...
(1st July 2017 to 31st December 2017) Is this examination mandated under any law and for what purpose? Yes....
The legal framework for insolvency resolution in India underwent a structural change when the Insolvency and Bankruptcy Code, 2016...
DISQUALIFICATION OF DIRECTOR Introduction: As MCA has struck off the approx 209,000 Companies from its record because of “Non...
Restriction on number of layers for certain classes of Holding Companies. On and from the date of commencement...
Shri R.M.Desai is retd GM, BOI and ED of IOB. He has been a Director of several companies, including...
Section 164 (2) of Companies Act, 2013 No person who is or has been a director of a company...
A writ petition has been filed in the Madras High Court, by Southern Polypet Private Limited, wherein the petitioner...
The National Company Law Appellate Tribunal (“NCLAT”) has recently ruled that the Limitation Act, 1963 is not applicable to...
In a big blow to Bharat Heavy Engineering Limited (BHEL), the National Company Law Tribunal (NCLT) has asked the...
Registered Valuer is one among the many new concepts introduced by the Companies Act, 2013 to provide for a...
ICAI have issued an advisory dated 30th June 2017 that GST is applicable on Fees from Members for all...
As per the Companies Act (Amendment) Bill, 2017 Under Section- 92 (Filing of Annual Return) Companies shall be required...
The main Entry No: 82 of Exemption List of Services from GST covers the main area of medical sector...
MCA has taken action and dissolved 100,000 Companies due to non-filing of statutory form with ROC. There are many...
The Central Board of Direct Taxes (CBDT) recently notified that property advance of Rs. 20,000 should be disclosed in...
GST will be implemented from 1st July. Many taxpayers have huge stock lying. So what should be done for...
Tax ability: Vide entry no. 5 of the Schedule III of the CGST/SGST Act, sale of building, subject to...
1. As per meeting on 02.06.2017, I understand that the Architect & the Engineer required to certify the percentage...
Procedural Aspects:- 1. Issue Notice of Board Meeting Issue the Notice of Board Meeting as per Section 173...
GST brings a concept of GST Practitioner for those who intend to appear before the GST Authority for any...
RC Cancelled message While migration of GST their registration into the GST common portal the message displayed was :...
Valuation of Supply under GST What happens when you give discounts? Discounts given before or at the time of...
The Central Board of Direct Taxes (CBDT) today notified the amended rules in connection with the new provision mandating...
NCLAT reprimands NCLT, Allahabad (‘Tribunal/’Adjudicating Authority’) for taking mandatory timeframe scheme prescribed under the Insolvency and Bankruptcy Code, 2016...
A brief to do list for GST implementation : 1. Get Complete your working for Closing Stock for the...
INTRODUCTION Section 285BA of the Income Tax requires specified reporting persons to furnish statement of financial transaction. Rule 114E...
Arjuna (Fictional Character): Krishna, from various peculiar provisions of GST the provision of RCM comes. According to this RCM...
Eligibility Criteria Besides, SEBI norms, the stock exchanges have also prescribed eligibility criteria for listing on their respective SME...
RERA effective from 1st May: Few important points 1. We cannot change the information once entred very easily. So...
Introduction Government of India has enacted the Real Estate (Regulation and Development) Act 2016 and all the sections of...
Promoters Under Real Estate (Regulation and Development) Act 2016, Promoters shall have to register all commercial and residential real...
Definition of Charge: ― As per Section-2 (16) Charge means- An interest or lien created on the property or...
Cheque is a negotiable instrument drawn upon a specified banker expressed to be payable on demand. A cheque involves...
A negotiable instrument is one, therefore, which when transferred by delivery or by endorsement and delivery, passes to the...
1. Collecting Branch Profile and References Collecting branch profile beforehand proceeding to the branch helps in several ways. It...
Checklist for Statutory Audit of Banks Call for the following information / records / details / evidences for the...
M/s CARMEL ASIA HOLDINGS PRIVATE LIMITED WAS ASKED TO PAY A COMPOUNDING FINE OF Rs 4,72,675 for Not Appointing...
Reporting on a Compilation Engagement of Standards on Related Services (SRS) 4410 25. It is essential that the accountant...
The CA shall be guilty if he permits his name or the name of his firm to be used...
Off late ROC has issued notices to companies for default under section 137/92/96 of the Companies Act,2013. Following are...
Did you receive an email or SMS from the Income-tax Department (ITD) recently? The ITD has started contacting those...
Section says penalty of Rs 10,000 will be levied on accountant incase of false certificate issued by us....
All you wanted to know about the Guidelines for Purchase and sale of property by NRIs and repatriation of...
IRDA came out with Health Insurance Regulations, 2016 for the entire medical insurance (mediclaim) industry. These regulations should benefit...
Dear Readers of my blog, I , CA SNEHAL KAMDAR, have created these digital platform for myself. In my...
