Latest Tax News & Updates

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Incorporation of One Person Company (OPC)

Company Law - 03-Apr-2019

The One Person Company (OPC) is a newly incorporated type of company that was introduced in the Companies Act, 2013 to support entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity. There can be only one, natural person resident of India who can be the member of OPC. As the name itself suggests it is a company which is owned by one single person.  PRELIMINARY CONDITIONS (As per Rule 3 of Companies...

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Companies can apply GST, ESIC & EPFO Registration while incorporating

Company Law - 03-Apr-2019

Companies (Incorporation) Third Amendment Rules, 2019– The application (SPICe) for incorporation of a company shall be accompanied by a linked e-form AGILE (Application for registration of the Goods and Services Tax Identification Number (GSTIN), Employees’ State Insurance Corporation (ESIC) registration pLus Employees’ Provident Fund Organisation (EPFO) registration) with effect from 31st March 2019, as notified vide the Companies (Incorporation) Third...

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Companies (indian Accounting Standards) second Amendment Rules,2019

Company Law - 03-Apr-2019

GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 30th March, 2019 G.S.R (E).— In exercise of the powers conferred by section 133 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government, in consultation with the National Financial Reporting Authority, hereby makes the following rules further to amend the Companies (Indian Accounting Standards) Rules, 2015, namely:— 1. Short title and...

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Statutory dues for taxes operational Debt:NCLAT

Company Law - 03-Apr-2019

ORDER OF NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI These appeals though heard separately but the question being common are being disposed of by this common judgment. In Company Appeal (AT) (Insolvency) No. 205 of 2017 2. This appeal has been preferred by ‘Pr. Director General of Income Tax (Admn. & TPS)’ against the order dated 2ndAugust, 2017 passed by the Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Hyderabad under Section 31 of...

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Cabinet approves Promulgations of Companies (Second Amendment)

Company Law - 03-Apr-2019

The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Promulgation of the Companies (Second Amendment) Ordinance 2019 and for replacement of the said Ordinance in Parliament by a replacement Bill. It is based on the recommendations of the Committee to review offences under the Companies Act, 2013, so as to fill critical gaps in the corporate governance & compliance framework as enshrined in the Companies Act 2013, while simultaneously extending greater Ease of...

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