Budget 2017: Clause by clause analysis of amendments to direct tax laws - V. ...D Murali ☆
Budget 2017: Clause by clause analysis of amendments to direct tax laws - V. K. Subramani - Article published in Business Advisor, dated February 10, 2017 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
This notification outlines rules related to One Person Companies under the Companies Act, 2013. Some key points:
- Only natural persons who are Indian citizens and residents can incorporate or be a nominee for a One Person Company.
- Nominees must be nominated to take over the company in the event of the subscriber's death or incapacity.
- Private companies can convert to One Person Companies if they meet certain paid-up capital and turnover thresholds.
- One Person Companies must convert to private or public companies if their paid-up capital or turnover exceeds certain thresholds.
- Names for companies cannot be too similar to existing companies and must not be offensive or resemble trademarks without consent.
The document discusses the process for reserving a company name in India according to the Companies Act of 2013 and Companies (Incorporation) Rules of 2014. A person can apply to reserve a name with the Registrar using Form INC1 along with the prescribed fee. If approved, the name will be reserved for 60 days. Foreign companies can reserve names that include the original company name plus "India" or the name of an Indian state or city. Certain words require central government approval and companies with special designations must include those in their names.
This document outlines the key aspects of the Contract Labour (Regulation and Abolition) Act of 1970 in India. It establishes rules for regulating the use of contract labor, including requiring registration of establishments employing 20 or more contract workers. A Central Advisory Board is constituted to advise the government. Contractors must be licensed, and employers are responsible for providing welfare amenities like canteens, drinking water, and first aid facilities for contract laborers. Non-compliance with the Act may result in penalties, and inspectors are empowered to enforce the Act.
The Contract Labor (Regulation And Abolition) Act was enacted in the year 1970 by the Indian Legislature.
The act applies to all the establishments where the number of workmen employed as contract labor are 20 or more .on any day of the preceding twelve months. it includes all the contracts of Governments and local authorities as well.
This document outlines the key provisions of the Trade Union Act of 1926 in India. It discusses the registration process for trade unions, including requirements for applications, rules that must be included, and appointment of registrars. It also covers rights/liabilities of registered unions, regulations, penalties for non-compliance, and cancellation of registration. The overall purpose of the act was to regulate trade unions and the relationship between workers and employers in India.
This document provides an overview of the Contract Labour Act of 1970 in India. It discusses key aspects of the act including definitions, objectives, applications, registration and licensing requirements for establishments and contractors employing contract labor. It also covers welfare provisions for contract labor such as canteens, restrooms and first aid facilities. The document outlines penalties for non-compliance and provides miscellaneous information such as inspecting staff, record keeping responsibilities and the government's power to make rules and remove difficulties in implementing the act. Recent amendments increased the threshold for an establishment to be covered from 20 to 50 contract workers.
Budget 2017: Clause by clause analysis of amendments to direct tax laws - V. ...D Murali ☆
Budget 2017: Clause by clause analysis of amendments to direct tax laws - V. K. Subramani - Article published in Business Advisor, dated February 10, 2017 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
This notification outlines rules related to One Person Companies under the Companies Act, 2013. Some key points:
- Only natural persons who are Indian citizens and residents can incorporate or be a nominee for a One Person Company.
- Nominees must be nominated to take over the company in the event of the subscriber's death or incapacity.
- Private companies can convert to One Person Companies if they meet certain paid-up capital and turnover thresholds.
- One Person Companies must convert to private or public companies if their paid-up capital or turnover exceeds certain thresholds.
- Names for companies cannot be too similar to existing companies and must not be offensive or resemble trademarks without consent.
The document discusses the process for reserving a company name in India according to the Companies Act of 2013 and Companies (Incorporation) Rules of 2014. A person can apply to reserve a name with the Registrar using Form INC1 along with the prescribed fee. If approved, the name will be reserved for 60 days. Foreign companies can reserve names that include the original company name plus "India" or the name of an Indian state or city. Certain words require central government approval and companies with special designations must include those in their names.
This document outlines the key aspects of the Contract Labour (Regulation and Abolition) Act of 1970 in India. It establishes rules for regulating the use of contract labor, including requiring registration of establishments employing 20 or more contract workers. A Central Advisory Board is constituted to advise the government. Contractors must be licensed, and employers are responsible for providing welfare amenities like canteens, drinking water, and first aid facilities for contract laborers. Non-compliance with the Act may result in penalties, and inspectors are empowered to enforce the Act.
The Contract Labor (Regulation And Abolition) Act was enacted in the year 1970 by the Indian Legislature.
The act applies to all the establishments where the number of workmen employed as contract labor are 20 or more .on any day of the preceding twelve months. it includes all the contracts of Governments and local authorities as well.
