Late Submission Fee for delays under FEMA
The Late Submission Fee (LSF) was introduced for reporting delays in Foreign Investment (FI), External Commercial Borrowings (ECBs) and Overseas Investment related transactions
Companies (Specification of Definition details) Amendment Rules 2022
MCA has issued Companies (Specification of Definition details) Amendment Rules 2022.
Insolvency Resolution Process for Corporate Persons
IBBI prescribes minimum fees and performance incentive for Interim Resolution Professionals(IRPs)/ Resolution Professionals(RPs) under CIRP Regulations. IBBI has notified the defined fee structure payable to IRPs and RPs who are appointed on or after 1st October 2022.
Foreign Exchange Management (Overseas Investment) Regulations, 2022
The Indian entity may lend or invest in any debt instrument issued by a foreign entity or extend non-fund based commitment to or on behalf of a foreign entity including overseas step down subsidiaries of such Indian entity subject to the following conditions within the financial commitment limit as prescribed in the Foreign Exchange Management (Overseas Investment) Rules, 2022.
Removal of Names of Companies from Register of Companies
Removal of Names of Companies from Register of Companies MCA has issued Second Amendment Rule, 2022 in Companies (Removal of Names of Companies from Register of Companies) 1 Notification Date 24/08/2022 2 Subject Companies (Removal of Names of Companies from Register of Companies) Second Amendment Rule, 2022 3 Brief description MCA amend formats of notices […]
Har Ghar Tiranga Campaign
To promote education related to culture is an eligible activity under Schedule VII of the Companies Act,2013 for CSR spending.
Applicability of E Invoicing
Advance Tax in India CBIC vide notification no. 17/2022- Central Tax dated 01st August 2022, extended the applicability of e invoicing for all the taxpayers having aggregate Annual Turnover of INR 10 Crore or more from FY 2017-18 onwards, applicable with effect from 01st October 2022. Complete circular attached
GST Rate Changes after 47th GST Council Meeting
GST Rate Changes after 47th GST Council Meeting..
Hotels/Restaurants cannot add service charge automatically or by default
The Consumer Affairs Ministry has issued a press release which stipulate that hotels or restaurants shall not add service charge automatically or by default in a food bill. No hotel or restaurant shall force a consumer to pay service charge & shall clearly inform the consumer that service charges is voluntary, optional & at the consumers discretion.
Newly Incorporated Section 194R (Income Tax Act 1961)
As per clause (iv) of section 28 of the Act, the value of any benefit or perquisite, whether convertible into money or not, arising from business or exercise of profession is to be charged as business income in the hands of the recipient of such benefit or perquisite.
