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FTS u/s 9 of Income Tax Act, 1961

posted on 05-12-2014
by Admin

Installation & Commissioning Expenses are not covered under the definition of FTS u/s 9 of Income Tax Act, 1961 The issue is no longer res integra as it has been held by Hon’ble ITAT Mumbai in case of Bennet Coleman & Co. Ltd. Vs ITO(TDS) [ITA No. 7315/Mum/2008] pronounced on 12-11-2014 wherein the assesse (Times of India) has entered into an agreement with M/s FERAG AG for supply of heavy plant and machinery along with installation and commissioning of the same. The supplier....

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No Service tax is leviable on the amount of discounts/ incentives as these are not consideration for any service rendered

posted on 05-12-2014
by Admin

No Service tax is leviable on the amount of discounts/ incentives as these are not consideration for any service rendered We are sharing with you an important judgment of the Hon’ble Mumbai CESTAT, in the case of Group M Media India Pvt. Ltd and Others Vs. Commissioner of Central Excise/ Service Tax Thane-I/ Mumbai-II and Others [2014 (11) TMI 545-CESTAT MUMBAI] on following issue: Issue: Whether Service tax is leviable on the amount of discounts/ incentives received by the....

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Assessee is eligible for remission of duty in respect of goods cleared for export

posted on 02-12-2014
by Admin

Assessee is eligible for remission of duty in respect of goods cleared for export under bond but which were destroyed at port before same could be exported We are sharing with you an important judgement of the Hon’ble CESTAT, Ahmedabad in the case of Honest Bio-Vet Pvt. Ltd. Vs Commissioner of Central Excise, Ahmedabad-I [2014-TIOL-2286-CESTAT-AHM-LB] on following issue: Issue: Whether Assessee is eligible for remission of duty in respect of goods cleared for export under bond....

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Procedure for acceptance of deposits from members

posted on 02-12-2014
by Admin

Sec. 73 to 76 of the Companies Act, 2013 (CA13) & related rules govern provisions regarding acceptance of deposits by companies. I have prepared a note on procedure for acceptance of deposits from members which might prove useful to you. Except giving definition of eligible company, I have avoided explaining provisions of the sections and directly a general procedure is given below. Eligible Company:- A public company having net worth of not less than Rs. 100 Crores or turnover of not....

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Transfer Pricing

posted on 02-12-2014
by Admin

Recently the high court has ruled in favour of the Indian arm of Shell Plc in a tax case that made waves internationally in a transfer pricing case thereby affirming that it is not difficult to do business in India. The highlight is that the revenue had been defeated consecutively for the second time after its setback against Vodafone earlier this month. In March 2009 Shell India Markets (P) Ltd had issued 8.7 crore shares to its overseas parent company Shell Gas BV at a face value of Rs....

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Loan to director u/s 185 of Companies Act, 2013

posted on 02-12-2014
by Admin

Section 185 of the Companies Act, 2013  provides for loans to directors. Section 185 now applies to all companies including private companies.A Company shall not directly or indirectly advance any loan or give any guarantee or provide security to any of its directors or to any other person in whom the directors are interested. The provisions of this section does not apply in the following cases: 1. loan given to a managing director/whole-time director, as a part of the conditions....

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CBEC clarification on availment of Cenvat credit

posted on 21-11-2014
by Admin

CBEC clarification regarding availment of Cenvat credit on Inputs/ Input Services after six months The CBEC vide Notification No. 21/2014-CE (NT), dated July 11, 2014 (Applicable w.e.f September 1, 2014) [“Notification No. 21”], has amended Rule 4(1) and Rule 4(7) of the Cenvat Credit Rules, 2004 (“the Credit Rules”) to fix a time limit of six months from the date of issuance of any of the documents specified in Rule 9(1) thereof, for availment of the Cenvat Credit on....