This document outlines the key provisions of the Trade Union Act of 1926 in India. It discusses the registration process for trade unions, including requirements for applications, rules that must be included, and appointment of registrars. It also covers rights/liabilities of registered unions, regulations, penalties for non-compliance, and cancellation of registration. The overall purpose of the act was to regulate trade unions and the relationship between workers and employers in India.
This document provides an overview of the Contract Labour Act of 1970 in India. It discusses key aspects of the act including definitions, objectives, applications, registration and licensing requirements for establishments and contractors employing contract labor. It also covers welfare provisions for contract labor such as canteens, restrooms and first aid facilities. The document outlines penalties for non-compliance and provides miscellaneous information such as inspecting staff, record keeping responsibilities and the government's power to make rules and remove difficulties in implementing the act. Recent amendments increased the threshold for an establishment to be covered from 20 to 50 contract workers.
With a shit to GST, the Indian taxation system has undergone a tremendous transformation.
This article deals with the first and the most important step towards the shift, Registration.
This document summarizes key aspects of The Contract Labour (Regulation and Abolition) Act of 1970 in India. The objectives of the act are to regulate the employment of contract labor and abolish it in certain circumstances. It applies to establishments employing 20 or more contract laborers. The act regulates the registration of establishments, licensing of contractors, and provides provisions for worker welfare and health including canteens, rest rooms, drinking water, sanitation facilities and first aid. It also defines responsibilities of contractors and principal employers regarding payment of wages to contract laborers.
OBJECTIVE
Winding up is the final stage in the business cycle of a Company. It is the process of closing down the legal existence of a company. It can be done either by the Company on its own (voluntary winding up) or by an order passed by the Tribunal (compulsory winding up). The webinar covers the aspects of various provisions involved in winding up as enshrined in Companies Act, 2013 along with judicial precedents.
This document outlines the requirements for foreign companies operating in India. It states that within 30 days of establishing a place of business in India, foreign companies must register with the Registrar and provide documents including a list of directors and the secretary. It also requires foreign companies to file annual financial statements and returns according to Indian accounting standards, and have their Indian accounts audited by a chartered accountant in India. Non-compliant companies may face investigation.
The Contract Labour Act of 1970 regulates the employment of contract labor in certain establishments in India. It aims to abolish contract labor in some circumstances. The Act applies to establishments with 20 or more workers and contractors providing 20 or more workers. It does not apply to intermittent or casual establishments. Central and State Advisory Boards were established to oversee implementation. Principal employers must register establishments with registering officers. Contractors must obtain licenses outlining working hours, wages, and amenities. The Act mandates welfare provisions like canteens, rest rooms, drinking water, and washing facilities for contract workers.
The Contract Labour (Regulation & Abolition) Act of 1970 was passed to regulate the conditions of contract laborers in India and protect their rights. The act applies to establishments employing 20 or more contract workers. It aims to stop the exploitation of contract laborers by ensuring basic amenities like drinking water and sanitation facilities. It also mandates that contractors pay wages to workers within a specified time period and outlines penalties for non-compliance with provisions around inspections, document sharing, and employing contract workers. These penalties include fines and imprisonment. The act further requires contractors to provide facilities like canteens, rest rooms, first aid, and separate sanitation facilities for men and women contract workers.
The Reserve Bank of India revised interest rates for small savings schemes, reducing the rate for special deposit schemes to 8.0% for the third quarter of 2016-17.
The Securities and Exchange Board of India stated that companies listed exclusively on disseminated boards of de-recognized stock exchanges must either raise capital to list on nationwide exchanges or provide an exit opportunity for investors.
The Ministry of Corporate Affairs released an updated XBRL taxonomy for filing annual financial statements and revised several e-forms, advising stakeholders to check for the latest versions.
The key points are:
1) The Act provides for mandatory identification and registration of all migrant workers in Meghalaya to ensure their safety and security.
2) It requires every migrant worker to register themselves with the designated Registering Officer and obtain a registration card.
3) Employers must ensure all migrant workers are registered, failing which fines may be imposed. Unregistered migrant workers also face fines.
The Labour Act establishes a legal framework for collective bargaining and dispute resolution between employees and employers in Zimbabwe. It aims to promote fair labour standards, participation in workplace decisions, and the just resolution of disputes.
The Act applies to all private sector employees except those covered by the Constitution or designated by the President. It establishes fundamental rights for employees such as joining unions, prohibiting forced labour, and protecting against discrimination. It also defines unfair labour practices, general employment conditions, and the formation of workers committees and trade unions.
The Act creates various bodies like employment councils, a Labour Court, and labour officers to facilitate negotiations, resolve disputes, and enforce compliance. It allows for collective job actions like strikes under certain conditions and establishes
The Trade Union Act 1926 established the legal framework for trade unions in India. Some key points:
- It defined what constitutes a trade union and outlined the process for registration with the Registrar.