On 28 May 2016, the Insolvency and Bankruptcy Code 2016 (IBC) received Presidential assent in India and was published...
Removal of Names of Companies from Register – Section 248 of Companies Act, 2013 (Replacement of FTE) Ministry of...
The division bench of the Delhi High Court has recently upheld the project completion method as a well-known and...
IBBI – Limited Insolvency Examination (31st December, 2016 to 30th June, 2017) (Exam dates are available from December...
The ICAI has announced ‘Client KYC Norms’ mandatory w.e.f. 1 Jan. 2017 for compliance by ‘Members in Practice’ for...
Some good practices to keep your money safe _*Accounts*_ *1) Make two bank accounts.* Primary account and Secondary account...
A week into the demonetisation of high value notes exercise, quarter page advertisements in newspapers warned people not to...
FM: Present Government has taken a new initiative by setting-up a modern insolvency mechanism based on the best practices...
Introduction This circular RBI/2015-16/122 dated July 9, 2015 has been issued in continuance of DNBS (PD) CC.No.376/03.10.001/2013-14 and Notification No. DNBS (PD)...
Consequent upon the boldest move of Hon’ble Prime Minister, Sh. Narendra Modi on November 8, 2016 to discontinue the...
section 270A of the income tax act, 1961 levy penalty in cases of under-reporting of income or misreporting of...
As we all aware Rs. 500 and Rs. 1000 notes which were currently under circulation till 8th Nov 2016...
1. Why is this scheme? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary...
While applying for a loan, you come in for a shock, there are a large number of errors in...
You plan to apply for a home loan and check your credit report to gauge the likelihood of bagging...
Planning on buying a property soon? Here is a detailed list of various aspects related to the home buying...
What is the first thing that comes to your mind when you hear the word “loan”? In all probability,...
GST Registration for Existing Tax Payers Starts ! 🍮 The Questions deal with almost all common question and is...
Please refer to the Notified ST-3 form as updated through notification no.43/2016 dated 28th September, 2016. The following changes have...
Judge: Judge is a Judicial officer appointed to hear and decide matters relating to law. The word ‘Judge’ has...
*Turn your life in just 10 minutes :* My dad once told me : “You can apply the 10 minutes...
GST will be a game-changing reform for the Indian economy which promises a common Indian market and reduction of...
GST is likely to have a far-reaching impact on several aspects of business, including pricing of products and services,...
The unanimous passing of the Constitutional Amendment Bill in the Rajya Sabha has paved the way for the biggest...
Sourcing Inter-state procurement could prove viable May open opportunities to consolidate suppliers/vendors Additional duty/CVD and Special Additional duty components...
The draft model GST law is in public domain since June 2016. Central Government’s approach to solicit feedback on...
CBEC vide Circular 197/7/2016 dated 12 August, 2016 has announced service tax liability on freight forwarders on transportation of...
Facts: a) The CA used to file Income Tax returns of client and his family members. b) The client...
Income tax has recently started issuing notices to the non-filers as well as mis-filers of income tax return who...
It is that one email that you don’t want to see. A notice from the income tax department now...
In order to become a great blogging writer, you have to first understand what the readers like to read...
Under the existing delisting norms a Recognized Stock Exchange has power to delist the equity shares of listed company...
Facts: a) A CA used to file returns of his client and at the end of every month, he...
Rule 17 of the Second Schedule of Income Tax Rules, 1961 doesn’t impose any restriction on the Bank from...
The issue before the ITAT was as under: Whether compensation received towards hardship caused to assessee on redevelopment of...
*The Maharashtra Ownership Flat Act 1963* Comes Into Force According to Circular Dated 9th July 2016, Issued By...
Chartered Accountant Act, 1949: Where a CA sold his shares but continued to receive dividends declared by the Company...
Private Limited Company has to comply with various compliances which are required to be followed once your business is...
Taxman eyes those earning over Rs 50 lakhs The department has introduced a fresh reporting column in the...
a) Can losses in F&O be set off against profits from short-term trading gains or vice versa? b) Can profits from...
FAQ on tax audit in case of derivative transaction Question: How to file income tax return in case of profit/loss...
Facts: a) The assessee sold his Gurgaon Flat and earned long term capital gains. He invested the same in...
Becoming successful in your own right is one thing; where the real fulfillment starts to come from is when...
Facts: a) The assessee filed return of income declaring certain taxable income. b) Information received from Sales Tax Department...
We’re not there yet, but in less than 10 years, I believe that the technology behind the virtual currency...
Investor Relations in India is at a very nascent stage, due to which we generally try to assume that...
Will is the legal declaration of a person’s intention which he wishes to be performed after his death and...
Finance transformation Finance transformations can take many forms,varying from company to company. An ideal finance transformation program supports the...
Taxation of association of persons The income tax Act prescribes a specific mode for calculation of income and taxability...
