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100% FDI in food processing to reduce wastage, curb inflation: CII

With the government giving the green signal to 100 per cent foreign direct investment (FDI) in trading of food products manufactured or produced in India, including through e-commerce, the industry stakeholders feel the measure will reduce wastage, curb inflation and will be beneficial for the farmers. Piruz Khambatta, Co-chairman of […]

Filling up of a blank Cheque, not always amounts to Material Alteration: Gujarat HC

Gujarat High Court has recently held that the contention that when a signed blank cheque leaf is handed over, it can never be filled up and that if it is filled up it would amount to a material alteration within the meaning of using Section 87 of the N.I. Act, […]

Threshold Limit of tax audit under section 44AB and section 44AD – Clarification

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, the 20th June, 2016 Sub: Threshold Limit of tax audit under section 44AB and section 44AD – clarification regarding Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory for every […]

‘Buy one get one free’ deals to soon lose charm, GST may apply to free articles.

The popular ‘buy one get one free’ deals stand to lose some of their charm as the proposed goods and services tax (GST) may apply to free articles given away with those purchased. As per Section 3 of the model GST law that the government has unveiled for stakeholder comments, […]

Regional Directors

The seven Regional Directors (RD) are in-charge of the respective regions, each region comprising a number of States and Union Territories. They supervise the working of the offices of the Registrars of Companies and the Official Liquidators working in their regions. They also maintain liaison with the respective State Governments […]

How to incorporate an OPC

Name reservation: Form INC-1 shall be filed for name availability. Incorporate OPC: After name approval, form INC-2 shall be filed for incorporation of the OPC within 60 days of filing form INC-1. Form DIR-12 shall be filed along with (linked) form INC-2 except when promoter is the sole director of […]

INCOME DECLARATION SCHEME, 2016 – DECLARATION OF DOMESTIC BLACK MONEY FROM 1-6-2016 TO 30-9-2016

PRESS RELEASE, DATED 14-5-2016 The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s). Under the Scheme, such income as declared by the […]

Top Fifty Points on Secretarial Standard on Meetings of The Board of Directors.

In terms of the requirement of section 118 of the Companies Act 2013, every company is required to comply with the Secretarial Standards issued by ICSI with the approval of the Central Government. In the said respect, ICSI has issued a Secretarial Standards on board meetings (SS-1) and general meetings […]

Clarification with respect to Companies (Accounting Standards) Amendment Rules 2016

May 02, 2016 MCA vide its General Circular no 04/2016 dated April 27th, 2016 has issued a clarification as to the accounting period for which the accounts needs to be prepared in accordance with the accounting standards , as amended through the Companies (Accounting Standards) Amendment Rules 2016. After examining […]

Panama Papers: All you need to know about the leaked documents

As per the Panama Report, many people with authorities and fame are expected to be engaged in Black Money transactions. Overseas companies has been created and then closed within few years after doing several heavy transactions. Amitabh Bachhan and Aishwarya Rai also covered. What is the Panama Papers Leak? Panama […]