- Registered trade unions receive certain protections under law, such as exemptions from criminal conspiracy charges and protections from civil suits related to trade disputes.
- The Act specifies the required contents of trade union rules regarding governance, finances, membership requirements and more. It also covers rights of minors to join unions.
- Provisions address changing names, amalgamating unions, dissolving unions and related notification requirements to the Registrar.
The Payment of Wages Act, 1936 outlines regulations for timely payment of wages to workers in India. Some key points:
- It applies to workers in factories, railways, and other specified industries.
- Employers are responsible for paying all wages required by the Act to their employees. In some cases, managers or supervisors may also be responsible.
- Wage periods cannot exceed one month. Wages must be paid within 7-10 days of the last day of the wage period.
- Employers must maintain registers and records of employees, work performed, wages paid, and deductions made for 3 years.
- Inspectors can investigate compliance and require production of records. Pen
The document outlines the key compliance requirements under the Contract Labour (R & A) Act, 1970 for principal employers and contractors.
It specifies that principal employers employing 20 or more contract workers must register establishments by filing Form 1 along with fees. Contractors engaging 20 or more workers must obtain licenses by filing Form IV, which are valid for specific periods.
It also details various registers and documents that must be maintained, such as muster rolls, wage registers, and licenses that can be revoked if obtained by misrepresentation. Contractors must also provide amenities like canteens and restrooms.
Non-compliance is punishable with imprisonment up to 3 months or fines up to Rs. 500-1,000 along
This document summarizes the key aspects of the Trade Unions' Act of 1926 in India. [1] It defines what a trade union is and outlines the process for registration of trade unions, including the required application documents and registration certificate issued. [2] It describes the procedures for cancellation of registration, appeal of decisions, changing a union's name, amalgamation of unions, and dissolution of unions. [3] Requirements are also outlined for annual returns and penalties for non-compliance. Authorities under the act are identified as Registrars of Trade Unions at different levels who oversee registration and enforcement of the act.
1. To trade in the domestic market in Patna, Bihar, key documents required include registration for Central Sales Tax (CST), Bihar Value Added Tax (VAT), and a labour certificate.
2. For the CST and VAT registrations, documents like identity proof, address proof, municipality receipts, and bank statements must be submitted to the local sales tax office.
3. Quarterly tax returns also need to be filed showing goods purchased and sold, along with proof of tax paid. A road permit form is required for inter-state purchases, while an internal C form allows payment of a lower 2% CST rate versus 5% without the form.
The Contract Labour (Regulation and Abolition) Act, 1970 regulates the employment of contract labour in establishments with 20 or more workers. It provides for the abolition of contract labour in certain circumstances. The act applies to contractors employing 20 or more workers. It establishes advisory boards to represent stakeholders. Establishments must register with registering officers and obtain certificates. Contractors must be licensed. The act mandates welfare amenities for contract workers and holds the principal employer responsible for ensuring proper payment of wages. It prescribes penalties for non-compliance and requires the maintenance of records.
The document summarizes key aspects of the Trade Union Act of 1926 in India. It discusses the objectives of establishing legal protections for trade unions, how unions are defined, and requirements for registration. Key points include:
- The Act aimed to provide legal status to trade unions by establishing a registration system.
- A trade union is defined as a combination of workers/employers formed to regulate their relations or impose conditions on businesses.
- At least 7 members can apply to register a union, providing details like member names and addresses, union name and rules.
- Registered unions must operate within certain duties like notifying address changes and submitting annual audited financial reports.
- Funds are raised
This document is the Income Tax Ordinance of 1984 from Bangladesh. It begins with definitions of key terms used in the ordinance. It defines terms like agricultural income, amalgamation, annual value, assessee, assessment, capital asset and dividend. It provides definitions for terms related to the structure of the tax authority such as Commissioner, Deputy Commissioner of Taxes, and Director General of Inspection. It also defines common business terms like company, director and employee. The ordinance aims to consolidate and amend the existing laws relating to income tax in Bangladesh.
REGISTRATION OF ESTABLISHMENTS AND BENEFICIARIES UNDER THE BUILDING AND OTHER...satyabrata patro
This document discusses the registration process for establishments and building workers under the Building and Other Construction Workers (Regulation of Employment & Conditions of Service) Act, 1996 in India. It outlines that every employer must register their establishment with the registering officer within 60 days of the act taking effect. It also describes the process for building workers to register as beneficiaries, including eligibility criteria like being between 18-60 years old and working in construction for at least 90 days in the last year. Appeals processes are also laid out for aggrieved parties around registration and revocation decisions.
The building and other construction workers' welfare cess act, 1996Leo Lukose
This document outlines the Building and Other Construction Workers' Welfare Cess Act of 1996 in India. The key points are:
1. The Act provides for the levy and collection of a cess (tax) on construction costs incurred by employers.
2. The proceeds from the cess are used to augment the resources of Building and Other Construction Workers' Welfare Boards established under another related Act from 1996.