New Form 12BB This new form declared by the Income-tax Department needs to be submitted to your employer...
The first target date for implementing GST was April 1, 2010. In 2006, then finance minister, P Chidambaram announced...
The Hon’ble Supreme Court has recently passed a judgment in respect of whether the amendment of 2005 to the...
WHAT IS SUCCESSION PLANNING? Succession – Opportunity and Risk Succession is a sleeping giant that is about to...
*Whether Extension upto 5th Aug is applicable only to taxpayers having SA Tax payable?* With respect to the...
Every Company is required to maintain statutory records in the form of registers, minutes etc. throughout its life. Companies...
No Sec. 69C additions when assessee is covered by presumptive taxation Scheme of Sec. 44AD Facts: a) The assessee,...
Date : Jun 17, 2016 RBI decides to simplify and rationalise the process of registration of new NBFCs In order...
On June 14, 2016 the Finance Ministry has released the ‘Model GST Law’. It outlines the structure of the...
The constitution of these Tribunals marks the dissolution of the Company Law Board (CLB). Fourteen years after its introduction...
Facts: a) The assessee debited certain amount on account of transaction charges paid to the Stock Exchange. The Assessing...
On 13 May 2016, the Union Cabinet approved India’s first Intellectual Property Rights (IPR) policy for awareness, creation, commercialization,...
The Insolvency and Bankruptcy Code passed by the Parliament is a welcome overhaul of the existing framework dealing with...
Krishi Kalyan Cess (KKC) at the rate of 0.5% is being imposed on all taxable services with effect from...
DOCTRINE OF ULTRA-VIRES The word ‘ultra’ means beyond and the word ‘vires’ means powers. In the case of a...
a. Assessee purchased flat in a residential complex. The builder, in addition to the consideration for the flats, also...
SEBI vide. Circular No. CIR/CFD/CMD 56/2016 has required listed entities to disclose the cumulative impact of all audit qualifications...
Facts: a) The assessee invested certain amount in mutual fund units of HSBC and earned long-term capital gain on...
Facts: a) The assessee was travelling in a car, which met a serious accident, leaving her permanently disabled. She...
The Ministry of Corporate Affairs has issued a notification for the constitution of the National Company Law Tribunal (NCLT)...
Facts: a) The Confederation of Real Estate Brokers’ Association of India (‘Informant’), was a confederation of thirty five real...
The Central Government had announced,at the time of budget 2016, a new cess, namely, ‘Krishi Kalyan Cess’ (“KKC”), which...
Segregation of Duties (SOD) Definition = Segregation of duties (SOD) provides the assurance that no one individual has the...
 Why there is a need of Guiding Template ? In my school going days, it was my passion...
1) Introduction The provisions of Section 115JB provide for levy of MAT on basis of “book profits”, i.e., the...
Under Section 9 of the Income-tax Act, 1961 (the Act), income arising from indirect transfer of assets situated in...
The BVI Business Companies (Amendment) Act, 2015 (the “Amending Act”), which amends the BVI Business Companies Act, 2004 (the...
Indian corporates are gearing up to understand and implement the new accounting framework called Indian Accounting Standards (Ind AS)....
Forex loss incurred on loan is deductible if its underlying objective is to save interest cost Facts a) Assessee...
No denial of exemption u/s 11 to an educational trust if it lets out its auditorium for educational activities...
Sales Tax Department has started new SAP system and has also been introducing various other changes. And now from...
Indian subsidiary won’t form PE of foreign parent Co even if latter has right to audit subsidiary Facts: a)...
The Government of India has on May 10, 2016 issued a press release announcing the Protocol for amendment of...
Summary “The Code seeks to achieve certainty for recovery and enforcement proceedings and to this extent, it will specifically...
In accordance with the provisions of section 143(11) of the Companies Act, 2013 (CA, 2013), the auditor’s report of...
Bill that is moving towards Law, one of longest finance bill with as many 55 amendments. Below are Changes...
“If someone offers you an amazing opportunity to do something and you’re not sure you can do it, say...
According to authors of book, Now, Discover Your Strengths, Marcus Buckingham and Donald Clifton said, “the real tragedy in life...
Are you listening? Are you really listening? I’ve mentioned it a few times before: treat social media more like...
When it comes to running your own business, there is no end to the number of obstacles and obligations...
statistics from Bloomberg make poor reading for entrepreneurs. 8 out of 10 business owners will fail within 18 months. This...
Real business success is measured by more than profit. It depends on building long-term relationships with customers by earning...
1. Background Finance Minister has proposed Equalisation Levy (EL) through Finance Bill, 2016, Chapter VIII. E-commerce companies like Face...
Much of the world’s business is carried out by small and medium enterprises, especially in emerging economies. The SMEs...
Dear our loved customers, This notification is to inform you about the delay in our support service until...