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 The code gets its consent on- By Lok Sabha- 5th May 2016 By Rajya Sabha- 11th May 2016 By President- 28th May 2016 Thus the code came into force on 28th May 2016 , as notified by the Central Government in the Official Gazette. The code has extended to the whole of India. Four Pillars of the Code The IBC, 2016 is based on a four-pillar institutional framework, comprising- • NCLT and NCLAT, the adjudicating authority, • Insolvency and Bankruptcy Board of India, the regulator of insolvency professionals and insolvency professional agencies, • Insolvency professionals, the class of regulated persons responsible for the efficient execution of the processes specified under IBC, and • Information utilities, the new industry to electronically store facts about lenders and terms of lending. The main purpose of the code is- to reach a level where there would be the time-bound settlement of insolvency. to resolve India's bad debts problem by creating a database of defaulters. to de...

The Finance Act, 2021, has introduced many new provisions regarding deduction or collection of tax at source. One of them is: Section 194Q - TDS on purchase of goods Applicable from 01.07.2021 As per section 194Q(1), any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the seller) for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year , shall, at the time of credit of such sum to the account of the seller or at the time of payment thereof by any mode, whichever is earlier, deduct an amount equal to 0.1% of such sum exceeding fifty lakh rupees as income-tax . **Rate increases to 5% in case of seller not having PAN, as per section 206AA of the Income Tax Act, 1961. Explanation – For the purposes of this sub-section, “buyer” means a person whose total sales, gross receipts or turnover from the business carried on by him exceed ten crore rupees during...

  Source:Google DUE DATE FOR QUARTERLY TDS STATEMENT Types of Quarterly TDS statements- 1)    Form 24Q – Statement of deduction of tax from salary under section 192. 2)    Form 26Q – Statement of deduction of tax under Section 193 to 196D in any other case. 3)    Form 27Q – Statement of deduction of tax under section 193 to 196D in respect of the deductee who is a non-resident (not being a company) or a foreign company or resident but not ordinarily resident. However, in case tax is deducted under section 194-IA and 194-IB, the deductor shall furnish a challan-cum-statement in Form 26QB and Form 26QC respectively  within a period of 30 days from the end of the month  in which the deduction is made. In this case, no statement shall be filed separately. DUE DATE FOR QUARTERLY TDS STATEMENT   (FOR FY 2020-21)        As Per Notification No.35 /2020/ F. No. 370142/23/2020 – TPL dated ...

In this article, I explained the meaning of 3 similar words from the point of view of Company Law. 1. Insolvency It is a state where our liabilities are greater than our assets. One is unable to pay its debt. The word insolvent is used for both corporates and non- corporates.  In insolvency, the shareholders and directors or creditors can request the following out of court: Liquidation of the business. Administration , which involves restructuring of the business in an attempt to save it. Receivership , wherein a creditor or creditors, such as a bank or other investor, appoints an insolvency practitioner to manage the assets in order to pay off the debt as much as possible. Company voluntary arrangement , where a contract is drawn up regarding the payment of debt after an agreement is made between the company and the creditors. 2. Bankruptcy While the word bankruptcy can be used for individuals only. That is Bankruptcy is a situation where a person becomes insolvent. Here, the on...

Share Market  is a specific kind of market where shares are brought and sold by different institutions and individuals. You need to open a DEMAT account to be eligible to take part in such types of transactions. Here, all the market research work required to be done by ourselves. On the other side, Fund means collective money which was collected from people.  Mutual Funds are managed by profession fund manager who are hired by the companies. In mutual funds, fund manager invest money, according to goals and objectives described in mutual fund schemes, on behalf of us. Here all the market research regarding in which company we should invest is done by the fund manager in against a small % of commission they charged from us. Some common categories of mutual funds are: > Equity funds - funds that invest only in stocks and other equity instruments > Debt funds - funds that invest only in fixed income instruments > Money market funds - funds that invest in short-term mon...

According to this IND AS, Intangible Assets should be recognise in the balance sheet of the entity only if it meets the following criteria:- 1. It should not have any physical substance.  2. It should be under the control of the entity i.e., power to obtain the future economic benefits from the underlying resources and ability to restrict the access of others to those benefits. 3. It should be an identifiable assets i.e., either separable from other assets or arises from contractual or other legal rights. 4. It should be non monetary assets. 5. The entity should have reliable estimate of the cost of the said Intangible Assets.

  CARO 2016 applicable to all the companies except the following (which) are specifically excluded from its purview: A.     Banking Companies B.      Insurance Companies C.      Companies registered for Charitable Purposes D.     One Person Company E.   Small  Companies ( Companies with Paid up capital less than or equal to Rs. 50 Lakhs and Last reported turnover less than or equal to Rs. 2 Crores ) F.      The following  Private Companies  are also exempt from the requirements of CARO, 2016                                            i.            Not a holding or subsidiary of a Public company        ...

“After obtaining due clearances from the Election Commission in view of the  Model Code of Conduct , Government has extended due date for furnishing Annual Return in  GSTR-9  and  GSTR 9C  for 2018-19 from 30.09.2020 to 31.10.2020,” said a tweet from Central Board of Indirect Taxes and Customs. " => The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the due date for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for the Financial Year 2018 – 19 to be extended to 31st October 2020.  GSTR-9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes. Basically, it is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. Though complex, this return helps in extensive reconciliation...

  Blocked Credit {Sec.17 (5) of CGST Act, 2017} ITC is not available in some cases as mentioned in section 17(5) of CGST Act, 2017. Some of them are as follows: a)    motor vehicles and other conveyances except under specified circumstances. Exceptions to ITC on Motor Vehicles and Conveyances:- ITC will be available when the vehicle is used for making taxable supplies by the following:- ·         Further Supply of such vehicles or conveyances, vessels or aircrafts [i.e. if you are in the business of supplying cars then ITC will be available]. ·         Transportation of passengers [i.e. if you are providing transportation of passengers then ITC will be allowed on the vehicle purchased]. ·         Imparting training on driving, flying, navigating such vehicle or conveyances or vessels or aircrafts, respectively. ITC would further be admissible for leasing, renting or hi...

  140. Removal, resignation of auditor and giving of special notice ( 1 ) The auditor appointed under section 139 may be removed from his office before the expiry of his term only by a special resolution of the company, after obtaining the previous approval of the Central Government in that behalf in the prescribed manner: Provided that before taking any action under this sub-section, the auditor concerned shall be given a reasonable opportunity of being heard. ( 2 ) The auditor who has resigned from the company shall file within a period of thirty days from the date of resignation , a statement in the prescribed form with the company and the Registrar, and in case of companies referred to in sub-section ( 5 ) of section 139, the auditor shall also file such statement with the Comptroller and Auditor-General of India, indicating the reasons and other facts as may be relevant with regard to his resignation. ( 3 ) If the auditor does not comply with sub-section ( ...