3. The cess is collected from employers undertaking building and construction works at a rate between 1-2% of construction costs, as specified by the Central Government.
Incorporation of Limited Liability Partnership (LLP) and conversion into CompanyDVSResearchFoundatio
Objectives & Agenda :
One of the convenient forms of running an organisation is the Limited Liability Partnership (LLP). It has similar features as that of a Company and has various advantages. With the advent of ease of doing business initiative, incorporation of LLP has become simple. The webinar covers the procedure for incorporation of an LLP under the LLP Act, 2008 read with LLP Rules, 2009 and its conversion into Company as per the provisions of the Companies Act, 2013.
The new Companies Law 2013 (India) - Chapter 11: Appointment and Qualificatio...Bold Kiln
This notification outlines new rules related to the appointment and qualifications of directors of companies in India as per the Companies Act of 2013. Some key points include:
- It defines terms like Director Identification Number (DIN), independent director, and small shareholders' director.
- It requires certain classes of listed and large unlisted public companies to appoint at least one woman director.
- It specifies the qualifications required for independent directors and the process for creating and maintaining a databank of individuals willing to serve as independent directors.
- It provides rules for the appointment, tenure and qualifications of a small shareholders' director.
- It details the process for applying for and obtaining a DIN, including the required
This notification outlines new rules related to the appointment and qualifications of directors of companies in India as per the Companies Act of 2013. Some key points include:
- It defines terms like Director Identification Number (DIN), independent director, and small shareholders' director.
- It requires certain classes of listed and large unlisted public companies to appoint at least one woman director.
- It specifies the qualifications required for independent directors and the process for maintaining a databank of individuals willing to serve as independent directors.
- It provides the process for small shareholders to elect a small shareholders' director to represent them on the board.
- It outlines the process for individuals to apply for and be allotted a
With a shit to GST, the Indian taxation system has undergone a tremendous transformation.
This article deals with the first and the most important step towards the shift, Registration.
This document summarizes key aspects of The Contract Labour (Regulation and Abolition) Act of 1970 in India. The objectives of the act are to regulate the employment of contract labor and abolish it in certain circumstances. It applies to establishments employing 20 or more contract laborers. The act regulates the registration of establishments, licensing of contractors, and provides provisions for worker welfare and health including canteens, rest rooms, drinking water, sanitation facilities and first aid. It also defines responsibilities of contractors and principal employers regarding payment of wages to contract laborers.
OBJECTIVE
Winding up is the final stage in the business cycle of a Company. It is the process of closing down the legal existence of a company. It can be done either by the Company on its own (voluntary winding up) or by an order passed by the Tribunal (compulsory winding up). The webinar covers the aspects of various provisions involved in winding up as enshrined in Companies Act, 2013 along with judicial precedents.
This document outlines the requirements for foreign companies operating in India. It states that within 30 days of establishing a place of business in India, foreign companies must register with the Registrar and provide documents including a list of directors and the secretary. It also requires foreign companies to file annual financial statements and returns according to Indian accounting standards, and have their Indian accounts audited by a chartered accountant in India. Non-compliant companies may face investigation.
The Contract Labour Act of 1970 regulates the employment of contract labor in certain establishments in India. It aims to abolish contract labor in some circumstances. The Act applies to establishments with 20 or more workers and contractors providing 20 or more workers. It does not apply to intermittent or casual establishments. Central and State Advisory Boards were established to oversee implementation. Principal employers must register establishments with registering officers. Contractors must obtain licenses outlining working hours, wages, and amenities. The Act mandates welfare provisions like canteens, rest rooms, drinking water, and washing facilities for contract workers.
The Contract Labour (Regulation & Abolition) Act of 1970 was passed to regulate the conditions of contract laborers in India and protect their rights. The act applies to establishments employing 20 or more contract workers. It aims to stop the exploitation of contract laborers by ensuring basic amenities like drinking water and sanitation facilities. It also mandates that contractors pay wages to workers within a specified time period and outlines penalties for non-compliance with provisions around inspections, document sharing, and employing contract workers. These penalties include fines and imprisonment. The act further requires contractors to provide facilities like canteens, rest rooms, first aid, and separate sanitation facilities for men and women contract workers.
The Reserve Bank of India revised interest rates for small savings schemes, reducing the rate for special deposit schemes to 8.0% for the third quarter of 2016-17.
The Securities and Exchange Board of India stated that companies listed exclusively on disseminated boards of de-recognized stock exchanges must either raise capital to list on nationwide exchanges or provide an exit opportunity for investors.
The Ministry of Corporate Affairs released an updated XBRL taxonomy for filing annual financial statements and revised several e-forms, advising stakeholders to check for the latest versions.
