We present a compliance calendar for the due dates in the month of January 2024 covering the major due dates in Direct Taxes, Indirect Taxes and Companies Act....
Continue readingApplicability of SBO rules for LLPs in India The ministry of Corporate Affairs (MCA) has implemented identification and declaration/disclosure of SBO in LLPs by notifying The Limited Liability Partnership (Significant Beneficial Owner) Rules, 2023 effective from 10th November 2023. Accordingly, 1. Every individual who is a significant beneficial owner should give declaration to Reporting LLP in Form LLP BEN -1 within 90 days from 10/11/2023. 2. Upon receipt of declaration, the reporting LLP should file a return in Form No. LLP BEN- 2 with ROC, within 30 days from the date of receipt of such declaration. 3. Every LLP should maintain a register of significant beneficial owners...
Continue readingWe 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...
Continue readingThe Ministry of Corporate Affairs (MCA) vide its notification dated 27/10/2023 has notified the Companies (Management and Administration) Second Amendment Rules, 2023 thereby amending the Companies (Management and Administration) Rules, 2014....
Continue readingThis 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....
Continue readingWe present a compliance calendar for the due dates in the month of December 2023 covering the major due dates in Direct Taxes, Indirect Taxes and Companies Act....
Continue readingThe 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]...
Continue readingThe 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...
Continue readingThe 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...
Continue readingCBIC 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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