Basab Baruah – Page 3

COMPANY LAW UPDATES

July 16, 2019

Companies (Incorporation) Second Amendment Rules, 2019 The Central Government hereby amends the Companies (Prospectus Incorporation) Rules, 2014 and these rules may be called the Companies (Incorporation) Second Amendment Rules, 2019. By way of these amendments, a company with authorised capital up to Rs.15 lacs can be incorporated without any fees for E-form 32 (Spice). The existing threshold limit for authorized capital of Rs. 10 Lacs has been increased to Rs.15 Lacs. These rules shall…

GST UPDATES

July 16, 2019

Basab Baruah

GST updates, updates

Central Goods and Services Tax (Removal of Difficulties) Order, 2019 The Central Government, on recommendations of the GST Council, hereby makes the Central Goods and Services Tax (Removal of Difficulties) Order, 2019. It is hereby clarified that the value of supply of exempt services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount, shall not be taken into account – for determining…

INCOME TAX UPDATES

July 16, 2019

Basab Baruah

income tax, updates

Applicability of section 56(2)(viib) of Income Tax Act, 1961 i.e. Income from other sources Provision of section 56(2) (viib) of Income Tax Act, 1961 shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares in the case of Start-up. [Source: Notification No. 13/2019 dated 05th March, 2019] Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals…