This document summarizes key provisions around the registration of charges under the Singapore Companies Act. It discusses the duty of companies to register existing and new charges, what types of charges require registration, timelines for registration, details to be included in the register of charges maintained by the Registrar, rectification of errors or omissions, and penalties for non-compliance. The document is divided into sections that correspond to relevant sections of the Companies Act, with each section outlining requirements, exceptions, and consequences related to the registration of charges on company property.
Key Takeaways:
Restrictions on allotment and commencement of business
Allotment of shares by private and public companies
Rights and powers attaching shares
Issue of shares with differential voting rights
Key Takeaways
Maintenance of bank accounts by liquidator in case of winding up
Manner of depositing unpaid dividend & undistributed assets to Company Liquidation Dividend and Undistributed Assets Account
Summary procedure for liquidation
Power of Tribunal to declare dissolution as void
Dissolution Order
What are the salient features of CFSS, 2020 and LLP Settlement Scheme, 2020?DVSResearchFoundatio
OBJECTIVE
In order to make a fresh start on a clean state, Ministry of Corporate Affairs (MCA) vide circulars issued in March, 2020 has taken certain alleviative measures by introducing the Companies Fresh Start Scheme, 2020. Further, to promote ease of doing business, MCA has given relaxation in additional fees with respect to filing of pending documents with MCA by defaulting LLPs by introducing LLP Settlement Scheme, 2020. These Schemes act as relief to defaulting Companies / LLPs by mitigating their financial burden and giving them an opportunity to make a fresh start. In this webinar, we shall understand the salient features of these Schemes including their objective, applicability and the effect of immunity.
Managerial Remuneration under Companies Act and SEBI (LODR) RegulationsDVSResearchFoundatio
Key Takeaways:
Limits prescribed under Companies Act, 2013
Procedural aspects and provisions of Schedule V
Relaxation of provisions for certain companies
Recent amendments in SEBI (LODR) Regulations
Key Takeaways:
Restrictions on allotment and commencement of business
Allotment of shares by private and public companies
Rights and powers attaching shares
Issue of shares with differential voting rights
Key Takeaways
Maintenance of bank accounts by liquidator in case of winding up
Manner of depositing unpaid dividend & undistributed assets to Company Liquidation Dividend and Undistributed Assets Account
Summary procedure for liquidation
Power of Tribunal to declare dissolution as void
Dissolution Order
What are the salient features of CFSS, 2020 and LLP Settlement Scheme, 2020?DVSResearchFoundatio
OBJECTIVE
In order to make a fresh start on a clean state, Ministry of Corporate Affairs (MCA) vide circulars issued in March, 2020 has taken certain alleviative measures by introducing the Companies Fresh Start Scheme, 2020. Further, to promote ease of doing business, MCA has given relaxation in additional fees with respect to filing of pending documents with MCA by defaulting LLPs by introducing LLP Settlement Scheme, 2020. These Schemes act as relief to defaulting Companies / LLPs by mitigating their financial burden and giving them an opportunity to make a fresh start. In this webinar, we shall understand the salient features of these Schemes including their objective, applicability and the effect of immunity.
Managerial Remuneration under Companies Act and SEBI (LODR) RegulationsDVSResearchFoundatio
Key Takeaways:
Limits prescribed under Companies Act, 2013
Procedural aspects and provisions of Schedule V
Relaxation of provisions for certain companies
Recent amendments in SEBI (LODR) Regulations
The document provides an overview of public issue of debentures by companies in India. It defines debentures and various types of debentures. It discusses the process of public issue of debentures which requires issue of a prospectus, appointment of a debenture trustee, creation of debenture redemption reserve, and compliance with various other statutory requirements. It also describes different types of prospectus that can be issued for public offer of debentures and exceptions available for certain companies.
Key Takeaways:
Appointment of directors under Singapore Companies Act
Disqualifications of directors
Powers and duties of directors
Removal and resignation of directors
OBJECTIVE
Companies in Singapore are governed by the laws of Companies Act (the Act), originally enacted in 1967 and which has undergone significant amendments in 2014 and 2017. The Accounting and Corporate Regulatory Authority (ACRA) is the national regulator of business entities and corporate service providers in Singapore. A foreign company may carry on business in Singapore by transferring that Company’s registration from foreign country to Singapore or by registering the branch of the foreign Company in Singapore. In this webinar, transfer of registration of foreign corporate entity to Singapore is covered. The provisions of Transfer of Registration are governed by Part XA of the Act read with Companies (Transfer of Registration) Regulations 2017.
Objectives & Agenda :
The presentation shall dwell upon the importance of Double taxation avoidance agreement and purpose of tax residency certificate (TRC).
The event would also throw light on what is TRC, benefits of TRC, eligibility of obtaining of TRC, requisite documents and procedures for obtaining the same. Last but not the least, webinar would emphazise the importance of limitation of benefit clause in DTAA.
Objectives & Agenda :
To analyse and interpret the provisions of the Income-tax Act relating to chargeability of Income from Sources other than Salary, House Property, Business or Profession and Capital Gains. In this Webinar, we will discuss the various incomes that are chargeable under the head 'Income From Other Sources' which covers Dividends, Gifts, Certain Interest, Advance money forfeited etc. Finally, the Webinar will touch upon relevant Judicial Precedents.
