GOOD NEWS, MCA has proposed relief to Private Companies on few Sections MCA UPLOADED A DRAFT NOTIFICATIONS MCA has yesterday uploaded a draft notification on its website consisting of exemptions, exceptions, modifications and adaption for Private Limited Companies from various provisions of Companies Act, 2013. Some of the proposed mentioned here below : Section 43 (kinds of share Capital) & Section 47 (Voting Rights) not to apply to Private Companies, Section 62 (1) (a) & Section 62 (2) (further issue of share capital) to be modified for private Companies, section 62 (1) (b) to require ‘ordinary resolution’ for private Companies, section 73(2) conditions (Acceptances of Deposits) not be lived on private companies with 50 or less members, Section 141 (3) (g) shall not apply in w.r.t appointment of Auditors by Private companies( limit of 20 Companies doesn’t include Private companies), Section 180 (Restriction on Power of Board) shall not apply to private companies with fifty or less members, Section 188 (Related party transaction) not apply to Private Company and any other provisions. MCA has invited comments in Draft Notifications up to July 1st 2014. Company Law: In exercise of the powers conferred by sections 396, 398, 399, 403 and section 404, read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby make rules to amend the Companies (Registration Offices and Fees) Rules, 2014 Vide Notification No. G.S.R. 297(E) Dated 28.04.2014. (Click here to view the notification) Direct Tax: CBDT notifies new Wealth Tax Return Form & Rules for Online Filing vide notification No. 32/2014 dated 23.06.2014 (Click here to view) S. 201/ 201(iA): The payer is not liable for TDS default if the Dept does not show that the tax could not be recovered from the recipient Allahabad Bank vs. ITO (ITAT Agra) Indirect Taxes: ST - BAS - At retail outlets, appellants providing infrastructure to Mahanagar Gas for installing machinery for compression of gas - MGL selling CNG to appellant on payment of VAT or ST and appellants in turn selling to customers on RSP - profit margin is not commission: CESTAT
Posted on: Mon, 07 Jul 2014 10:51:51 +0000
Trending Topics
Recently Viewed Topics
© 2015