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MSME
The Micro, Small & Medium Enterprises (MSMEs) are defined in India under the MSMED Act 2006 on the basis of capital investment made in plant and machinery, excluding investments in land and building. BASIS MICRO SMALL MEDIUM Manufacturing Sector Rs.2.5 Million Rs.2.5 Million to Rs.50 Million Rs.50 Million to Rs.100 Million Service Sector Rs.1.0 Million...Continue Reading
THE CODE ON WAGES, 2019
The Code on Wages, 2019 has been passed by the Lok Sabha and Rajya Sabha, approved by Parliament and is now an Act of Parliament assented by the President. The Central Government, however, is yet to appoint a date by when the act shall be effective. It shall be announced by notification in the Official...Continue Reading
What is ‘Angel tax’?
Finance Act 2012, introduced a new sub section (2) (vii b) in Section 56, ‘Income from other Sources’. It declared that following incomes shall be chargeable to income-tax under the head ‘Income from other sources’, namely: A company in which the public are not substantially interested, Receives from a resident, Consideration in excess of fair...Continue Reading
CHALLENGES IN FILING ITR
You would have noticed an inordinate delay in our ‘Turnaround time’ and our asking for additional information at the last minute. This will definitely irk our professional clients, who are organized and are very prompt in submission of details. So, what ails our inefficiency this time? Let me voice some, before you condemn us outright!...Continue Reading
Corporate Compliance Management
A statement by the management on the attitude of one and all in an organization plasticised in letter and spirit. It is not only a statutory requirement but also a necessity to strengthen the corporate governance. Need of Compliance Management “To promote self-discipline” “To exercise self-control” Significance Apart from avoiding the risks of non-compliance, there...Continue Reading
Recommendations of Uday Kotak Committee on Corporate Governance
Background: The Committee on Corporate Governance was constituted by SEBI in June 2017, under the Chairmanship of Mr. Uday Kotak, to make recommendations to SEBI for improving standards of corporate governance of listed entities in India. The Committee submitted its report detailing several recommendations on October 5, 2017; was placed on the SEBI website for public comments. Few recommendations...Continue Reading
Companies (Amendment) Act, 2017 Vol. 2
Section No. Amendment Impact Section 96 Annual General Meeting It is proposed that Annual General Meeting (‘AGM’) of unlisted company may be held at anyplace in India if consent is given is writing or by electronic mode by all the members...Continue Reading