What are the key elements of the companies (amendment) bill, 2020DVSResearchFoundatio
The document summarizes key proposed amendments to the Companies Act 2013 in India based on recommendations to decriminalize certain offenses. Some key points:
- It proposes to decriminalize certain offenses that do not involve larger public interest by removing imprisonment and relaxing penalties.
- It empowers the central government to exempt certain classes of companies from the definition of "listed company".
- It reduces timelines for rights issues to speed them up and provides exemptions to certain classes of companies from filing certain resolutions.
- It allows companies with CSR spending obligations up to Rs. 50 lakhs to not constitute a CSR committee and allows eligible companies to set off excess CSR spending against future obligations.
Objectives & Agenda :
One of the charitable forms of organisation is Trust. It is generally formed for the benefit of public at large (public charitable trusts) or for a specified group of persons (private trusts). Formation of trusts is governed by different legislations and involves various registrations under several Acts. The webinar dwells upon the aspects of formation of trust under relevant legislations, various types of trusts, registration of trusts, taxation of trusts and other relevant aspects of management of trust.
Objectives & Agenda :
To understand the assessment of partnership firms. To know the conditions to be satisfied to be assessed as a firm. To understand how partnership firms are assessed in various situations. To gain knowledge with regards to the deductions allowed to partnership firms during assessment.To know how to calculate book profit.
Sebi (lodr) regulations obligations on listing of id rs & securitised de...DVSResearchFoundatio
Key Takeaways:
Equitable treatment to IDR holders
Terms / Structure of IDRs
Information to stock exchange / investors
Terms of Securitised Debt Instruments
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). Provisions under Companies Act, 2013 with respect to voluntary winding up are omitted and shifted to Insolvency and Bankruptcy Code, 2016 (“the Code”). The webinar covers the aspects of provisions involved in voluntary winding up as enshrined under the Code read with Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.
ALLOWABILITY OF OUTSTANDING INTEREST CONVERTED INTO DEBENTURES AS AN EXPENSE ...DVSResearchFoundatio
The Supreme Court ruled that the conversion of outstanding interest into debentures by the assessee company qualified for deduction under Section 43B of the Income Tax Act. The conversion was done under a rehabilitation plan agreed with institutional creditors to extinguish the interest liability. The Court observed that Section 43B was not meant to affect bona fide transactions, and debentures were different than loans/borrowings under Explanation 3C. It set aside the High Court's decision and allowed the assessee's claim for deduction, noting the conversion was an actual payment of interest rather than postponing the liability.
Objectives & Agenda :
One of the primary and popular forms of raising money by a public company is by way of offer of securities to public. Private Companies are prohibited to invite the public to subscribe for any securities of the company. Such issue enables a company to raise funds from large number of investors. The webinar covers the aspects of overview on public issue, issue of prospectus, various types of prospectus, statutory provisions in the Companies Act, 2013, compliance aspects and judicial precedents.
Implications and Procedures for NRI Selling Property in India and Remittance ...DVSResearchFoundatio
Key Takeaways
Understanding on:-
• Tax implication on NRI selling property in India
• FEMA implications
• Impact of TDS
• Application for lower or no withholding of TDS
The Multilateral Instrument (MLI) is the latest development in International taxation which would modify the existing bilateral treaties (DTAAs) and implement measures to prevent Base Erosion Profit Shifting (BEPS) strategies. In this Webinar we shall analyse the provisions of Part III of the MLI relating to 'Treaty Abuse'. Articles 6 to 11 are covered under this Part and provide important concepts like Principle Purpose Test (PPT), Limitation on Benefits (LOB) and anti-abuse measures addressing 'Triangular PE' and other treaty-related measures.
SEBI(LODR) Regulations, 2015- Obligations on listing of specified securities-...DVSResearchFoundatio
Key Takeaways:
- Meetings of shareholders and their voting
- Change in name of the listed entity
- Dissemination of information on website and in newspapers
The new Companies Law 2013 (India) - Chapter 6: Registration of chargesBold Kiln
This notification provides rules related to the registration of charges under the Companies Act, 2013. Some key points:
- It establishes rules for registering the creation or modification of charges within 30 days in Form CHG-1 or CHG-9 along with fees. Late registration within 300 days requires additional fees.
- The Registrar can allow late registration between 30-300 days if sufficient cause is shown.
- Certificates of registration and modification will be issued in Forms CHG-2 and CHG-3 as evidence of complying with registration requirements.
- Other rules cover maintaining a register of charges, satisfaction of charges, appointment of receivers, and inspection of records.
This notification provides rules related to registration of charges under the Companies Act, 2013. Some key points:
- It establishes rules for registering the creation or modification of charges within 30 days along with required forms and fees. Additional fees are levied for later registration within 300 days.
- The register of charges will be maintained on the MCA portal and open for public inspection.
- Companies must register satisfaction of a charge within 30 days and the Registrar will issue certificates. Intimation must also be provided for appointment of receivers.
- Companies must maintain their own register of charges and make entries within 30 days of any creation, modification or satisfaction.
The document provides an overview of public issue of debentures by companies in India. It defines debentures and various types of debentures. It discusses the process of public issue of debentures which requires issue of a prospectus, appointment of a debenture trustee, creation of debenture redemption reserve, and compliance with various other statutory requirements. It also describes different types of prospectus that can be issued for public offer of debentures and exceptions available for certain companies.
