Tuesday, December 6

Tag: companies

Update from IBBI – 15 July – 25 July 2019
Uncategorized

Update from IBBI – 15 July – 25 July 2019

Update on Public Announcements and Invitation of Resolution Plans from Insolvency and Bankruptcy Board of India mentioned below for your reference. What’s New 24-07-2019 - The Insolvency and Bankruptcy Code (Amendment) Bill, 2019 24-07-2019 - Appointment of Part-Time Members in IBBI 25-07-2019 - IBBI (Liquidation Process) (Amendment) Regulations, 2019 25-07-2019 - IBBI (Information Utilities) (Amendment) Regulations, 2019 25-07-2019 - IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2019 25-07-2019 - Constitution of Benches of NCLT Public Announcements 15-07-2019 Public Announcement of Liquidation Process-C. S. Tubes Pvt. Ltd. 18-07-2019 Public Announcement of Liquidation Process-Sri Lakshmi Hotels Pvt. Ltd. 22-07-...
MCA Extends Due Date For Filing e-Form ACTIVE (INC – 22A)
MCA, Regulatory

MCA Extends Due Date For Filing e-Form ACTIVE (INC – 22A)

MCA has decided to extend the due date from 25th April, 2019 to 15th June, 2019, for filing e-FORM ACTIVE (Active Company Tagging Identities and Verification) Ministry of Corporate Affairs Notification G.S.R. (E). In exercise of the powers conferred by sections 396, 398, 399, 403 and 404 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the companies (Registration Offices and Fees) Rules, 2014, namely:- (1) These rules may be called the Companies (Registration Offices and Fees) Second Amendment Rules, 2019. (2) They shall come into force from the date of publication in the Official Gazette. In the Companies (Registration Offices and Fees) Rules, 2014, in the Annexu...
Filing of Affidavit Not Mandatory for INC-9
Uncategorized

Filing of Affidavit Not Mandatory for INC-9

A recent clarification from MCA stated that it is not mandatory to file affidavit while incorporating a new company, though the declaration by the first subscriber and first director in INC-9 remain mandatory. Stakeholders may note this key clarification while filing the SPICe forms for incorporation of companies. Official Mandate from MCA - Stakeholders are requested to please note that Filing of affidavits (from each of the subscribers to the memorandum and from persons named as the first directors, if any, in the articles that he is not convicted of any offence in connection with the promotion, formation or management of any company, or that he has not been found guilty of any fraud or misfeasance or of any breach of duty to any company under this Act or any previous company ...
Just 30 Days left to file e-Form ACTIVE
Generic

Just 30 Days left to file e-Form ACTIVE

Important Links FAQs on e-Form ACTIVE (INC – 22A) MCA Mandates All Active Companies in India to Submit This Form Before 26th Apr 2019 Companies (Incorporation) Amendment Rules, 2019 Companies (Registration Offices and Fees) Amendment Rules, 2019 Active Company Tagging Identities and Verification (ACTIVE) – eForm – INC 22(A) Companies (Incorporation) Rules, 2014 How to Check eForm ACTIVE INC 22A Filing Status
Companies that Claimed Over 95% Input Tax Credit Under Radar
Corporate

Companies that Claimed Over 95% Input Tax Credit Under Radar

Highlights: Tax authorities have dropped emails looking for answers from companies which paid over 95% of their tax liability by claiming Input Tax Credit.The questions have arisen due to a big change in turnover reported by the companies, the decline in growth of central GST liability.The Institute of Chartered Accountants of India (ICAI) western regional council has written and questioned the tax authorities practice in dealing with such cases. Companies that used Input Tax Credit for paying most of its Goods and Services Tax (GST) liability or the companies that reported a drastic change in the turnover are being questioned by the tax officials. Tax authorities have dropped emails looking for answers from companies which paid over 95% of their tax liability by claiming Input T...
Circular Trading in Companies: Everything You Need to Know
Academia

Circular Trading in Companies: Everything You Need to Know

Circular Trading has been ever existing in the Indian Market, but many tend to believe that it only takes place in the stock market. However, that is not the case, Circular Trading can also take place into companies or trading businesses. Before we further get into the depth and analysis of circular trading, let’s start with the basics and try to understand the following aspects. What is Circular Trading in Companies? Circular Trading is a type of scam that takes place when a company tries to create a flow of fake sales transaction with its collusioned parties by producing fake invoices. Now, we all wonder, why do they do that? What is the illegal advantage of it? Circular Trading: It’s illegal Advantages This type of scam basically creates a huge financial impact on companies...
Tax Officials Raid Companies Involved in Circular Trading
Corporate

Tax Officials Raid Companies Involved in Circular Trading

Highlights The Indirect Tax Department targets raid over several promoters of companies involved in circular trading.Companies also prepared counterfeit invoices of INR 25,000 crore which was issued by the small and medium companies.The Indirect Tax Department has raided several states like West Bengal, Punjab, Rajasthan, Punjab, Haryana, Maharashtra, and New Delhi. Circular trading is a type of securities fraud that can take place in stock markets, causing price manipulation and often related to pump and dump schemes. Tax officials begin to go after companies that tried to fend off Goods and Services Tax (GST) and are involved in circular trading. Officials claim to have arrested various promoters of such companies. Many suspects that circular trading may be used to increase ...
Companies Gaze at Cash Flow Problems Due to Change in the Rule of GST
Corporate

Companies Gaze at Cash Flow Problems Due to Change in the Rule of GST

Highlights A tweak in the rules of GST set to generate cash flow problem.Companies cannot avail CGST or SGST credit before utilizing IGST credit.Tax experts believe this regulation could possibly lead to litigation in the coming few months.Industry experts believe companies can solve this problem by reforming their supply chain structures. A subtle change in the rule of how Goods and Services Tax (GST) should be utilized is set to generate cash flow problem for number of companies starting this month. The government introduced the credit utilization mechanism late last year (2018) that companies are mandatory to follow from the beginning of this month. Under the GST framework, one of the aims is to steer clear of double counting of taxes, companies can collect tax paid on raw ...