The key points are:
1) The Act provides for mandatory identification and registration of all migrant workers in Meghalaya to ensure their safety and security.
2) It requires every migrant worker to register themselves with the designated Registering Officer and obtain a registration card.
3) Employers must ensure all migrant workers are registered, failing which fines may be imposed. Unregistered migrant workers also face fines.
The Labour Act establishes a legal framework for collective bargaining and dispute resolution between employees and employers in Zimbabwe. It aims to promote fair labour standards, participation in workplace decisions, and the just resolution of disputes.
The Act applies to all private sector employees except those covered by the Constitution or designated by the President. It establishes fundamental rights for employees such as joining unions, prohibiting forced labour, and protecting against discrimination. It also defines unfair labour practices, general employment conditions, and the formation of workers committees and trade unions.
The Act creates various bodies like employment councils, a Labour Court, and labour officers to facilitate negotiations, resolve disputes, and enforce compliance. It allows for collective job actions like strikes under certain conditions and establishes
The Trade Union Act 1926 established the legal framework for trade unions in India. Some key points:
- It defined what constitutes a trade union and outlined the process for registration with the Registrar.
- Registered trade unions receive certain protections under law, such as exemptions from criminal conspiracy charges and protections from civil suits related to trade disputes.
- The Act specifies the required contents of trade union rules regarding governance, finances, membership requirements and more. It also covers rights of minors to join unions.
- Provisions address changing names, amalgamating unions, dissolving unions and related notification requirements to the Registrar.
The Payment of Wages Act, 1936 outlines regulations for timely payment of wages to workers in India. Some key points:
- It applies to workers in factories, railways, and other specified industries.
- Employers are responsible for paying all wages required by the Act to their employees. In some cases, managers or supervisors may also be responsible.
- Wage periods cannot exceed one month. Wages must be paid within 7-10 days of the last day of the wage period.
- Employers must maintain registers and records of employees, work performed, wages paid, and deductions made for 3 years.
- Inspectors can investigate compliance and require production of records. Pen
The document outlines the key compliance requirements under the Contract Labour (R & A) Act, 1970 for principal employers and contractors.
It specifies that principal employers employing 20 or more contract workers must register establishments by filing Form 1 along with fees. Contractors engaging 20 or more workers must obtain licenses by filing Form IV, which are valid for specific periods.
It also details various registers and documents that must be maintained, such as muster rolls, wage registers, and licenses that can be revoked if obtained by misrepresentation. Contractors must also provide amenities like canteens and restrooms.
Non-compliance is punishable with imprisonment up to 3 months or fines up to Rs. 500-1,000 along
This document summarizes the key aspects of the Trade Unions' Act of 1926 in India. [1] It defines what a trade union is and outlines the process for registration of trade unions, including the required application documents and registration certificate issued. [2] It describes the procedures for cancellation of registration, appeal of decisions, changing a union's name, amalgamation of unions, and dissolution of unions. [3] Requirements are also outlined for annual returns and penalties for non-compliance. Authorities under the act are identified as Registrars of Trade Unions at different levels who oversee registration and enforcement of the act.
1. To trade in the domestic market in Patna, Bihar, key documents required include registration for Central Sales Tax (CST), Bihar Value Added Tax (VAT), and a labour certificate.
2. For the CST and VAT registrations, documents like identity proof, address proof, municipality receipts, and bank statements must be submitted to the local sales tax office.
3. Quarterly tax returns also need to be filed showing goods purchased and sold, along with proof of tax paid. A road permit form is required for inter-state purchases, while an internal C form allows payment of a lower 2% CST rate versus 5% without the form.
The Contract Labour (Regulation and Abolition) Act, 1970 regulates the employment of contract labour in establishments with 20 or more workers. It provides for the abolition of contract labour in certain circumstances. The act applies to contractors employing 20 or more workers. It establishes advisory boards to represent stakeholders. Establishments must register with registering officers and obtain certificates. Contractors must be licensed. The act mandates welfare amenities for contract workers and holds the principal employer responsible for ensuring proper payment of wages. It prescribes penalties for non-compliance and requires the maintenance of records.
The document summarizes key aspects of the Trade Union Act of 1926 in India. It discusses the objectives of establishing legal protections for trade unions, how unions are defined, and requirements for registration. Key points include:
- The Act aimed to provide legal status to trade unions by establishing a registration system.
- A trade union is defined as a combination of workers/employers formed to regulate their relations or impose conditions on businesses.
- At least 7 members can apply to register a union, providing details like member names and addresses, union name and rules.
- Registered unions must operate within certain duties like notifying address changes and submitting annual audited financial reports.
