Half Yearly Audit Report on Reconciliation of Share Capital

The Ministry of Corporate Affairs (MCA), with a view to reinforcing the investor interest and better corporate governance, amended the Companies (Prospectus and Allotment of Securities) Rules, 2014 by issuing Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2019 vide its notification dated 22nd May 2019 which is effective from 30th September 2019.

The amended rules require the Unlisted Public Companies to file the Audit Report on Reconciliation of Share Capital in Form PAS 6 as on the end of every half-year with effect from September 30, 2019, duly certified by a Company Secretary/Chartered Accountant in practice. The due date for filling the MCA Form PAS 6(after deployment of form on MCA Website) for the period 01.04.2019 to 30.09.2019 and 01.10.2019 to 31.03.2020 is 13.09.2020.

For more details, please refer to the attached document:-  Half Yearly Audit report on Reconciliation of Share Capital

DISCLAIMER:-

The information contained herein is in summary form of Notifications/Clarifications Issued by the Ministry of Corporate Affairs and is based on information available in the public domain. While the information is believed to be accurate to the best of our knowledge, we do not make any representations or warranties, express or implied, as to the accuracy or completeness of this information. Readers should conduct and rely upon their own examination and analysis and are advised to seek their own professional advice. This note is not an offer, invitation, advice or solicitation of any kind. We accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies upon it.

Posted in Regulatory |

Gujarat High Court Allows Refund of “Accumulated Credit on Input Service” in case of “Inverted Duty Structure”

The Landmark judgement by Gujarat High court on July 24, 2020, has come out with relief for many industries functioning in the field of textiles, railway locomotives and parts, handlooms, solar modules, e-commerce, etc. as it was held that by prescribing the formula in sub-rule 5 of Rule 89 of the CGST Rules,2017 to exclude refund of tax paid on ‘input service’ as part of the refund of unutilized input tax credit is contrary to the provisions of Sub-section 3 of Section 54 of the CGST Act,2017 which provides for a claim of refund of ‘any unutilized input tax credit’. For more details on the facts and decision, please refer to the attached note:- Gujarat High Court Judgement-Refund of Input Services in case of IDS

Disclaimer:-

This document has been prepared in summary form by Dewan P. N. Chopra & Co. based on the High court judgement as indicated above. For further details, please refer to the said Judgement as per the link attached above. While the information is believed to be accurate to the best of our knowledge, we do not make any representations or warranties, express or implied, as to the accuracy or completeness of such information. Readers should conduct and rely upon their own examination, investigation, and analysis and are advised to seek their own professional advice. The information and data contained herein are not a substitute for the recipient’s independent evaluation and analysis. This document is not an offer, invitation, advice or solicitation of any kind. We accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies on it.

Posted in GST |

Income tax (17th Amendment) Rules 2020 dated 24th July,2020.

The Income-tax (17th Amendment) Rules 2020 have brought in certain procedural amendments in the following rules:

Effective from 1st October 2020

  1. Rule 37CA (Time for TCS payment);
  2. Rule 37-I (TCS Credit);
  3. Rule 31AA (TCS Return); and
  4. Form No. 27 EQ (TCS Return to give effect to amendments in TCS Section i.e. 206C as introduced in the Finance, Act, 2020 whereby TCS applicability was extended to the following transactions effective from 1st October 2020. To read more, please refer to the attached document:- Income Tax 17th Amendment Rules 2020

Disclaimer:-

The information contained herein is in summary form based on the interpretation of Notification dated 24th July 2020 issued by CBDT. While the information is believed to be accurate to the best of our knowledge, we do not make any representations or warranties, express or implied, as to the accuracy or completeness of this information. Readers should conduct and rely upon their own examination and analysis and are advised to seek their own professional advice. This document is not an offer, invitation, advice, or solicitation of any kind. We accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies upon it.

Posted in Direct Tax |

100 People: A World Portrait

The Project “100 people: A World Portrait’’ was created to help people conceptualize the world’s staggering population. By using information from the World health organization, the World Bank, the census, the United Nations, and others, the project used the world’s population statistics and scaled them to just 100 people. The World as 100 People is beautifully presented by Mr. Jack Hagley.

100 People

Posted in Green Initiative |

Delhi HC Judgement-No Right to issue Belated Deficiency Memo After Termination of Statutory Limits

The Delhi High Court in its decision on 22nd July, 2020 in response to the Petition filed by “Jian International” stated that the Respondent has lost the right to raise the deficiency in the Petitioner’s Refund application at belated stage and directed the respondent to pay to the petitioner the along with interest in accordance with law within two weeks.

For more details, Please refer the attached document:- Delhi HC Judgement-Belated Deficiency Memo

Disclaimer:-

This Document has been prepared in summary form by Dewan P.N.Chopra & Co. based on the judgement of the Delhi High Court. For further details, please refer the said judgement as per link attached above. While the information is believed to be accurate to the best of our knowledge, we do not make any representations or warranties, express or implied, as to accuracy or completeness of this information. Reader should conduct and rely upon their own examination and analysis and are advised to see their own professional advice. This note is not an offer, invitation, advice or solicitation of any kind. We accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who rely upon it.

Posted in GST, GST Update |