Key Takeaways:
Appointment of directors under Singapore Companies Act
Disqualifications of directors
Powers and duties of directors
Removal and resignation of directors
OBJECTIVE
Companies in Singapore are governed by the laws of Companies Act (the Act), originally enacted in 1967 and which has undergone significant amendments in 2014 and 2017. The Accounting and Corporate Regulatory Authority (ACRA) is the national regulator of business entities and corporate service providers in Singapore. A foreign company may carry on business in Singapore by transferring that Company’s registration from foreign country to Singapore or by registering the branch of the foreign Company in Singapore. In this webinar, transfer of registration of foreign corporate entity to Singapore is covered. The provisions of Transfer of Registration are governed by Part XA of the Act read with Companies (Transfer of Registration) Regulations 2017.
Objectives & Agenda :
The presentation shall dwell upon the importance of Double taxation avoidance agreement and purpose of tax residency certificate (TRC).
The event would also throw light on what is TRC, benefits of TRC, eligibility of obtaining of TRC, requisite documents and procedures for obtaining the same. Last but not the least, webinar would emphazise the importance of limitation of benefit clause in DTAA.
Objectives & Agenda :
To analyse and interpret the provisions of the Income-tax Act relating to chargeability of Income from Sources other than Salary, House Property, Business or Profession and Capital Gains. In this Webinar, we will discuss the various incomes that are chargeable under the head 'Income From Other Sources' which covers Dividends, Gifts, Certain Interest, Advance money forfeited etc. Finally, the Webinar will touch upon relevant Judicial Precedents.
What are the key elements of the companies (amendment) bill, 2020DVSResearchFoundatio
The document summarizes key proposed amendments to the Companies Act 2013 in India based on recommendations to decriminalize certain offenses. Some key points:
- It proposes to decriminalize certain offenses that do not involve larger public interest by removing imprisonment and relaxing penalties.
- It empowers the central government to exempt certain classes of companies from the definition of "listed company".
- It reduces timelines for rights issues to speed them up and provides exemptions to certain classes of companies from filing certain resolutions.
- It allows companies with CSR spending obligations up to Rs. 50 lakhs to not constitute a CSR committee and allows eligible companies to set off excess CSR spending against future obligations.
Objectives & Agenda :
One of the charitable forms of organisation is Trust. It is generally formed for the benefit of public at large (public charitable trusts) or for a specified group of persons (private trusts). Formation of trusts is governed by different legislations and involves various registrations under several Acts. The webinar dwells upon the aspects of formation of trust under relevant legislations, various types of trusts, registration of trusts, taxation of trusts and other relevant aspects of management of trust.
Objectives & Agenda :
To understand the assessment of partnership firms. To know the conditions to be satisfied to be assessed as a firm. To understand how partnership firms are assessed in various situations. To gain knowledge with regards to the deductions allowed to partnership firms during assessment.To know how to calculate book profit.
Sebi (lodr) regulations obligations on listing of id rs & securitised de...DVSResearchFoundatio
Key Takeaways:
Equitable treatment to IDR holders
Terms / Structure of IDRs
Information to stock exchange / investors
Terms of Securitised Debt Instruments
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). Provisions under Companies Act, 2013 with respect to voluntary winding up are omitted and shifted to Insolvency and Bankruptcy Code, 2016 (“the Code”). The webinar covers the aspects of provisions involved in voluntary winding up as enshrined under the Code read with Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.
ALLOWABILITY OF OUTSTANDING INTEREST CONVERTED INTO DEBENTURES AS AN EXPENSE ...DVSResearchFoundatio
The Supreme Court ruled that the conversion of outstanding interest into debentures by the assessee company qualified for deduction under Section 43B of the Income Tax Act. The conversion was done under a rehabilitation plan agreed with institutional creditors to extinguish the interest liability. The Court observed that Section 43B was not meant to affect bona fide transactions, and debentures were different than loans/borrowings under Explanation 3C. It set aside the High Court's decision and allowed the assessee's claim for deduction, noting the conversion was an actual payment of interest rather than postponing the liability.
Objectives & Agenda :
One of the primary and popular forms of raising money by a public company is by way of offer of securities to public. Private Companies are prohibited to invite the public to subscribe for any securities of the company. Such issue enables a company to raise funds from large number of investors. The webinar covers the aspects of overview on public issue, issue of prospectus, various types of prospectus, statutory provisions in the Companies Act, 2013, compliance aspects and judicial precedents.
Implications and Procedures for NRI Selling Property in India and Remittance ...DVSResearchFoundatio
Key Takeaways
Understanding on:-
• Tax implication on NRI selling property in India
• FEMA implications
• Impact of TDS
• Application for lower or no withholding of TDS
The Multilateral Instrument (MLI) is the latest development in International taxation which would modify the existing bilateral treaties (DTAAs) and implement measures to prevent Base Erosion Profit Shifting (BEPS) strategies. In this Webinar we shall analyse the provisions of Part III of the MLI relating to 'Treaty Abuse'. Articles 6 to 11 are covered under this Part and provide important concepts like Principle Purpose Test (PPT), Limitation on Benefits (LOB) and anti-abuse measures addressing 'Triangular PE' and other treaty-related measures.