- Funds are raised
This document is the Income Tax Ordinance of 1984 from Bangladesh. It begins with definitions of key terms used in the ordinance. It defines terms like agricultural income, amalgamation, annual value, assessee, assessment, capital asset and dividend. It provides definitions for terms related to the structure of the tax authority such as Commissioner, Deputy Commissioner of Taxes, and Director General of Inspection. It also defines common business terms like company, director and employee. The ordinance aims to consolidate and amend the existing laws relating to income tax in Bangladesh.
REGISTRATION OF ESTABLISHMENTS AND BENEFICIARIES UNDER THE BUILDING AND OTHER...satyabrata patro
This document discusses the registration process for establishments and building workers under the Building and Other Construction Workers (Regulation of Employment & Conditions of Service) Act, 1996 in India. It outlines that every employer must register their establishment with the registering officer within 60 days of the act taking effect. It also describes the process for building workers to register as beneficiaries, including eligibility criteria like being between 18-60 years old and working in construction for at least 90 days in the last year. Appeals processes are also laid out for aggrieved parties around registration and revocation decisions.
The building and other construction workers' welfare cess act, 1996Leo Lukose
This document outlines the Building and Other Construction Workers' Welfare Cess Act of 1996 in India. The key points are:
1. The Act provides for the levy and collection of a cess (tax) on construction costs incurred by employers.
2. The proceeds from the cess are used to augment the resources of Building and Other Construction Workers' Welfare Boards established under another related Act from 1996.
3. The cess is collected from employers undertaking building and construction works at a rate between 1-2% of construction costs, as specified by the Central Government.
Incorporation of Limited Liability Partnership (LLP) and conversion into CompanyDVSResearchFoundatio
Objectives & Agenda :
One of the convenient forms of running an organisation is the Limited Liability Partnership (LLP). It has similar features as that of a Company and has various advantages. With the advent of ease of doing business initiative, incorporation of LLP has become simple. The webinar covers the procedure for incorporation of an LLP under the LLP Act, 2008 read with LLP Rules, 2009 and its conversion into Company as per the provisions of the Companies Act, 2013.
The new Companies Law 2013 (India) - Chapter 11: Appointment and Qualificatio...Bold Kiln
This notification outlines new rules related to the appointment and qualifications of directors of companies in India as per the Companies Act of 2013. Some key points include:
- It defines terms like Director Identification Number (DIN), independent director, and small shareholders' director.
- It requires certain classes of listed and large unlisted public companies to appoint at least one woman director.
- It specifies the qualifications required for independent directors and the process for creating and maintaining a databank of individuals willing to serve as independent directors.
- It provides rules for the appointment, tenure and qualifications of a small shareholders' director.
- It details the process for applying for and obtaining a DIN, including the required
This notification outlines new rules related to the appointment and qualifications of directors of companies in India as per the Companies Act of 2013. Some key points include:
- It defines terms like Director Identification Number (DIN), independent director, and small shareholders' director.
- It requires certain classes of listed and large unlisted public companies to appoint at least one woman director.
- It specifies the qualifications required for independent directors and the process for maintaining a databank of individuals willing to serve as independent directors.
- It provides the process for small shareholders to elect a small shareholders' director to represent them on the board.
- It outlines the process for individuals to apply for and be allotted a
The President of India has given its assent to the Companies (Amendment) Bill, 2019, which further amends the Companies Act, 2013 (the Act). The Companies (Amendment) Bill, 2019 has been now published in the Official Gazette on 31 July 2019 as the Companies (Amendment) Act, 2019 (the
Amendment Act).
The Amendment Act has taken into consideration the amendments that were originally notified in the Companies (Amendment) Ordinance, 2018 which was promulgated by the President on 2 November 2018, and then retained in effect through the Companies (Amendment) Ordinance Act, 2019 and the Companies (Amendment) Second Ordinance, 2019 promulgated by the President on 12 January 2019 and 21 February 2019, respectively.
The passage provides an introduction to The Payment of Bonus Act of 1965 in India. Some key points:
- The act was passed to regulate the payment of bonuses to employees in establishments based on profits. It originated from a recommendation of a tripartite commission agreed to by the government.
- The act applies to factories employing 20 or more people and other establishments employing the same. It mandates the payment of bonus calculated from allocable surplus or available surplus.
- Key terms like employee, employer, establishment, accounting year, gross profits, and available surplus are defined for the purpose of calculating bonuses under the act.
- The act has since been amended several times to update definitions, scope, and
Corporate Udates
#SEBI
Charging of additional expenses of upto 0.20% in terms of Regulation 52 (6A) (c) of SEBI (Mutual Funds) Regulations, 1996 -
SEBI issues Circular w.r.t. Total Expense Ratio (TER)– change and disclosure which shall be applicable on All Mutual Funds/AMCs/Trustee Companies
MCA
MCA exempts Government Company from complying with Ind AS 12 for 7 years w.e.f April 2017
MCA designates Special Courts in Kerala, Odisha and Guwahati for speedy Trial of offences
TAXATION
GST: Government Notifies Postponement of E-Way Bill
CBDT has issued Frequently Asked Questions (FAQs) regarding taxation of long-term capital gains proposed in Finance Bill, 2018.
