CONVERSION OF ONE PERSON COMPANY INTO PRIVATE COMPANY What is One Person Company (OPC)? Pursuant to Section 2(62) of Companies Act, 2013, One Person Company means a company which has only one person as a member. What are the Provisions involved? Section 18 and 122 of Companies Act, 2013 Rule 6 & 7 of […]
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RECOMMENDATIONS OF GST COUNCIL MEETING The 47th GST Council Meeting under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman was held on 28th & 29th June 2022. The council deliberated upon various burning issues under GST and made various recommendations. The council also accepted the recommendations of the Group of
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INCOME TAX ADVANCE RULING: MEANING AND PROVISIONS A resident taxpayer may have some taxation issues in respect of a transaction which has been undertaken or proposed to be undertaken with a non-resident. Similarly, a non-resident may have some taxation issues in respect of transaction which has been undertaken or proposed to be undertaken by him
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ALL ABOUT COMPANY’S STRIKE OFF NOTICES (STK-1 & 5) Introduction The action of striking off by the Registrar of Companies (ROC) has started again, and many of the corporates who have failed to file their annual returns have received the notice under Section 248 of the Companies Act, 2013 (hereinafter referred as “ 2013 Act”)
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FSSAI REGISTRATION FOR AMAZON WAREHOUSES What are Amazon Warehouses? Amazon is the largest e-commerce platform in the world. They promote and sell products online. People who sell their products through the Amazon platform are known as Amazon sellers. These sellers don’t need a shop to get sales but they need a storage place to hold
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TDS UNDER SECTION 194H- PAYMENT ON COMMISSION OR ON DISCOUNT GIVEN? What is Section 194H? Section 194H is for income tax deducted on any income by way of commission or brokerage, by any person responsible for paying to a resident. Individuals and Hindu Undivided Family who were covered under section 44AB are also required to
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MCA NOTIFIES PENALTY FOR NON-COMPLIANCE WITH NFRA RULES Overview of National Financial Reporting Authority (NFRA), Rules 2018 MCA has introduced National Financial Reporting Authority Rules, 2018 vide notification dated 13th November, 2018 to provide for matters relating to accounting and auditing standards under the Companies Act, 2013. Applicable Laws: Section 132(2) :Constitution of National Financial
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CBDT ISSUES GUIDELINES UNDER SECTION 194S(6) Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes(TPL Division) File No. F. No. 370142/29/2022-TPL (Part-I) vide Income Tax Circular No. 13 of 2022 dated 22nd June, 2022 has released “Circular regarding Guidelines for removal of difficulties under sub-section (6) of section 194S of
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GEM REGISTRATION: MEANING AND BENEFITS The Government of India has introduced a digital e-commerce portal named GeM to enhance transparency and efficiency in the public procurement of Goods & Services for Government Organizations and Departments. The purchases through GeM by Government users have been authorized and made mandatory by the Ministry of Finance by adding
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DUE DILIGENCE- MEANING AND PROCESS The process of due diligence is a continuous procedure to be carried out which is initiated right since the inception of the proposal of acquisition and goes on till the finalization of proposal into actual buyout. . The need for carrying out the due diligence has its roots from the
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