SEBI(LODR) Regulations, 2015- Obligations on listing of specified securities-...DVSResearchFoundatio
Key Takeaways:
- Meetings of shareholders and their voting
- Change in name of the listed entity
- Dissemination of information on website and in newspapers
The new Companies Law 2013 (India) - Chapter 6: Registration of chargesBold Kiln
This notification provides rules related to the registration of charges under the Companies Act, 2013. Some key points:
- It establishes rules for registering the creation or modification of charges within 30 days in Form CHG-1 or CHG-9 along with fees. Late registration within 300 days requires additional fees.
- The Registrar can allow late registration between 30-300 days if sufficient cause is shown.
- Certificates of registration and modification will be issued in Forms CHG-2 and CHG-3 as evidence of complying with registration requirements.
- Other rules cover maintaining a register of charges, satisfaction of charges, appointment of receivers, and inspection of records.
This notification provides rules related to registration of charges under the Companies Act, 2013. Some key points:
- It establishes rules for registering the creation or modification of charges within 30 days along with required forms and fees. Additional fees are levied for later registration within 300 days.
- The register of charges will be maintained on the MCA portal and open for public inspection.
- Companies must register satisfaction of a charge within 30 days and the Registrar will issue certificates. Intimation must also be provided for appointment of receivers.
- Companies must maintain their own register of charges and make entries within 30 days of any creation, modification or satisfaction.
Payment of Wages Act, 1936 - India
Introduction
wages
responsibility for payment of wages
fixation of wages
time of payment of wages
deductions
fines
claims
Appeal
penalty
references
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, which provides for the levy and collection of a cess (tax) on the cost of construction incurred by employers. The cess is collected to augment the resources of Building and Other Construction Workers' Welfare Boards established under another related Act. The key aspects covered include provisions for collecting the cess at a rate of 1-2% of construction costs, requirements for employers to furnish returns, procedures for assessment and collection of the cess, and penalties for non-compliance.
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.
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 relating to debts and claims against the company as enshrined in Companies Act, 2013 read with Companies (Winding up) Rules, 2020.
THE DIRECT TAX DISPUTE RESOLUTION SCHEME, 2016SAUMYA AGARWAL
The Direct Tax Dispute Resolution Scheme, 2016 introduces a one-time dispute resolution scheme to reduce pending direct tax litigation. Key points:
1) It allows declarants to settle pending tax disputes by paying 100% disputed tax if under Rs. 10 lakhs, and 100% principal plus 25% minimum penalty and interest otherwise.
2) For cases of retrospective taxation, only the disputed tax amount needs to be paid.
3) Declarants must withdraw all appeals and legal proceedings to avail the scheme.
4) The scheme aims to reduce the 3 lakh pending direct tax cases involving Rs. 5.5 lakh crores in disputed taxes.
The document discusses the eligibility and conditions for claiming input tax credit under the GST Acts. Some key points:
- Input tax includes IGST, CGST, SGST charged on supplies of goods/services to a registered person. It excludes tax paid under a composition scheme.
- A registered person is eligible for input tax credit for inputs used in furtherance of business, provided the invoice/debit note and tax charged is valid.
- Special rules apply for claiming credit on capital goods and in situations like change in registration status.
- Certain items like motor vehicles and goods for personal use are blocked and credit cannot be claimed.
1. The document discusses input tax credit under the Goods and Services Tax (GST) in India. It provides definitions of key terms related to input tax credit like input, input service, capital goods, and input tax.
2. It summarizes the conditions for claiming input tax credit, such as possessing valid tax invoices, receiving the goods or services, ensuring the tax has been paid to the government, and filing returns. There are also time limits for claiming input tax credit.
3. The document outlines circumstances where input tax credit is not available, such as when goods or services are used for non-business purposes or making exempt supplies. It also discusses provisions for apportioning credit between taxable and exempt
The document provides an overview of the Payment of Wages Act 1936, which regulates the payment of wages for certain classes of employed persons in India. Some key points covered include:
- The Act aims to ensure timely payment of wages and restricts unauthorized deductions from wages.
- It applies to persons employed in factories, railways, and other specified establishments.
- The employer is responsible for wage payments as per the stipulated timelines and modes of payment under the Act.
- Various permissible deductions from wages are outlined, including for absence, amenities provided, taxes, and with employee authorization.
- Employers must maintain registers related to employees, wages paid, and deductions made.
The document provides an overview of input tax credit under the Goods and Services Tax (GST) law passed in India on March 27, 2017. It discusses the key sections related to eligibility for ITC, conditions for claiming ITC, blocked credits, apportionment of credit, availability of credit in special circumstances such as job works, and time limits for availing credits. Key points include that only registered taxpayers can claim ITC, ITC must be claimed on invoices for goods/services received and taxes paid, and certain items like motor vehicles and health/beauty services have restricted or blocked ITC.
This document summarizes key sections of the Payment of Wages Act of 1936 in India. It outlines definitions of employed persons, employers, and wages. It discusses employer responsibilities to pay wages on time, fix wage periods, allowances for deductions, and restrictions on fines and deductions from wages. Authorities like Inspectors are authorized to enforce the Act. The document also states that any contracts violating employees' rights under this Act will be considered null and void.
Chapter VI (Registration of Charges), The Companies Act, 2013Mamta Binani
This document provides an overview of Chapter VI of the Companies Act, 2013 regarding the registration of charges in India. Key points include:
1. Companies must register charges on their assets with the Registrar of Companies within 30 days of creation, along with supporting documents. Failure to do so could result in fines.
