Acts

Rule 6DD [Exception to Section 40A(3)]

Rule 6DD [Exception to Section 40A(3)]: Cases where CASH payment exceeding Rs. 10,000 is Allowed:- Salary of Employee after deducting TDS where, employee is temporarily posted greater than or equal to 15 days continuously at place (not place of duty) or ship & at that place, employee does not have any bank accounts. Terminal benefit upto Rs. 50,000 to employee. For general understanding: Terminal benefit is the last amount paid to employee either on termination or resignation or in other cases. Firstly we have [...]

Treatment of Reverse charge under GST

Hello Everyone coming with another article in this new year on Reverse Charge under GST, Reverse charge is a mechanism where recipient of goods and/ or services is liable to pay GST instead of supplier. Now What is Reverse Charge ? Under Normal Scenario, tax is paid by a supplier who makes supply of goods or services or both. However, under Reverse Charge Mechanism, liability to pay tax would not be on the supplier of goods or services or both but on the [...]

HOW TO FILE GST TRANS-1

  BACKGROUND I would like to Owe to all the readers for providing good response& Appreciation to my article “GEAR UP FOR THE FIRST GST RETURN(GSTR-3B)”. Various registered persons under GST Act have input credit balance of OLD LAWS (Excise, Servicetax, Value Added tax, Entry Tax (In some cases)) which they want to be carried forward in GST. Hence government has come up with transitional provisions to entertain such credit to be carried forward. However, over the period of two months we have [...]

EXECUTION OF BOE, PUBLIC OFFER & PRIVATE PLACEMENT

Section 21, Authentication of documents, proceedings and contracts As per the provisions of this act, it is the duty of KMP (Key Managerial Personnel) or an officer of the company duly authorized by the board should sign: a document or proceeding requiring authentication by a company; or contracts made by or on behalf of a company. Section 22, Execution of bills of exchange, etc If a bill of exchange, hundi or promissory note has been made, accepted, drawn, or endorsed in the [...]

ALTERATION IN THE MEMORANDUM & ARTICLES OF THE COMPANY

Section 13, Alteration in Memorandum: First of all, a special resolution is required to be passed in case the company wants to alter the memorandum. Alteration in Name: In case of change in name of the company, the approval of the central government in writing is required except if the change is only in a way of add or delete the word “Private” in the name of the company. After the change in the name of the company, a certified copy of [...]

REGISTERED OFFICE

Section 12, Registered Office of the Company The company after the receiving the Certificate of Incorporation shall within the period of 15 days, have a registered office capable of receiving and acknowledging all communications and notices as may be addressed to it. The company within 30 days of its incorporation shall furnish to the Registrar verification of its Registered Office in the prescribed manner. What & Where to mention? The company shall paint or affix its name, and the address of its [...]

GST DUNIYA. Part 11 – (Taxation of E-Commerce Business)

GST on E commerce Sellers Hope you had read the previous parts of the GST Duniya series, if not, then read it from here: Part 1  Part 2 Part 3 Part 4 Part 5 Part 6 Part 7 Part8 Part 9 Part 10 First of all,lets understand the meaning of E commerce sellers;: E-commerce sellers means sellers selling their products to customers via internet. E commerce business is growing rapidly in modern world i.e. world of technology. E commerce websites are gaining trust of customers and it is normal phenomenon now a days to [...]

Memorandum, Articles & Incorporation of Comapny

Today’s topic is Memorandum, Articles & Incorporation of the company, section 4, 5 & 7 of the companies act. Section 4, Memorandum of Company Meaning: "Memorandum" means the memorandum of association of a company as originally framed or as altered from time to time in pursuance of any previous company law or of this Act; Memorandum defines the charter of the company and shall state the following: The name of the company with the last word “Limited” in the case of a public [...]

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