CA. Kavit Vijay

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income tax amendment
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CA. Kavit Vijay

Welcome changes in Income tax rates

Amidst various economic measures announced by the Hon’ble Finance Minister (‘Hon’ble FM’) from time to time during August and September 2019, several income tax-related amendments were announced by the Hon’ble FM on 20 September 2019. The measures announced pertain to change in Income Tax rates, Minimum Alternate Tax (‘MAT’) and Buy-back tax and are aimed promoting growth and investment. It is noteworthy that the Taxation Laws (Amendment) Ordinance 2019 (‘Ordinance’) has been passed barely within two months from the notification of Finance (No. 2) Act, 2019. The amendments in the ordinance pertain to the Income-tax Act, 1961 as well as

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UNION BUDGET 2019
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CA. Kavit Vijay

Union Budget 2019 – Income Tax amendments applicable from 1 September 2019

The Indian Parliament has passed the Finance Act (No. 2), 2019 (‘2019 Finance Act’) during July 2019 and has received the assent of the President of India on 1 August 2019. Various provisions part of the 2019 Finance Act are applicable retrospectively from 1 April 2019. However, certain provisions pertaining to procedural aspects and compliances like Tax Deducted at Source (‘TDS’) were proposed to be made effective from 1 September 2019. Let us now look at some of the amendments effective from 1 September 2019. 1. Section 194IA – TDS on incidental payments towards property purchases Erstwhile provisions: Any payments

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Measures to Boost Economy
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CA. Kavit Vijay

Measures to Boost Economy – Part 1 | Announcements by Finance Ministry

Announcements made by the Hon’ble Finance Minister during the Press Conference held on 23 August 2019 The Indian Parliament had passed the Finance Act (No. 2), 2019 during July 2019. Being the first Budget presented by the Government after a sweeping majority in the recent elections to the Lower House of the Parliament, the focus was on stabilising the economy and undertaking structural macro-economic reforms to inter alia derive benefits from the demonetisation exercise conducted in November 2016 and the introduction of Goods and Services Tax in July 2017.  The budget was also focussed on tax optimisation, increasing the tax

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Insolvency and Bankruptcy Code, 2016 is the bankruptcy law
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CA. Kavit Vijay

Insolvency and Bankruptcy Code, 2016 is the bankruptcy law

Insolvency and Bankruptcy Code, 2016 (“The Code”) is the bankruptcy law which contains provisions related to insolvency of companies, partnership firms and individuals. Ministry of Corporate affairs issued a press release dated 17th July, 2019 specifying that Union cabinet approved the proposal to introduce Insolvency and Bankruptcy Code (Amendment) Bill, 2019 (“The Bill”) in parliament on 17th July, 2019 itself. The bill will propose 8 amendments in the code. Major objective of the bill is to fill the critical gaps in the corporate insolvency resolution framework with simultaneously maximizing value from Corporate Insolvency Resolution Process (“CIRP”). CIRP section of the

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UNION BUDGET 2019
Blog
CA. Kavit Vijay

Key highlights on UNION BUDGET 2019

After interim budget in February, 2019, Hon’ble Finance minister Nirmala Sitharaman presented her first union budget, 2019 on 5th July, 2019. While presenting budget, Hon’ble FM focused around promoting investment in infrastructure, higher surcharge for super riches, reduction in corporate tax rate, reduction in taxes of electric vehicles etc. Budget also focused on promotion of digital transactions by way of reduction in charges for digital payments, TDS on cash withdrawal etc. Finance Bill, 2019 proposed various amendments in Income Tax Act, 1961, Central Goods and Service Tax Act, 2017 etc. Gamut of various changes proposed is as follows: 1. Central

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Government of India reduces the social security contribution under ESIC Act from 6.5% to 4%
Blog
CA. Kavit Vijay

Government of India reduces ESIC contribution from 6.5% to 4%

The Government of India has reduced the rate of contribution under the Employees’ State Insurance Act (‘ESI Act’) from 6.5 percent of the total wages to 4% of the total wages. The reduced rates are effective 1 July 2019. The Ministry of Labour and Employment of the Government of India has issued a gazette notification int his regard. The ESI Act is one of the social security laws in India which provides for medical, cash, maternity, disability and dependent benefits to the eligible employees covered under the ESI Act. All employees with a gross pay of less than INR 21,000

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Reporting about beneficial interest in shares
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CA. Kavit Vijay

Reporting about beneficial interest in shares | MGT 6

Shareholders are considered as owner of the company as they invest money into the business and as per Companies Act, 2013 (“The Act”), shareholders are entitled to various rights such as voting right, right to dividend etc. However, in certain cases, person holding shares in his name may not have the beneficial interest in such shares and some other person may have beneficial interest in those shares. Companies Act, 2013 (“The Act”) contains provisions related to reporting about such cases. 1. Meaning of Beneficial Interest (Section 89(10) of the Act) Section 89(10) of the act defines beneficial interest in a

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Annual Return of Dormant Company | Form MSC 3
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CA. Kavit Vijay

Annual Return of Dormant Company | Form MSC 3

We usually came across many such companies which are not having any operations since incorporation or which ceased to have operation from certain period of time. Companies Act, 2013 (“The Act”) provides provision of Dormant company to deal with such kind of companies. Companies Act, 2013 prescribes simplified return format and other simplified compliance for such company subject to certain restrictions. Provisions of Dormant Company are given under section 455 of the act. 1. Meaning of Dormant Company (Section 455(1) of the act) Any of the following company may obtain status of dormant company by making an application to the

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Appointment of Cost Auditor
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CA. Kavit Vijay

Intimation of appointment of cost auditor | CRA-2

Companies Act, 2013 prescribes various types of audit based on nature of activities carried out by the company such as Internal Audit, Audit of Financial statements, Cost Audit, secretarial audit etc.  Audit is carried out to verify that whether the information provided by the company is correct or not or whether the company is complying with the provisions of applicable law or not. Similarly, Section 148 of Companies Act, 2013 (“The Act”) read with Companies (cost records and audit) Rules, 2014 (“The Rules”) provides for cost audit and appointment of cost auditor of specific items to be specified by central

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Change in Share holding to be intimated to ROC
Blog
CA. Kavit Vijay

Companies to Report any change in share holding to ROC with in 30 days in FORM BEN 1 and BEN 2

Shareholders are owners of the company as they invest money into company and are interested in financial position of the company. Companies Act, 2013 specifies multiple decisions which are to be taken by members in Annual General Meeting (“AGM”) or Extra-ordinary general (“EGM”) meeting either through special resolution or ordinary resolution or any other specified manner. If majority of shares are held by any person or particular group of persons then such person or group of persons will become deciding authority by using its majority shareholding. Accordingly, recently Ministry of Corporate affairs has prescribed new reporting requirement for shareholders having

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