2. Both companies and charge holders can register charges. Satisfaction of charges must also be registered within 30 days.
3. The Registrar issues certificates of registration and maintains a register of charges open for public inspection.
4. Appointment and cessation of receivers must also be notified to the Registrar. Companies must maintain their own register of charges.
5
Key Takeaways:
Restricted transactions relating to loans / quasi-loans to directors
Loans to company / LLP connected to directors with prior approval
Allowing company to indemnify directors against potential liability
Unit 2 - Refund of Tax.pptx, tax law notesssuser32bd0c
1) Refunds arise when the amount of tax paid by a person is greater than the amount they are properly chargeable for that year, such as when tax deducted at source is higher than taxes owed, advance tax paid exceeds taxes owed, or taxes paid are reduced on appeal or revision.
2) Claims for refund must be made within one year of the last day of the assessment year using Form 30, along with supporting documents.
3) Interest is payable on refunds at 0.5% per month, calculated from different periods depending on the source of excess payment.
4) The Assessing Officer can adjust refunds against outstanding tax dues of previous years, but must issue
The Payment of Wages Act 1936 regulates payment of wages for certain classes of employed persons in India. The key points covered in the document are:
- The Act aims to ensure wages are paid in a regular and timely manner without unauthorized deductions.
- Major sections of the Act outline rules for fixing wage periods, timelines for wage payments, allowed deductions from wages, and modes of wage payment.
- The Act applies to persons employed in factories, railways, and other establishments specified in the rules. It also defines what is considered "wages" under the Act.
- Employers must maintain proper registers and records of wages and deductions for inspection for up to 3 years.
The document discusses the key provisions around acceptance of deposits and issue of securities by companies under the Companies Act, 2013. It provides 10 exclusions for what does not constitute a 'deposit' according to the Act. It also outlines the conditions stipulated under Section 73 for a company to accept deposits from members, including issuing a circular, maintaining a deposit repayment reserve account, and obtaining credit ratings. Specific additional conditions are provided for eligible companies to restrict the amount of deposits accepted.
This document summarizes key sections of the Payment of Wages Act of 1936 in India. It outlines 4 chapters that cover introduction and definitions, payment and deduction of wages, authorities under the act, and miscellaneous provisions. Some key points include: employers are responsible for paying wages on time; wage periods cannot exceed 1 month; deductions can only be made in certain cases like absence from work; contravention of the act is punishable by fines between 1500-7500 rupees. Any contract that deprives workers of their rights under this act is null and void.
This document outlines procedures for the collection and recovery of tax in Pakistan, including:
- Due dates for tax payment and options for installment plans or extensions.
- Recovery methods for unpaid taxes such as attaching and selling property, appointing receivers, or arresting the taxpayer for up to 6 months.
- Specific provisions for private companies, associations of persons, bankruptcies, non-residents, ships/aircrafts, and persons leaving the country to ensure taxes can still be recovered.
- Powers given to the Commissioner and District Officers to certify unpaid taxes and recover them as if they were civil debts or land revenue.
The document outlines procedures for the collection and recovery of tax in Pakistan. It discusses:
- Due dates for tax payment and options for installment plans or extensions.
- Recovery of unpaid taxes through attachment of property, appointment of receivers, or arrest of taxpayers.
- Recovery assistance from district revenue officers, bankruptcy estates, private companies, and persons holding money for taxpayers.
- Specific procedures for non-resident ship owners, aircraft owners, and persons about to leave the country.
Similar to Charges under Singapore Companies Act (20)
SCRAPPING OF RETRO TAX PROVISIONS : A REVIVAL OF OVERSEAS INTEREST IN INDIADVSResearchFoundatio
The document summarizes the scrapping of retroactive tax provisions in India. It provides background on retroactive taxation laws introduced in 2012 in response to court rulings. It analyzes prominent cases like Vodafone and Cairn Energy that challenged the retroactive taxes under bilateral investment treaties. The Taxation Laws Amendment Act of 2021 was passed to scrap these retroactive provisions and provide tax refunds to affected companies like Cairn Energy. The act aims to improve India's reputation as an investment destination and revive interest from foreign investors.
Key Takeaways: - Analysis of section 45(4), section 9B of the Income Tax Act...DVSResearchFoundatio
Key Takeaways:
- Analysis of section 45(4), section 9B of the Income Tax Act and Rule 8AA and Rule 8AB of Income Tax Rules
- Illustrations to understand the relevant impact
- Critical Issues concerned with the provisions
Key Takeaways:
- Facts of the case
- Issues and Orders of the case
- Contention of the parties
- Observations by Honourable Supreme Court
- Conclusions
Key Takeaways:
- Facts of the case
- Issues and Orders of the case
- Contention of the parties
- Observations by Honourable Supreme Court
- Conclusions
FALLACIOUS DISREGARDING OF TRANSACTIONS THAT RESULT IN A TAX BENEFIT TO THE A...DVSResearchFoundatio
Key Takeaways:
- Facts of the case
- AO's contention
- Ruling of CIT(A) and issues for consideration of the ITAT
- Observations of ITAT
- Final Ruling
- Way Forward
Key Takeaways:
- Facts of the case
- Issues and Orders
- Contention of the parties
- Observations of Honourable Supreme Court
- Conclusion and way forward
This document outlines the process and documentation required for an SME to obtain an in-principle approval for an initial public offering (IPO) listing on the National Stock Exchange of India (NSE). It details the documents required to be submitted on T+2, T+3, T+4, and T+5 days from the date of in-principle approval to finalize the listing. These include annual reports, board resolutions, shareholding details, basis of allotment, post-issue shareholding pattern, and confirmation from issuers, merchant bankers, and statutory auditors. It also provides information on NEAPS platform registration and payment of processing and annual listing fees.