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Service tax on Restaurants and Hotels of Kerala

posted on 21-11-2014
by Admin

Service tax on Restaurants and Hotels of Kerala: Judgment of Division Bench of the Hon’ble Kerala High Court in the case of Union of India and Others Vs. Kerala Bar Hotels Association and Others [2014-TIOL-1913-HC-KERALA-ST] on the following issue: Whether levy of Service tax on Restaurants under Section 65(105)of the Finance Act, 1994 (“the Finance Act”) and on Hotel accommodation under Section 65(105)of the Finance  Facts and background: The Hon’ble....

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Applicability of CST/ K-VAT on E-Commerce Transactions

posted on 21-11-2014
by Admin

E-Commerce: The business model of e-com firms is they provide a platform for enabling sellers of goods to be able to sell without boundaries of location across the Country and at times the world at large. E- Com companies may not engage in directly selling goods to end customers. There has been a lot of controversy surrounding the operations of online retailers in India such as Amazon and Flipkart. Normally, e-commerce company (e-com co) charges commission / delivery charges and....

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Registeration of non-profit organisation

posted on 08-11-2014
by Admin

Register a non-profit organisation Submit the completed NPO application form at your nearest provincial social development office together with two copies of the organisation’s founding documents: Trust – Deeds of trust and letter of authorisation from the courts Section 21 – Certificate of incorporation and memorandum and articles of association Voluntary Association – Constitution The founding documents of the NPO must meet the provisions of Section 12....

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Register of Associations

posted on 08-11-2014
by Admin

The result area for Association and Foundation Affairs of the Finnish Patent and Registration Office (PRH) is responsible for maintaining the Register of Associations. The result area carries out the freedom of association and freedom of religion guaranteed in the Constitution of Finland. The result area for Association and Foundation Affairs:   Maintains the Register of Associations and the Register of Religious Communities registers associations and religious communities....

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Registration for Trusts

posted on 08-11-2014
by Admin

Public charitable trusts can be established for a number of purposes, including the relief of poverty, education, medical relief, provision of facilities for recreation, and any other object of general public utility. Indian public trusts are generally irrevocable. No national law (except the broad principles of the India Trusts Act 1882, which governs private trusts) governs public charitable trusts in India, although many states (particularly Maharashtra, Gujarat, Rajasthan, and Madhya....

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Procedure for registration of co-operative Societies

posted on 08-11-2014
by Admin

Procedure for registration of co-op. Societies 1.The first Step is to get 10 Individuals together who are desirous of forming a Society. 2.A Provisional Committee should be formed and a chief Promoter should be elected from amongst them 3.A Name for the Society has to be selected. 4.An Application has to be made to the Registration Authority for reservation of Name and a letter to that effect has to be obtained confirming the reservation of Name. The name once reserved is valid for....

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Registration for liaison company

posted on 08-11-2014
by Admin

Registration for liaison company: The rules and regulations for setting up companies were all printed in the Companies Act of 1956. Private cannot collect money from the public for business purposes. They also usually don't have many members. Public Companies are the opposite. They can collect from the public and usually have more members. Minimum Capital Requirement: When setting up a Private company in India, the minimum amount of capital to be paid is Rs.1 lakh. However, there is....

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Registration of a Chit Fund Company

posted on 08-11-2014
by Admin

Registration of a Chit Fund Company: 1) First obtain a certificate of incorporation from the Registrar of Companies of respective region. (A) Requirements for registration of New Co. with Registrar of Chit Fund After getting this certificate, you can apply for registration of first Bye-laws of the company with Chit Fund Department. Documents required are: a          Memorandum and Articles of....

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Procedure for Registration of a Public Limited Company

posted on 08-11-2014
by Admin

Procedure for Registration of a Public Limited Company: A Public Limited Company, in addition to the steps followed by a Private Limited Company has to obtain a certificate of Commencement of Business before they can commence the business. To obtain Commencement of Business Certificate after incorporation of the company the public company has to:- File a declaration of compliance with the provisions of Section 149(2)(b) of the Act in eForm 20 and attach the statement in lieu of the....

