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Vishnu Daya & Co LLP > Newsletter (Page 2)

POSH Act and requirement of filing Annual report for 2023 by 31st January, 2024

POSH Act and requirement of filing Annual report for 2023 by 31st January, 2024 The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act was passed in 2013, laying down the procedures for a complaint and inquiry, and the action to be taken. Following is a gist of information with respect to compliance under POSH Act (Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Rules, 2013). 1. POSH Act is applicable on every Company, workspace, establishment or organisation employing 10 or more employees whether full time, part time, interns or on contract, irrespective of its nature of industry of...

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LLP Alert: Applicability of SBO rules for LLPs in India

Applicability 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...

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MCA notifies LLP Rules to maintain register of partners and declaration of names of persons holding interest in the LLP

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

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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Dematerialization of Securities of Private Companies

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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Most Favoured Nation (MFN) clause in a DTAA

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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Most Favoured Nation (MFN) clause in a DTAA

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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