What are the post listing compliance norms for SME entities?DVSResearchFoundatio
The document summarizes post-listing compliance norms for small and medium enterprises (SMEs) listed on SME exchanges in India. It discusses requirements for further capital issues, green shoe options, migration to the main board, further public offerings, and mandatory and voluntary disclosures. Key requirements include making full disclosures for further issues, obtaining shareholder approval for green shoe options, complying with eligibility criteria for migration, and submitting regular financial disclosures and statements on the use of IPO proceeds.
1) Prior to listing on an SME exchange, a company must file an offer document with SEBI and the relevant stock exchange and appoint qualified intermediaries like lead managers, registrars, and syndicate members.
2) The company must make required disclosures in the offer document and the lead manager must conduct due diligence on these disclosures.
3) After filing the offer document, the company must price the issue, keep the issue open for subscription for at least 3 days, and ensure the issue is underwritten and market making arrangements are in place.
This document outlines the criteria for Small and Medium Enterprises (SMEs) to list on the SME platforms of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India. The key eligibility criteria are a positive net worth, a track record of at least 3 years of operations, and operating profits over the last 2-3 years. Additional disclosure requirements include details on directors, regulatory actions, litigation status, and defaults. SMEs listed can later migrate to the main board of the exchanges if they meet certain criteria like company size and track record. As of now, over 220 companies are listed on NSE's SME platform and over 100 have migrated from BSE's SME platform
Key Takeaways:
- Background and Overview of Legal Provision
- Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
An Indian individual seeks to incorporate a company in Singapore. The process involves obtaining name approval, determining the company structure as a private or public company, appointing directors and other key personnel, selecting a registered office address, and drafting a company constitution. Once incorporated, the new company can open a Singapore bank account and obtain a tax residency certificate. Indian regulations allow for foreign direct investment through the automatic route or approval route depending on the amount and financial commitment. The entire incorporation process can be completed quickly online but setting up documents may take a few days.
AUTOMATIC VACATION OF STAY GRANTED BY TRIBUNALDCIT v. PEPSI FOODS LTD. [2021]...DVSResearchFoundatio
Key Takeaways:
- Background and Overview of Legal Provision
- Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
Commissioner of income tax-iv.reliance energy ltd.[2021] 127 taxmann.com 69(sc)DVSResearchFoundatio
The Supreme Court ruled that deductions under Section 80-IA of the Income Tax Act can be adjusted against income from other sources, not just business income.
The Revenue Department had argued that Section 80-IA(1) limits deductions to only business income based on the phrase "derived from". However, the Supreme Court observed that Section 80-IA(5) deals only with computing the deduction amount, not limiting it.
The ruling allows eligible businesses to set off Section 80-IA and similar deductions against any head of income, not just profits and gains from business, subject to the overall gross total income limit. This provides tax relief to companies with other sources of income.
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3. 3
Presentation Schema
Registration of
Charges
Duty of Company to
register charges existing
on property acquired
Register of charges to be
kept by Registrar
Endorsement of
certificate of registration
on debentures
Entries of satisfaction and
release of property from
charge
Extension of time
Company to keep copies
of charging instruments
and register of charges
Documents made out of
Singapore
Applicability of Division
5. 5
Sub-section 1- Where a charge (to which this Section applies) is created, the
Company has to lodge a statement containing the details of charge within 30 days
after creation of charge and the same shall be void against the liquidator and any
creditor of the Company, if it is not complied with
Sub-section 1A- The instrument (if any) by which the charge is created or evidenced
or certified true copy thereof shall be produced to the Registrar on his request at
free of cost for the purpose of inspection
Sub-section 2- Nothing in subsection (1) shall affect any contract or obligation for
repayment of the money secured by a charge and when a charge becomes void
under this section the money secured thereby shall be immediately become payable
6. 6
Contd.
Sub-section 3- This section applies to the following charges that are created on or after the
date of commencement of this section (i.e. from 3rd January, 2016)
•a) a charge to secure any issue of
debentures
b) a charge on shares of a subsidiary of a
Company which are owned by the
Company
c) a charge created or evidenced by an
instrument which if executed by an
individual, would require registration as a
bill of sale
d) a charge on land wherever situated or
any interest therein but it shall not
include any rent or other periodical sum
issuing out of land
e) a charge on uncalled capital of the
Company
f) a charge on book debts of the
Company
g) a floating charge on the undertaking or
property of the Company
h) a charge on calls made but not paid
i) a charge on a ship or aircraft or any
share in a ship or aircraft; and
j) a charge on goodwill, on a patent or a
trademark or a copyright or a registered
design or a licence to use a patent or a
trademark or a copyright or a registered
design
7. 7
Contd.