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Procedure for Registration of a Private Limited Company

posted on 08-11-2014
by Admin

Procedure for Registration of a Private Limited Company:          Select, in order of preference, a few suitable names, not less than four, indicative of the main objects of the company. Ensure that the name does not resemble the name of any other company already registered and also does not violate the provisions of Emblems and names (prevention of improper use) Act, 1950 Apply to the concerned ROC to ascertain the availability of name in....

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ONE PERSON COMPANY

posted on 08-11-2014
by Admin

Concept of One Person Company: The concept of one Person Company in India is brought from the foreign countries. Before applicability of the Companies act 2013, an individual legally can form only his sole proprietorship in India Incorporation: As per Section 2 (62) of the companies act 2013 ““One Person Company” means a company which has only one person as a member” The following are some other features of the One Person company:- One Person company....

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LIMITED LIABILITY PARTNERSHIP

posted on 08-11-2014
by Admin

STEPS TO FORM A NEW LLP: Persons desirous of forming a Limited Liability Partnership Firm must adhere to the step by step procedure as discussed below: Step 1:Requirement of Partners Step 2:Apply for Designated Partner Identification Number (DPIN) and Digital Signatures, if does not have; Step 3:Selection of name for the proposed Firm; Step 4:Drafting of LLP Agreement for Firm; Step 5:Stamping, digitally signing and e-filing of various documents with the Registrar; Step....

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Changes In Partnership Firm

posted on 28-10-2014
by Admin

Procedure for changing the name of the firm and principle place of business: For changing the name of the firm and principle place of business under Section 60, Indian Partnership Act, 1932 we need to follow the following steps:- Drafting amendment deed/ modification deed Franking / Stamp Duty Payment as per prescribed fee under stamp duty act. Filing Form No. II:-For change of principle place of business & change in the name of the firm. Applying for PAN and TAN correction....

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PARTNERSHIP FIRM

posted on 28-10-2014
by Admin

The law relating to a partnership firm is contained in the Indian Partnership Act, 1932. Under Section 58 of the Act, a firm may be registered at any time (not merely at the time of its formation but subsequently also) by filing an application with the Registrar of Firms of the area in which any place of business of the firm is situated or proposed to be situated. Advantages of Partnership Firm Easy formation Flexibility: Changes can be easily introduced Sharing of risk: Risk will....

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Board resloution for Appointment of Auditor

posted on 24-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. “RESOLVED THAT pursuant to the provisions of Section 139, 142 and other applicable provisions, if any, of the Companies Act, 2013 read with Companies (Audit and....

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Re-adoption of Article of Association

posted on 24-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. “RESOLVED THAT pursuant to the provisions of Sections 14 and other applicable provisions, if any, of the Companies Act, 2013, read with Companies (Incorporation)....

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Board resolution for Change in Object Clause of the Company

posted on 24-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. “RESOLVED THAT pursuant to the provisions of Section 13 and other applicable provisions, if any, of Companies Act, 2013, (including any statutory modifications or....

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Board resolution for Change in Name of the Concern

posted on 24-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. “RESOLVED THAT pursuant to the provisions of Section 4 (4), 13 and other applicable provisions, if any, of the Companies Act, 2013, (including any statutory....

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Board resolution for constitution of CSR Committee

posted on 24-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. “RESOLVED THAT pursuant to the provisions of Section 135 of the Companies Act, 2013, a Corporate Social Responsibility (CSR) Committee of the Board of Directors of....

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Board resolution for Increase in Authorised Share Capital

posted on 24-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. “RESOLVED THAT pursuant to the provisions of Section 61 and 64 and other applicable provisions, if any, of the Companies Act, 2013 (including any amendment thereto or....

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Board resolution for appointment of first Auditors

posted on 24-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. “RESOLVED THAT pursuant to the provision of section 139 of the Companies Act, 2013 read with Companies (Audit and Auditors) Rules, 2014, M/s Siva &....

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Board resolution for taking note of Resignation of Director

posted on 24-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM.   “RESOLVED THAT resignation of  Mr. Antony as Director, from the Board of Directors of the Company, be and is hereby accepted with effect from....

