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Checklist for Limited Liability Partnership

Applicable to Whole of India Sr. No. Points Particulars Provisions Forms Time limit Additional Information 1. Requirement of Partner: Individual/ Body Corporate Min.- 2 Max. – No limit Section-6 If No. of partners reduced below 2 and then also if such Individual carries business for >6 months than liable for obligation during that period. 2. Designated Partner (DP) : • At least 2 Individuals (One shall be Resident of India) …Read More

MCA PROPOSES ADDITIONAL FEES OF RS 100 PER DAY FOR ANNUAL FILING

MCA PROPOSES ADDITIONAL FEES OF RS 100 PER DAY FOR ANNUAL FILING : It  has been proposed by MCA that , the Companies (Registration Offices and Fees) Rules 2014 will be amended to levy additional fee @Rs.100 per day for filings under Section 92 or 137 of the Companies Act 2013. Annual Return i.e. return containing detail of Shareholders is filed under Section 92 & Annual Financial Statements of the company …Read More

RBI discontinues issuance of LoUs/ LoCs for Trade Credits for imports

  RESERVE BANK OF INDIA Mumbai – 400 001 RBI/2017-18/139 A.P. (DIR Series) Circular No. 20 March 13, 2018 All Authorized Dealer Category – I Banks Madam/ Sir Discontinuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits Attention of Authorized Dealer Category – I (AD Category – I) banks is invited to paragraph 2 of A.P. (DIR Series) Circular No. 24 dated November 1, 2004 and paragraph No. …Read More

Items Not Eligible for Input Tax Credit under GST

  GST input tax credit mechanism allows persons registered under GST to set-off their GST tax liability. Since GST is a consumption based tax, the input tax credit mechanism ensures that the ultimate GST liability is passed on to the consumer. Though input tax credit can be claimed by a person registered under GST for most inputs, some types of goods and services are not eligible for input tax credit claim. In …Read More

Payment of Interest in GST

Section 50 of CGST Act Interest on delayed payment of tax Two Situations when interest is payable When Tax Payable, not paid (1) Every person who is liable to pay tax in accordance with the provisions of this Act or the rules, but fails to pay the tax or any part thereof to the Govt. within the period prescribed, shall for the period for which the tax or any part thereof remains …Read More

How to fill Form-e- CODS 2018: Condonation of Delay Scheme, 2018

Part I – Law(s) Governing the eForm FORM-e- CODS 2018 [Pursuant to Condonation of Delay Scheme, 2018] Application for Condonation of Delay Scheme, 2018 (CODS, 2018) Procedure to be followed for the purposes of the scheme:- (1) In the case of defaulting companies whose names have not been removed from register of companies,- i) The DINs of the disqualified directors de-activated at present shall be temporarily activated during the validity of the scheme to …Read More