It seems that MCA frequently amending the definition of Small Company to provide many advantages to Corporates. This move of MCA is expected to lighten the compliance burden of about 400,000 companies in India.
An auditor appointed under section 139 of the Companies Act, 2013 cannot be removed from his office before the expiry of his term.
Any proprietorship, Company, society or charitable organization engaging in the import or export of goods or services duly, are required to get an unique 10 digit Import Export Code allotted to them by the Directorate General of Foreign Trade, Ministry of Commerce.
In the era of growing fintech companies, the option of availing loans on zero interest rates or BUY NOW PAY LATER mode are increasing at fastest pace. Companies such as Zest Money, Simpl etc., are giving credit facilities to general public to avail loans and repay the money in various monthly installments that too with no interest cost sometimes.
Vide the powers conferred under sub-section (2) of section 194R of the Income Tax Act, 1961 (‘Act’) the Central Board of Direct Taxes ('CBDT') has issued guidelines for removal of difficulties in implementation of this section. These guidelines are binding on the income tax authorities and on the person providing such benefit/ perquisite.
Internal control may also be defined as a process comprises of Organisation, People and Information Technology.
The MCA vide its Notification No. G.S.R. 700(E) Dated 15th September, 2022 has yet again revised the definition of Small Company [Section 2(85) of The Companies Act, 2013].
Let's try to grasp the many forms of business structures in India before learning how to register a company.
The Ministry of Corporate Affairs has notified an amendment in the Companies (Specification of Definitions Details) Rules, 2014 that come into force from 15th September, 2022. The Amendment has been introduced to provide ease of doing business and to reduce the burden of compliance from a large number of companies as the definition has been widened to cover more companies.
Section 142 and 142A of the Income-tax Act deal with giving notice to the assessee to submit returns, produce accounts, documents, etc.
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