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Board resolution for appointment of additional director

posted on 24-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. “RESOLVED THAT pursuant to Section 161 of the Companies Act, 2013 and other applicable provisions (including any modification or re-enactment thereof), if any, of the....

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Board resolution for taking note of Disclosure of Interest by Directors u/s 184

posted on 24-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. “RESOLVED THAT  pursuant to Section 184 (1) of the Companies Act, 2013 read with Rule 9 (1) of the Companies (Meetings of Board and its Powers) Rules, 2014, and....

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Resolution for taking note of Disclosure of Interest by Directors u/s 184

posted on 24-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. “RESOLVED THAT  pursuant to Section 184 (1) of the Companies Act, 2013 read with Rule 9 (1) of the Companies (Meetings of Board and its Powers) Rules, 2014, and....

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Procedure for resignation of Director under CA, 2013

posted on 21-10-2014
by Admin

As we are aware that Companies Act, 2013 is already in force from April 01, 2014, and every professional is trying his/her best to unlock and decode the provisions of Companies Act, 2013. In this regard an attempt has been made from my side to compile the procedure for resignation of Director in Public Company/Private Company. Companies Act, 2013 has prescribed a detailed procedure for effecting the resignation of Director which was not there in erstwhile Companies Act, 1956. Through....

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Formation of Company under New Companies Act, 2013

posted on 21-10-2014
by Admin

The following STEPS are the methods for formation of a company under new companies act 2013: Obtain a Digital Signature Certificate from authorized DSC issuing authority. Obtain Director Identification No. (DIN) & Make Application in Form DIR-3  [Rule 9 of Chapter XI Rules]. Register DSC in the name of Director on MCA portal. Apply for Reservation of  Name in Form No. INC.1 [Rule 9]. The same shall be reserved for a period of 60 days. Adoption of Memorandum of....

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Procedure for Increase in Authorise Capital under CA 2013

posted on 21-10-2014
by Admin

As per my understanding procedure for Increase in Authorize share Capital is one of the most frequently searched topics by professionals. An attempt has been made from my side to unlock the provisions of Companies Act, 2013 related to Increase in Authorize share Capital along with requisite secretarial practice w.r.t. to sample Board and Shareholders’ resolutions. Under Companies Act, 2013, the process of Increase in Authorise Capital is governed by Section 61 read with section 13 and....

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List of Resolutions to be filed with ROC in form MGT.14

posted on 21-10-2014
by Admin

An attempt has been made from my side, through this brief write up, to list out the resolutions and Agreements which are required to be reported to ROC through filing of form-MGT.14 as desired by Section-117 of the Companies Act, 2013. I am sure this article will help other professional colleagues to understand relevant provision of Company Law and act as ready reference w.r.t. the list of resolutions to be filed with ROC through filing of form- MGT.14. Law regarding filing of form....

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Board resolution for Professional Tax Registration

posted on 21-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. "RESOLVED THAT consent of the Board of Directors be and is hereby accorded to apply for the professional tax registration of Company with appropriate Authorities under....

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Board Resolution for Shop and Establishment Registration

posted on 21-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. "RESOLVED THAT consent of the Board of Directors be and is hereby accorded to apply for the registration of Company with appropriate Authorities under Shops &....

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Board resolution for Change in Bank Account Signatory

posted on 21-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. “RESOLVED THAT in suppression to all other resolutions passed earlier by the Board of Directors in its meeting in respect of the Current Bank Account bearing no.....

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Board resolution for Opening of Bank Account

posted on 21-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. “RESOLVED THAT a banking account for the company be opened with HDFC Bank Limited, _________________ in the name of XYZ Private Limited and that the said bank be and....

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Board resolution for Shifting of Registered Office from one State to another State

posted on 21-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. RESOLVED THAT pursuant to the provisions of section 12, 13 and other applicable provision (including any modification or re-enactment thereof), if any, of the Companies....

