SECTION 119 OF THE INCOME-TAX ACT, 1961 – INCOME-TAX AUTHORITIES – INSTRUCTIONS TO SUBORDINATE AUTHORITIES – INFORMATION SECURITY GUIDELINES CISO INSTRUCTION NO.1 [F.NO.500/62/2015-FTTR-III], DATED 10-7-2015 Confidentiality of Taxpayer information has always been a fundamental cornerstone of tax systems. The tax administration is obliged to keep the information submitted by the taxpayers, including their sensitive financial… Read More »
Partnership firm can invest in a company Query: We have a query that can a partnership firm invests in equity shares of a company. If yes, then what are the relevant provisions? Answer: Partnership firm cannot hold shares in its name as firm is not an entity or artificial person. However Partners of the firm can hold shares in the company… Read More »
Highlights of Report of Rajya Sabha Panel on GST Bill Band for GST-rates The Bill empowered GST Council to make recommendations for the rates of goods and service tax including floor rates with bands. The Committee recommended that the word ‘band’ may be defined in GST laws as following: “Band”: Range of GST rates over… Read More »
Query: We have incorporated a private limited company with INC-29 and form is duly approved and certificate is duly issued. Now, Our query is whether we have to file separate Form INC-22 for registered office because our office address is same as mentioned in form inc-29 which is duly approved? Answer: In case you had mentioned the… Read More »
Query: I would like to know that How much loan can be taken by a Pvt Ltd company from its Directors and what are the legal requirements to be fulfilled by the company in this respect ?. Answer: As per Section 180(1)(c) of the Companies Act 2013, Companies are required to pass Special resolution in the… Read More »
Query: Is consolidation of financial statements required if a company does not have any subsidiary company but has 1-2 associate companies. Answer: No, As per the Companies (Accounts) Amendment Rules, 2014 dated 14/10/2014, Consolidation of financial statements shall not be required in case a company does not have any subsidiary company but has associate companies. Corporate Law:–… Read More »