OTHERS
DGFT – Issues a public notice to notify the amendment in the procedure of seeking modification in IEC
Company Website-
www.acquisory.com
This document provides guidance to reporting persons on submitting statements of financial transactions (SFT) as required by Section 285BA of the Income Tax Act. It outlines:
1) The types of transactions that must be reported and the applicable reporting thresholds.
2) The procedure for registering with the Income Tax Department and submitting SFT forms, including downloading the necessary files from the e-filing website.
3) General guidelines for preparing SFT forms, including identifying reportable transactions and applying aggregation rules to determine reporting thresholds.
4) The required reporting format which differs based on the transaction type being person, account, or property transaction based. Reporting persons must submit separate SFT forms for each transaction type.
Compilation of CBDT Notifications & Circulars issued in July 2020ManishBhatnagar21
Below is the list of Notifications & Circulars issued by CBDT in the month of July 2020 and the same has been compiled so that you won't miss any Notifications & Circulars updates from Income Tax Department:
Highlights of Changes in Direct & Indirect Taxes in 2016-2017 budget
Direct Tax include Income tax,CHANGES IN INDIRECT TAXES - (CUSTOMS ACT, 1962 ,CENTRAL EXCISE ACT, 1944 ,AMENDMENTS IN SERVICE TAX )
The document discusses various Indian laws related to mergers and acquisitions including the Competition Act 2002, Securities and Exchange Board of India Regulations 1997, and provisions in the Companies Act 1956 and Income Tax Act 1961. It notes that these laws aim to facilitate business combinations while also regulating them and protecting competition and minority shareholders. The Competition Commission of India regulates the impact of business combinations on competition and new businesses.
The Payment of Bonus Act, 1965 came into force on April 1, 1965 to regulate the payment of bonus to employees based on profits. It applies to establishments with 20 or more employees. Key provisions include:
- Section 12 deals with disqualification for bonus due to employee misconduct.
- Section 17 outlines a time limit for paying bonus within 8 months of the accounting year.
- Bonus is calculated based on available surplus with a minimum of 8.33% and maximum of 20%.
The Act aims to legally require employers to pay bonus and provides mechanisms for dispute resolution. It does not apply to certain public sector organizations and those with alternative bonus agreements.
SEBI
Capacity Planning Framework for the Depositories
TAXATION
Central Board of Direct Taxes requests for stakeholder’s comments on draft of Notification to be issued Under Section 10(38) of the Income-tax Act, 1961
www.incometaxindia.gov.in.
CBDT notifies new Income Tax Return Forms for AY 2017-18
Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
CBDT Notifies Option form for taxation of income from patent
company website- www.acquisory.com
1) The document discusses stamp duty collection on stock market transactions in various states like Maharashtra, Karnataka, and Tamil Nadu.
2) These states amended their stamp duty laws to tax "record of transactions" in stock exchanges to make up for revenue lost due to a central law exempting demat securities from stamp duty.
3) Maharashtra collects around Rs. 500 crores annually by charging 0.005% duty on the value of transactions through an agreement with Bank of India Shareholding Ltd.
4) The document examines how Andhra Pradesh could also start collecting stamp duty on stock market transactions by clarifying the applicability of existing laws or amending articles.
The presentation provides an overview of the regulatory framework and process for a merger under Indian law. It discusses the key requirements under the Companies Act, Income Tax Act, SEBI regulations, and Stamp Duty Act. It explains that a merger must meet certain conditions to qualify for tax benefits under the Income Tax Act, such as transferring all assets and liabilities and having at least 3/4 shareholders of the merging company become shareholders of the merged company. The process involves various approvals, including from shareholders, creditors, regulatory authorities such as SEBI, and the National Company Law Tribunal. The entire merger process can take around 6 to 8 months to complete.
The document provides updates on recent circulars, notifications, press releases, and clarifications issued by the Central Board of Direct Taxes and Ministry of Corporate Affairs related to key provisions under the Income Tax Act and Companies Act. These updates clarify tax treatment of various transactions, remove jurisdictions from the notified jurisdictional areas list, approve protocols amending double taxation avoidance agreements, and specify reporting requirements for certain transactions by companies. The document is intended to help keep professionals informed of the latest changes under tax and company laws in India.
NTPC Tax Free Secured Redeemable Non Convertible Bonds.