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Board resolution for shifting of Registered Office from one ROC to another ROC within the state

posted on 21-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. RESOLVED THAT pursuant to the provisions of section 12, 13 and other applicable provision (including any modification or re-enactment thereof), if any, of the Companies....

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Board resolution for change in Registered Office address from one city to another city within the state

posted on 21-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. “RESOLVED THAT pursuant to the provisions of section 12 of the Companies Act, 2013 and any other provisions applicable, if any, consent of the members of the Company....

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Board resolution for change in Registered Office address within the same city

posted on 21-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. “RESOLVED THAT pursuant to the provisions of section 12 of the Companies Act, 2013 and any other provisions applicable, if any, consent of the Board of Directors of....

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Board resolution for appointment of Company Secretary

posted on 21-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. “RESOLVED THAT pursuant to the provision  of Section 203, 205 and other applicable provision (including any modification or re-enactment thereof ), if any, of....

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Board resolution for Change in Name of the Company

posted on 21-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. “RESOLVED THAT pursuant to the provisions of Section 13 and other applicable provisions of the Companies Act, 2013, and subject to the approval of the Central....

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Board resolution for rectification of name of the Company

posted on 21-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF M/s BASS BIZ SERVICES PRIVATE LIMITED (CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR, MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. “RESOLVED THAT pursuant to the provision of Section 16 and other applicable provision (including any modification or re-enactment....

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Board resolution for Approval of Annual Accounts Under Companies act 2013

posted on 21-10-2014
by Admin

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF  M/s BASS BIZ SERVICES PRIVATE LIMITED(CIN: U74120TN2013PTC091621) HELD ON SUNDAY, 7th DAY OF SEPTEMBER, 2014 AT THE REGISTERED OFFICE OF THE COMPANY AT NO 45, F-5, FIRST FLOOR,MARAGADHAM APARTMENTS, KOTHAWAL CHAVADI STREET, SAIDAPET - 600015 AT 10.00 AM. “RESOLVED THAT to the best of knowledge and belief of the board, Directors Reports, Auditors Report, the Balance Sheet of the Company, Statement of....

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Section 73 - Prohibition on acceptance of deposits

posted on 20-10-2014
by Admin

Section 73 - Prohibition on acceptance of deposits (1) On and after the commencement of this Act, no company shall invite, accept or renew deposits under this Act from the public except in a manner provided under this Chapter: Provided that nothing in this sub-section shall apply to a banking company and nonbanking financial company as defined in the Reserve Bank of India Act, 1934 and to such other company as the Central Government may, after consultation with the Reserve Bank of India,....

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Compliances for annual filings 2014

posted on 20-10-2014
by Admin

Take care of these issues failing which you may fail on ensuring to be compliant this year for conducting the Annual General Meeting. Section 136 – Circulation of Financial statements                   • Financial statements, auditor’s report and every other document required by law to be annexed or attached to the financial statements,                   • shall be sent to....

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Rotation of Auditor under Companies act 2013

posted on 20-10-2014
by Admin

The Companies Act 2013 get assent President on 29th august 2013. As per section 139 of the Companies Act 2013 every company shall appoint or reappoint auditor in first AGM and thereafter who shall hold office till the conclusion of six AGM. What do you interpret by this section whether first period is six years or five years so my dear friends it is neither five or six year it is the duration between 5 consecutive AGMs.For example Mr X is appointed as auditor of XYZ ltd in its first AGM now....

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Procedures for Conversion of Private Company into OPC

posted on 20-10-2014
by Admin

Procedures for Conversion of Private Company into One Person Company (OPC) are regulated by Rule 7 of Companies (Incorporation) Rules, 2014. Before going through the procedure it is necessary to understand about the concept of One Person Company and the advantages expected after conversion of Private Company into One Person Company (OPC). Concept of One Person Company (OPC) (Section – 3) The concept of One Person Company (OPC) is a new concept of business. The Companies Act, 2013....

