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Author: Vishnu Daya

Vishnu Daya & Co LLP > Articles posted by Vishnu Daya (Page 11)
20 December
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MCA notifies LLP Rules to maintain register of partners and declaration of names of persons holding interest in the LLP

Posted by Vishnu Daya
in NewsletterAlerts

We present another alert on the below topic: MCA notifies LLP Rules to maintain register of partners and declaration of names of persons holding interest in the LLP The ministry of Corporate Affairs (MCA) has notified The Limited Liability Partnership (Third Amendment) Rules, 2023, which amend the Limited Liability Partnership Rules, 2009. These Amended Rules will be effective from 27 October 2023 and will be applicable to every LLP. Register of Partners: (1) Every LLP should, from the date of its incorporation, maintain a register of its partners in Form 4A to be kept at the registered office of the...

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01 December
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Due Date for Payment of Advance Tax is 15th December 2023 for AY 2024-25

Posted by Vishnu Daya
in NewsletterAlerts

This is to bring to your kind attention that the due date for payment of third instalment of advance tax (75%) for the financial year 2023-24 is 15.12.2023. Kindly take necessary actions to make the payment within the due date. For taxpayers opting for Presumptive Taxation Scheme under section 44AD & 44ADA, 100% advance tax need to be paid before 31st March 2024 (4th quarter) and hence no requirement of making payment in instalments....

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22 November
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Dematerialization of Securities of Private Companies

Posted by Vishnu Daya
in NewsletterAlerts

The Ministry of Corporate Affairs has made it mandatory to all the private companies other than small companies to convert their shares and other securities to demat form on or before September 30, 2024. Post September 30, 2024, private companies cannot issue shares in physical form and also the shareholders cannot transfer existing shares in physical form. Companies will have to obtain ISIN for each securities either with NSDL or CDSL and the shareholders will have to open demat account. Please contact Ms. Prakruthi Shetty for further queries / clarifications. Her email id is [email protected]...

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22 November
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Most Favoured Nation (MFN) clause in a DTAA

Posted by Vishnu Daya
in NewsletterAlerts

The MFN clause in DTAA provides that if, after signature of the tax treaty with the first country (original treaty), India enters into a DTAA on a later date with a third country, which is an OECD member, providing a beneficial rate of tax or restrictive scope for taxation of dividend, interest, royalty, etc. a similar benefit should be accorded to the first country.  In a landmark judgment, the Hon'ble Supreme Court (SC) on 19 October 2023 in the case of Nestle SA, ruled that in order to invoke the beneficial provisions of a DTAA pursuant to MFN clause, India is...

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22 November
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Most Favoured Nation (MFN) clause in a DTAA

Posted by Vishnu Daya
in NewsletterAlerts

The MFN clause in DTAA provides that if, after signature of the tax treaty with the first country (original treaty), India enters into a DTAA on a later date with a third country, which is an OECD member, providing a beneficial rate of tax or restrictive scope for taxation of dividend, interest, royalty, etc. a similar benefit should be accorded to the first country.  In a landmark judgment, the Hon'ble Supreme Court (SC) on 19 October 2023 in the case of Nestle SA, ruled that in order to invoke the beneficial provisions of a DTAA pursuant to MFN clause, India is...

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03 November
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GST Update – Update on Clarifications issued by CBIC

Posted by Vishnu Daya
in NewsletterAlerts

CBIC has issued various circulars clarifying various aspects accordance with the announcement made by the GST Council in the 52nd Meeting. This alert contains the summary of the clarifications issued by the CBIC. Following points have been clarified by the CBIC: • Realisation of export consideration in INR • Clarification on place of supply in case of transportation services, services related to advertising sector and co-location/hosting services. • Clarification regarding GST rate on imitation zari thread or yarn • Clarification related to renting of motor vehicle services, recovery of electricity by the landowners from the tenants, job work related to ‘Barley’, services provided by District Mineral Foundation...

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02 November
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GST Update – GST Applicability on Corporate Guarantee

Posted by Vishnu Daya
in NewsletterAlerts

Pursuant to the decision taken in the 52nd GST Council meeting, the following amendment notification and clarifications have been issued by the CBIC with regard to the personal guarantee given by the directors and corporate guarantee given by the body corporates: 1. Amendment to Rule 28: (2) Notwithstanding anything contained in sub-rule (1), the value of supply of services by a supplier to a recipient who is a related person, by way of providing corporate guarantee to any banking company or financial institution on behalf of the said recipient, shall be deemed to be one per cent of the amount of...

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