•This section also applies to any charge
•Despite subsection (3), a shipowner’s lien created by a Company on or after the date of
commencement of this sub-section (i.e. from 1st October, 2018), whether as a charge on
the book debts of the Company or a floating charge on the undertaking or property of
the Company, is not a charge to which this section applies
a) That was a charge to which section 131 applied prior to the date of
commencement of this new section (3rd January, 2016); and
b) which was created before such commencement
Sub-section
3AA
Sub-section
3AB
In this section, “shipowner’s lien” means a contractual lien on-
•sub-freights;
•sub-hires; or
•bill of lading freight,
created under a charter (or sub-charter) of a ship for any amount due under the charter (or sub-charter)
Sub-section 11
8. 8
Contd.
a) An order for the winding up of the Company has been made;
b) a resolution has been passed for the voluntary winding up
of the Company; or
c) A creditor of the Company has acquired a proprietary right
to or an interest in the subject matter of the lien
Sub-section 3AC- Despite subsection (3) or (3AA), a shipowner’s lien created by a
Company before 1st October 2018, whether as a charge on the book debts of the
Company or a floating charge on the undertaking or property of the Company, is a
charge to which this section applies only if, as at that date-
9. 9
Contd.
The reference to a
charge on book debts in
subsection (3)(f) shall
not include any
reference to a charge on
a negotiable instrument
or on debentures issued
by the government
A charge referred to in
subsection (3) does not
include any charge
created at any time on
or after the date of
commencement of the
International Interests in
Aircraft Equipment Act
2009 to the extent that
is capable of being
registered under that Act
In subsection (3B),
“registered” has the
same meaning as in
section 2(1) of the
International Interests in
Aircraft Equipment Act
2009
Sub-section 3A Sub-section 3B Sub-section 3C
10. 10
Contd.
Where a charge created in
Singapore affects property
outside Singapore,
the statement containing
the prescribed particulars
of the charge may be
lodged for registration
under and in accordance
with subsection (1)
notwithstanding that
further proceedings may
be necessary to make the
charge valid or effectual
according to the law of the
place in which the
property is situated
Sub-section 4
11. 11
Contd.
Sub-section 5:-
When a series of debentures containing or giving by reference to any other instrument any charge to the
benefit of which the debenture holders of that series are entitled equally is created by a Company,
it shall be sufficient if the details are lodged with the Registrar for registration within 30 days after the
execution of the instrument containing the charge, or
if there is no such instrument after the execution of the first debenture of the series, a statement containing
the following particulars:
The total amount secured
by the whole series
The dates of the
resolutions authorising
the issue of series and
the date of covering
instrument, if any
A general description of
the property charged
The names of the
trustee, if any, for the
debenture holders
12. 12
Contd.
Sub-section 6- For the purpose of sub-section (5), where more than 1 issue is made of debentures in the series, there
shall be lodged within 30 days after each issue particulars of the date and amount of each issue, but an omission to do so
shall not affect the validity of the debentures issued
Where any
commission,
allowance or discount
has been paid or made
either directly or
indirectly by a
Company
to any person in
consideration of his
(whether absolutely or
conditionally)
subscribing or
agreeing to subscribe
or procuring or
agreeing to procure for
any debentures
the particulars
required to be lodged
under this section shall
include particulars as
to amount or % of
commission,
allowance or discount
so paid or made,
but omission to do so
shall not affect the
validity of debentures
issued
Sub-section 9- No charge or assignment to which this section applies (except a charge or assignment relating to land)
need to be filed or registered under any other written law
Sub-section 8- The deposit of any debentures as security for any debt of the Company shall not for the purposes of
subsection (7) be treated as the issue of debentures at a discount
Sub-section 7
13. 13
Contd.
Where a charge
requiring registration
under this section is
created before the
lapse of 30 days after
the creation of prior
unregistered charge,
and comprises all or
any part of the
property comprised in
the prior charge, and
the subsequent charge
is given as a security
for the same debt
which is secured by the
prior charge, or any
part of that debt,
then to the extent to
which the subsequent
charge is a security for
the same debt or part
thereof, and so far as
respects the property
comprised in the prior
charge,
Sub-section 10
the subsequent charge shall not be operative or have any validity unless it is proved in
the court that it was given in good faith for the purpose of correcting some material
error in the prior charge or under other proper circumstances and not for the purposes
of avoiding or evading the provisions of Division-8 (Charges)
15. 15
Penal provision : If there is
any default in lodging the
documents and particulars
which is required to be
lodged as per section 131,
the Company and every
officer of the Company
who is in default shall be
guilty of an offence and
liable to pay fine not
exceeding SGD 1,000 and
also a default penalty
Right to recover the fee : If
the registration is made by
a person other than the
Company, then he shall be
entitled to recover the
amount of fees paid for
registration of charges
from the Company
The registration of charges can be made either by the Company or
any other person interested
16. 16
Section 133- Duty of Company to register
charges existing on property acquired
3
17. 17
The Company shall lodge a statement prescribing the details of charge to the Registrar within 30 days of
acquisition or registration of Company in Singapore, as the case may be, if
•a Company acquires any property which is subject to charge of any kind and if the same requires registration
if such charge had been created after acquisition; or
•a foreign Company created a charge before registering in Singapore and if the same requires registration if
such charge had been created after registering in Singapore; or
•a foreign Company which acquires any property with existing charge before registering in Singapore and if
the same requires registration if such charge had been created on the property after acquisition and after
registering the Company in Singapore
Penal provision : In case of any default in complying with this section, the Company or foreign Company and the
officers of the Company or foreign Company who is in default shall be guilty of an offence and shall be liable to
pay fine not exceeding SGD 1,000 and also to a default penalty
19. 19
The Registrar shall maintain a register of all charges that are lodged for registration under
this Division and it shall contain the following particulars:
•a) in case of a charge to the benefit of which the holders of a series of
debentures are entitled, such particulars as specified in section 131(5) are
required to be mentioned in the statement furnished; and
•b) in any other type of charge-
•if the charge is created by the Company, the date of its creation and if
the charge was existing on a property acquired by the Company, the
date of acquisition of the property;
•the amount secured by the charge;
•the description to identify the property charged; and
•the name of the person entitled to the charge
20. 20
Contd.