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Basics (Understanding and Analysis) of Depreciation under Schedule II of Companies Act, 2013

posted on 20-10-2014
by Admin

The Companies Bill 2011 was introduced in Parliament in December 2011 and was referred to the Parliamentary Standing Committee on Finance for its review and suggestions.  Based on its Recommendations and suggestions, amendments were made to the Companies Bill 2011. Then it was introduced as Companies Bill 2012 and was passed by the Lok Sabha in December 2012. Companies Bill 2012 was passed by Rajya Sabha On August 08, 2013 as Companies Bill, 2013. And finally, On August 29, 2013, Bill....

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Applicability of Companies Act, 2013 on Private Ltd Companies

posted on 20-10-2014
by Admin

 “Indirect Foreign Investment or Downstream Investment in India” the meaningand procedure for Indirect Foreign Investment or  Downstream Investment keeping in view the guidelines of RBI. Under the Foreign Direct Investments (FDI) Scheme, investments can be made in shares, mandatorily and fully convertible debentures and mandatorily and fully convertible preference shares of an Indian company by non-residents. As we are aware about the fact that there are....

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Related Party Transaction under Co. Act, 2013 (Sec- 184, 188 & 189)

posted on 20-10-2014
by Admin

Section: 184 Disclosures of Interest by Directors: (1) Every Director Shall disclose his by giving a Notice In Writing In Form MBP 1.            - At First BM in which he participate as director AND            - Thereafter, At First BM of Every Financial Year OR            - Whenever, Any change come in the Disclosure already made, then First BM held after such change. Note: It is Duty of....

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Applicability & procedure of service tax under reverse charge

posted on 20-10-2014
by Admin

We have a attempt to prepare synopsis on applicability & procedure of service tax under reverse charge. Hope it would be helpful for you. If any clarification is required, please fell free to contact me at my mail-id. Applicability & procedure of service tax under reverse charge             1. Introduced in the Finance Act, 1994 under Service Tax Rules in 2002.             2. An explanation to Section 65(105) was added....

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Depreciation, Companies Act 2013 & The Practical Implication

posted on 20-10-2014
by Admin

As we all know companies bill is passed by both houses of parliaments and some of is section are applicable from 1-4-2014. i.e. out of 470, 283 sections are applicable and section 123 and schedule II is one of them Before discussing the this, first of all let’s have a look on major changes in schedule II               1. Companies act 1956 does not deal with the amortization of intangible Assets but New Schedule by companies’ act 2014 provide....

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Procedure for commencement of Business under CA 2013

posted on 20-10-2014
by Admin

Under Companies Act 2013, the date of incorporation of a company cannot be the date of commencement of business. From the point of commencement of Business companies may be divided into 2 categories:                   1. Public and Private Companies not having Share Capital                   2. Public and Private Companies having Share Capital Public and Private Companies not having Share....

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Explanation of standard on auditing (SA 550 related)

posted on 20-10-2014
by Admin

This standard on auditing lays emphasis on the auditors responsibilities in regard to the related parties identified during the conduct of an audit of financial statments. It deals with the responsibilities and expands on how to make application of the following in relation to related parties relationships and transactions :          - SA 315 Identification and Assessment of the Risk of Material Misstatment Through Understanding the Entity and its Environment and....

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Taxability of Interest Income of Non-Resident

posted on 20-10-2014
by Admin

In this article, analysis is being done on Tax Rate applicable on Interest income to Non-resident. The Tax Rates on interest income to non-resident is dependent upon following 3 crucial factors:-            a. Nature of currency in which borrowing is done by borrower in India, whether Indian Rupee or foreign currency.            b. Source of borrowing, whether amount is borrowed from India or outside India.    ....

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Loans to Directors, etc. Applicability of Section 185 in the Companies Act,2013

posted on 20-10-2014
by Admin

Some perspectives • Section 185 in the Companies Act,2013(hereinafter “the Act”) was one of the few sections to be notified as early as on September 12, 2013 and the same is legally enforceable. Before going into the nitty-gritty of the provision ,it would be appropriate to examine its legislative intent. Legislative Intent • The legislative intent of the provision in the Act has not been expressly stated, contrary to normal convention particularly when a new....

