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Notes

One Director must stay in India: Brief discussion

Section 149 subsection 3 of the Companies Act 2013 state as follows: “Every company shall have at least one director who has stayed in India for a total period of not less than one hundred and eighty-two days in the previous calendar year” Let us first analyse the provision- The provision is applicable to all […]

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Notes

Companies Act 2013: MCA introduces new eforms

On its way to the journey of implementation of Companies Act 2013, MCA introduces the following new eforms Serial no New form Purpose of the form 1 INC-1 Application for reservation of name 2 INC-2 OPC- Application for Incorporation 3 INC-3 OPC- nominee consent forms 4 INC-4 OPC-change in members/nominees 5 INC-5 OPC-Intimation of cessation […]

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Notes

Companies Act 2013-A brief outlook on major changes affecting private companies

Glance on provisions affecting private companies Section Details Brief Provision Section 2(41) Definitions Financial Year of any Company can end only on March 31 and only exception is for companies, which are holding / subsidiary of a foreign entity requiring consolidation outside India, can have a different financial year with the approval of Tribunal. Section […]

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Companies Act , 2013 published in the Gazette of India on 30th August 2013

After being approved by Parliament last month and receiving assent from President Pranab Mukherjee, the historic Companies Bill has been enacted. http://icsi.edu/WebModules/LinksOfWeeks/Companiesact_2013_Gazette.pdf

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KYC procedure for opening of Bank Accounts for Foreign students studying in India

Foreign students arriving in India are facing difficulties in complying with the Know Your Customer (KYC) norms while opening a bank account due to non-availability of any proof of local address therefore it has been decided to lay down a procedure for opening accounts of foreign students who are not able to provide an immediate […]

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The Companies Act, 2013 has acquired assent by President of India on August 29, 2013.

The new Companies Bill has received President’s assent, that will make it into a law replacing the nearly six-decade old regulations that govern corporates in the country. The Companies Bill 2013 received assent from the President Pranab Mukherjee on August 29 2013. The new Bill, providing for sweeping changes in the way companies operate and […]

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Gift received by assessee on occasion of his daughter’s marriage won’t be exempt as the word individual appearing in proviso to sub-clause (vi) of sec. 56(2) relates to marriage of assessee and not of his daughter.

The High Court held as under: 1) Proviso to sec. 56(2)(vi) provides that gift received on the occasion of the marriage of an individual would be exempt from tax. There is no ambiguity in such proviso; 2) The expression “individual” appearing in proviso (b) to section 56(2)(vi) of the Act, is preceded by the word […]

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Presentations

Business Reorganisation and Consolidation

Business reorganization and consolidation from nehasinghi12 ** Please note that the related slideshows at the end of the presentation will take you to another website, and the Propreitor of the Website is not liable for the contents whatsoever. ** For any queries relating to the presentation, please contact us. Author: Amit Jain Contact: +91-22-67477400 / […]

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Updates

MCA amends DIN 1, 4 and eForm 18

MCA amends eForms Din 1 & 4 and 18 Ministry of Corporate Affairs vide Notification G.S.R (E) dated December 24, 2012 has amended e-forms DIN 1, DIN 4 and Form 18. The new eforms shall come into effect from 25th December 2012 . The details regarding the amendment is summarized below 1. Form DIN 1: […]

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Notes

Highlights of Company Bill 2012- passed in Lok Sabha

After a long wait –   Companies Bill, 2008 became Companies Bill, 2009 and then Companies Bill, 2011. Based on Parliamentary Standing Committee’s recommendations, it was again amended and finally now we have Companies Bill, 2012 – Passed in Lok Sabha on 18th Dec 2012 at 10:46 PM The Companies Bill, 2012 has been passed by the […]