Public issue by NTPC Ltd. of tax-free secured redeemable non-convertible
green Bonds of face value of Rs. 1,000 each in the nature of debentures having
tax benefits under Section 10(15)(iv)(h) of the Income Tax Act, for an amount
of Rs. 400 crore with an option to retain oversubscription of up to Rs. 300
crore for issuance of additional bonds aggregating to a total of up to Rs. 700*
crore during fiscal 2016.
Issue Opening Date : 23rd of September, 2015
Issue Closing Date : 30th of September, 2015.
The Issue shall remain open for subscription from 10.00 A.M. to 5.00 P.M
Rating AAA (Stable) by ICRA, AAA by CRISIL & AAA (Triple A) by CARE
Rule 43 of the CGST Rules, 2017 deals with input tax credit in respect of capital goods. It provides that ITC can be claimed on capital goods over a period of 5 years (60 months or 20 quarters). The rule assumes capital goods have a useful life of 5 years. It also specifies that if capital goods are used for exempt or non-business purposes during a tax period, the proportionate ITC for that period must be reversed along with applicable interest. The document analyzes and critiques various aspects of Rule 43, such as how it calculates ITC amounts, its treatment of capital goods used for common purposes, and situations it does not clearly address. It uses an example transaction to illustrate potential issues or inconsistencies
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CBDT Issues Dreaft Notification for Taxability on Non-stt-shares
1. Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
PRESS RELEASE
New Delhi, 3rd April, 2017.
CBDT Requests for Stakeholder’s comments on Draft Notification to be issued
Under Section 10(38) of the Income-tax Act, 1961
Section 10(38) of the Income-tax Act, 1961 (‘the Act’), prior to its amendment by
Finance Act, 2017, provided that the income arising by way of a transfer of long term capital
asset, being equity share in a company, shall be exempt from tax if such transfer is undertaken
after 1st October, 2004 and chargeable to Securities Transaction Tax (STT) under Chapter VII
of the Finance (No. 2) Act, 2004.
In order to curb the practice of declaring unaccounted income as exempt long term
capital gain by entering into sham transactions, the Finance Act, 2017 amended the provisions
of section 10 (38) of the Act to provide that exemption under this section for income arising on
transfer of equity share acquired or on after 1st day of October, 2004 shall be available only if
the acquisition of share is chargeable to STT. However, to protect the exemption for genuine
cases where the STT could not have been paid like acquisition of share in IPO, FPO, bonus or
rights issue by a listed company acquisition by non-resident in accordance with FDI policy of the
Government etc, it was also provided that the Central Government shall notify the acquisition for
which the condition of chargeability to STT shall not apply.
In view of the above, it is proposed to notify that the condition of chargeability to STT
shall not apply to all transactions of acquisitions of equity shares entered into on or after the first
day of October, 2004 other than the specified transactions. In order to have wider consultation
in this matter, the draft of notification proposed to be issued under section10 (38) of the Act has
been uploaded on the website www.incometaxindia.gov.in. The stakeholders are requested to
submit their comments/suggestions on the draft notification by 11th April, 2017 at the email
address dirtpl2@nic.in .
(Meenakshi Goswami)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT.
2. Draft of Notification to be issued under third proviso to the clause (38) of section 10 of
the Income-tax Act, 1961
In exercise of the powers conferred by third proviso to the clause (38) of section 10 of the
Income-tax Act, 1961 (43 of 1961), the Central Government hereby, for the purposes of the
said proviso, notifies all transactions of acquisition of equity share entered into on or after the
1st day of October, 2004 which are not chargeable to securities transaction tax under Chapter
VII of the Finance (No. 2) Act, 2004, other than the following:-
(a) where acquisition of listed equity share in a company, whose equity shares are not
frequently traded in a recognised stock exchange of India, is made through a
preferential issue other than those preferential issues to which the provisions of
chapter VII of the Securities and Exchange Board of India (Issue of Capital and
Disclosure Requirements) Regulations, 2009 does not apply;
(b) Where transaction for purchase of listed equity share in a company is not entered
through a recognised stock exchange;
(c) Acquisition of equity share of a company during the period beginning from the
date on which the company is delisted from a recognised stock exchange and ending
on the date on which the company is again listed on a recognised stock exchange in
accordance with the Securities Contracts (Regulation) Act,1956 read with Securities
and Exchange Board of India Act,1992 and any rules made there under;
Explanation, –for the purpose of this notification, –
(a) “Frequently traded shares” means shares of a company, in which the traded
turnover on a recognised stock exchange during the twelve calendar months preceding
the calendar month in which the transfer is made, is at least ten per cent of the total
number of shares of such class of the company:
Provided that where the share capital of a particular class of shares of the company is
not identical throughout such period, the weighted average number of total shares of
such class of the company shall represent the total number of shares
(b) ‘Listed’ means listed in a recognized stock exchange in India in accordance with
the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rule made there
under
(c) “Recognised stock exchange" shall have the same meaning as in clause (f) of
section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956).