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Services provided to Foreign Principals for marketing their products

posted on 20-10-2014
by Admin

Services provided to Foreign Principals for marketing their products in India qualify as an export of service We are sharing with you an important judgment of the Hon’ble CESTAT, Delhi in the case of Microsoft Corporation (I) (P) Ltd. Vs. Commissioner of Service Tax, New Delhi [2014-TIOL-1964-CESTAT-DEL] on the following issue: Issue: Whether the services provided to principals situated outside India to market their products in India is an export of service under the erstwhile....

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Cenvat implication on Sales rejection

posted on 20-10-2014
by Admin

It is normal that, excise duty paid goods are received back into the factory on account of , not needed presently, rejected,  etc.. As per Rule 16 of Central Excise Rules 2002, the Cenvat credit of excise duty paid on such goods returned can be availed by the manufacturer subject to few conditions specified. In this article, effort has been made to understand the Cenvat credit implications under various situations. The statutory provision which allows assessee to avail the credit on the....

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Concept of Contemporaneous Documentation in Transfer Pricing

posted on 20-10-2014
by Admin

               Contemporaneous documentation means information, records and other documents which exist or brought into existence at the time the taxpayer is developing or implementing any arrangement that might raise transfer pricing issues. It is important that documentation on which assessee is placing reliance to establish arm’s length price should be the one which was available when the transaction was entered into between parties or latest by....

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Issues in issue of Form C under CST Act 1956

posted on 20-10-2014
by Admin

Issues in issue of Form ‘C’ in CST Following are the goods specified u/s 8(3) of CST Act 1956 in respect of which an interstate sale to a registered dealer is liable to tax at concessional rates i.e. 2% or state rate whichever is lower, provided that the transactions are covered by Form C:               a. For resale or               b. For use in the manufacturing or processing of goods for sale....

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Service Tax Compliance under Reverse Charge - Proprietorship

posted on 20-10-2014
by Admin

1.   Freight paid/payable to Goods Transport Agency (GTA) 1.1 When does an individual/proprietorship firm is liable to pay service tax under reverse charge? An Individual or a proprietorship firm is liable to take service tax registration and pay service tax under reverse charge only if:-             i. It is registered as a dealer of excisable goods under Central Excise Act, 1944; or             ii. It’s a....

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Concept of Duty Drawback

posted on 20-10-2014
by Admin

Introduction              Duty Drawback has been one of the popular and principal methods of encouraging export. It is a relief by way of refund/ recoupment of custom and excise duties paid on inputs or raw materials and service tax paid on the input services used in the manufacture of export goods.             Duty drawback provisions are given under section 74 and 75 of the Customs Act, 1962. Section 74 allows duty....

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Procedure for Incorporation of a Company under CA, 2013

posted on 13-10-2014
by Admin

Incorporation of a Company under Companies Act, 2013 in the form of an Article. This Article contains the procedure for Incorporation of a Company under Companies Act, 2013 with detailed documentation required. Please find below the basic procedure for Incorporation of a Company under Companies Act, 2013: 1. Obtain Digital Signatures Nowadays various document prescribed under the Companies Act, 2013, are required to be filed with the digital signature of the Managing Director or....

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Post incorporation works

posted on 13-10-2014
by Admin

In my earlier article (Series-16) – Incorporation of Companies & Table of Procedure of Incorporation of Company under Companies Act-2013, I explained detailed procedure for incorporation of company. After Incorporation many works are required to be done by companies on time to time. As soon as a company is incorporated, whether public or private limited, it becomes a juristic person. It has its own name and property. It is a separate legal entity distinct from its members....

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Appointment of Director in Casual Vacancy under CA 2013

posted on 13-10-2014
by Admin

There are various methods and categories for appointment of Directors under Companies Act, 2013. In my previous articles I had discussed about the following 2 procedures for the appointment of Directors: Procedure for Appointment of Additional Director in CA 2013 Now through this write up we’ll discuss the provisions and interpretations regarding appointment of Director to fill up the casual vacancy caused by the resignation of existing director due to death, disqualification or....