•The Registrar shall issue a notice to the concerned Company on registration
of charge and the same shall be treated as a conclusive evidence for
complying with the requirements of registration
•On receiving an application from the Company along with a fee of SGD 50,
the Registrar shall issue a certificate of registration of charge by confirming
the registration and such certificate shall be treated as a conclusive evidence
for complying with the requirements of registration
22. 22
Company which issues a secured debenture registered by a charge, shall endorse the following,
if such debenture forms part of series of debentures or certificate of debenture stock
The above shall not apply to any debenture or certificate of debenture stock which has
been issued before registering the charge
Penal provision : Any person who violates this section by authorising or permitting knowingly or
wilfully the delivery of debenture or certificate of debenture stock which is not endorsed as
required by this section shall be guilty of an offence and liable to a fine of < SGD 2,000
a) a copy of the notice of registration; or
b) a statement showing the effect of registration and the date of registration
24. 24
In respect to any registered charge-
a) the debt for which the
charge was made has been
paid or satisfied in whole or
part: or
b) the property or undertaking
charged or any part thereof has
been released from the charge or
has ceased to form part of
Company’s property or
undertaking
the Company may lodge with the Registrar in the prescribed form as to statement of satisfaction
and the same shall be entered by the Registrar in register of charges
Such statement shall be endorsed by the chargee of the payment, satisfaction, release or ceasing
which shall constitute sufficient conclusive evidence of that payment, satisfaction, release or
ceasing
26. 26
The Court shall rectify the omission to register a charge (whether under the same
law or any of the previous written laws) by passing a just and expedient order,
the omission or mis-
statement of any
particular with
respect to such
charge or in a
statement of
satisfaction was
accidental or due to
inadvertence or
some other
sufficient cause is
shown or it is not in
the nature to
prejudice the
creditors or
shareholders or
just and equitable
grounds exist to
grant relief
when an application is made by the Company or any person interested and on
being satisfied that:
28. 28
Every Company shall keep the instrument creating any charge which is required to be registered
under this Division or any copy thereof at the registered office of the Company till the charge to
which the instrument relates remain in force, but in case of series of debentures, keeping a
copy of one series of debenture is sufficient for the purposes of this section
An instrument creating any charge or a copy thereof or a copy of series of debentures as the
case may be, which is required to be kept as stated above,
a) shall be deemed to form part of the records that are required to be kept
under section 199(1);
b) for the purposes of section 199(2), shall be retained by the Company for a
period of 5 years after-
(i) the date the debt for which the charge was given was paid or satisfied in whole;
(ii) the date the property or undertaking charged was released or ceased to form part of the
Company’s property or undertaking; or
(iii) where both of the events referred to in sub-paragraphs (i) and (ii) occur in any particular
case, the later of the dates
29. 29
Contd.
Every Company shall keep
at the registered office of
the Company a register of
charges and enter therein
all charges specifically
affecting property of the
Company and all floating
charges on the undertaking
or any property of the
Company,
giving in each case a short
description of the property
charged, the amount of the
charge and (except in the
case of securities to bearer)
the names of the persons
entitled thereto
The instruments or copies thereof and the register of charges kept in pursuance
of this section shall be open to inspection of any creditor or member of the
Company without fee,
and the register of charges shall also be open to the inspection of
any other person on payment of such fee not exceeding SGD 2 for
each inspection as fixed by the Company.
30. 30
Contd.
Any person may, on application to a Company and on payment of a fee, not exceeding SGD 1 for
every page or part thereof, be furnished a copy of any instrument or debenture kept by the
Company in pursuance of this section within 3 days of his making the application
Penal provision : In case of any default in complying with this section the Company and the
officers of the Company who is in default shall be guilty of an offence and shall be liable to pay
fine not exceeding SGD 2,000 and also to a default penalty
32. 32
The time limit for lodging any instrument, deed, statement or other document which is required to be
lodged with the Registrar, which is executed or made outside Singapore, shall be extended by 7 days or
such further periods as allowed by the Registrar from time to time
34. 34
This Division shall apply to any charge which was registerable under any of the repealed
laws but was not registered under any of those laws as on 29/12/1967, until and unless
otherwise specifically provided
36. The provisions of this Division shall apply to a Company including a foreign Company if and only if it
is registered under Division 2 of Part XI and it shall not apply to a charge on property outside
Singapore of such foreign Company
Division 2 of Part XI-Foreign Company
a) a Company which establishes a place of business or carries on business
in Singapore
b) a Company which intends to establish a place of business or carry on
business in Singapore