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Certificate under Rule 37BB of Income Tax Rules, 1962

posted on 13-10-2014
by Admin

          Requirement for certificate of an accountant under Rule 37BB, or certificate in form 15CB as it is popularly known, originates from Section 195 (6) of Income Tax Act, 1961 (“the Act”) which requires a person making payment to a non resident to furnish information relating to such payment in the form and manner as prescribed by the CBDT. Rule 37BB of the Income Tax Rules, 1962 stipulates detailed requirements in this regard. It has prescribed....

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Reporting of FDI in India through FC-GPR

posted on 13-10-2014
by Admin

 “Indirect Foreign Investment or Downstream Investment in India” the meaningand procedure for Indirect Foreign Investment or  Downstream Investment keeping in view the guidelines of RBI. Under the Foreign Direct Investments (FDI) Scheme, investments can be made in shares, mandatorily and fully convertible debentures and mandatorily and fully convertible preference shares of an Indian company by non-residents. As we are aware about the fact that there are....

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Transfer pricing issues relating to royalty payment

posted on 13-10-2014
by Admin

Royalty payment has been a matter of intensive discussion in India as well as internationally. Recently, the Organisation for Economic Cooperation and Development (OECD) published discussion paper on Base Erosion and Profit Shifting (BEPS) in which it is suggested that they are looking at developing “rules to prevent BEPS by moving intangibles among group companies. This will involve: (i) adopting a broad and clearly delineated definition of intangibles; (ii) ensuring that....

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Loan to director

posted on 13-10-2014
by Admin

It is applicable to both public and private limited company. No Company shall directly or indirectly advance any loan, including any loan represented by a book debt, to any of its Directors or to any other person in whom the Director is interested, or give any guarantee or provide any security in connection with loan taken by Director or such other person It means:- a. No Company advances any loan to director of the lending company, or of a company which is its holding company or any....

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Process of approval of Directors report & FS

posted on 13-10-2014
by Admin

Process of approval of Directors report & FS: MGT 14 can be filled by 20th Oct, if Board meeting held on 21st Sep & shorter notice for AGM  1) Auditor had been appointed in last AGM & audit, say , whole year(generally,in case of Big CO). In any case, he must finish audit before draft financial statement is prepared, which is nothing but, unsigned audited financial statement. 2) Draft financial statement is nothing but unsigned financial statement. 3) Draft....

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House Rent Allowance (HRA) Vs. Rent Free Accommodations (RFA)

posted on 13-10-2014
by Admin

House Rent Allowance (H.R.A.) results in tax savings because accounting under Income tax act is direct exemption based. However, accounting of Rent Free accommodation is valuation based taxation and added to total income of employee presumptive basis. The principles of valuations are explained below:- House Rental allowance (Section 10(13A) of Income tax act, 1961 & Rule 2A of Income Tax rules,1962) Rent Free accommodation (Rule 3(1) of....

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Duty of Registrar to Scrutinise the Documents

posted on 07-10-2014
by Admin

If after filling the Requisite forms for incorporation with the Registrar of Companies along with fees, ROC is satisfied with the contents of the documents filed, ROC will issue the Certificate of incorporation in Form no.INC 11 as directed by Rule-18 of Companies (Incorporation) Rules, 2014.   Declaration at the time of commencement of business  As per Rule-24 of Companies (Incorporation) Rules, 2014, the declaration filed by a director shall be in Form No. INC.21 along....

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Reporting of FDI in India through FC-GPR

posted on 23-07-2014
by Admin

Under the Foreign Direct Investments (FDI) Scheme, investments can be made in shares, mandatorily and fully convertible debentures and mandatorily and fully convertible preference shares of an Indian company by non-residents. As we are aware about the fact that there are basically 2 entry routs for investment in India; first is Automatic route and second is Government approval route. Automatic Route: Under the Automatic Route, the foreign investor or the Indian company does not require....

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