Process of condonation of delay in creation/modificaiton/satisfaction of charge charge

PROCESS OF CONDONATION OF DELAY IN CREATION/MODIFICATION /SATISFACTION OF CHARGE
 
CHARGE:
Section 77 states that Companies are required to register ALL TYPES OF
CHARGES, with ROC within 30 days of its creation.
• within or outside India,
• on its property or assets or any of its undertakings,
• whether tangible or otherwise, and
• situated in or outside India
TIME PERIOD FOR CREATION/MODIFICATION OF CHARGE:
For Creation of Charge Form CHG 1/CHG 9 will be filed with fees prescribed under Act within
30 days of Creation of Charge.
Extension of Time: Proviso to section 77(1) of CA, 2013
If Company fails to file within 30 days?
If Company fails to file CHG 1 within 30 days of creation of charge then Registrar of
Companies may allow such registration to be made within a period of 300 days of

FAQs for CS students for December 2014 Exams

Frequently Asked Questions on Applicability of Companies Act, 1956 and Companies Act, 2013 for December 2014 Examination
 
Question 1 : Please guide on the applicability of Companies Act, 2013 for December 2014 examination?
Answer:
The question papers on the subjects of Foundation (New Syllabus), Executive and Professional Programme (Old and New Syllabus) shall carry questions from the notified sections of the Companies Act, 2013 and rules made thereunder . In respect of sections of the Companies Act, 2013 which have not been notified, applicable sections of Companies Act, 1956 and rules made thereunder will continue to apply.
 
Question 2: Which provisions of the Companies Act 2013 are applicable for December 2014 Examination?
Answer:
The provisions of the Companies Act, 2013 and the rules made thereunder shall be applicable for the Foundation, Executive and Professional Examinations of December, 2014 to the extent these provisions have come into force by 30th June, 2014. This means that the sections of the Companies Act, 2013 as listed in A and the Rules as listed in B below shall be applicable for December 2014 Examinations as these have come into force by 30th June, 2014.
A. Sections of the Companies Act, 2013 which have come into force by 30th June, 2014 and applicable for December 2014 Examinations:
Section 2 Clauses (1) to (28), (29)[ except sub-clause (iv) ] , (30) to (40) , (41) [except first proviso], (42) to (66), (67)[except sub-clause (ix) , (68) to (95);

Minority gets major powers in new Compaies Act

Minority shareholders can block related-party deals.

The new Companies Act rules have given a lot of powers to minority shareholders, but the one creating ripples in the corporate sector is that promoters, who are majority shareholders, cannot vote in special resolutions in cases of related-party transactions.

The new rules under Section 188 say any related-party transaction that is not done in the ordinary course of business and is not at an arm’s length will need approval of minority shareholders by way of a special resolution. But, shareholders who are related or interested parties in the transaction will not be able to vote in resolutions relating to payment of brand fees or management fees to majority shareholders.

CIN to be mentioned on Letterheads and Invoices and Companies Act Rules notified

CIN to be mentioned in letter heads, invoices etc.:

Section 12(3)(c) of COMPANIES ACT 2013, which will be effective from 1.4.2014, provides that every company shall get its name, address of its registered office and the Corporate Identity Number along with telephone number, fax number, if any, e-mail and website addresses, if any, printed in all its business letters, billheads, letter papers and in all its notices and other official publications. Please ensure the above mentioned  compliance.

ALSO, Companies Act Rules also notified
http://www.mca.gov.in/MinistryV2/companiesact.html

MCA notifies new Companies Act 2013

The Ministry of Corporate Affairs has notified 183 new Sections of the Companies Act 2013 and some sub- Sections of 13 Sections which were already notified by notification dated September 12, 2013 and remaining schedule, in the fourth phase today effect from April 01, 2014. Now a total of 283 Sections of the new Act stand notified.some of them are related to:

INCORPORATION DEBENTURES (71) DEPOSITS (73) MEETING DISCLOSURE OF INTEREST SCHEDULE I TO VI and More

The Sections remaining to be notified are related to National Financial Reporting Authority, Investor and Education Protection Fund, Compromise and Arrangement, Oppression and Mismanagement, Winding Up, Sick Companies, Special Courts, National Company Law Tribunal. Majority of these Sections are not notified due to pending case in Supreme Court with respect to the National Company Law Tribunal.

Gist of important latest tax caselaws

SECTION 2(15)
CHARITABLE PURPOSE

Education : Where assessee-trust was conducting a study centre for Karnataka Open University, it could not be considered to be an educational institution within meaning of section 2(15) - New Elim Charitable & Educational Trust v. Commissioner of Income-tax (2013) 40 taxmann.com 373 (Cochin - Trib.)

 

 

SECTION 2(22)

Loans or advances to shareholder : Deemed dividend provisions cannot be invoked merely because shareholders are common in both companies - Commissioner of Income-tax v. AR Magnetics (P.) Ltd. (2013) 40 taxmann.com 392 (Delhi) 

 

 

SECTION 9

Permanent Establishment/Business profits/Royalty or fees for technical services : Where marketing and management services were rendered outside India, mere existence of service PE in India would not make it taxable - ADIT (IT) v. WNS Global Services (UK) Ltd. (2013) 40 taxmann.com 315 (Mumbai - Trib.) 

 

 

SECTION 32

User of asset/Additional depreciation : Where equipment purchased for starting FM radio broadcasting services could not put to use till end of relevant financial year as licence could not be obtained from Ministry, depreciation thereon could not be allowed - Malayala Manorama Co. Ltd. v. Assistant Commissioner of Income-tax (2013) 40 taxmann.com 380 (Cochin - Trib.) 

 

 

SECTION 37(1)

Film production : Where assessee could not generate any income during year from films in respect of which it acquired television rights, deduction for cost of their acquisition could not be allowed - Malayala Manorama Co. Ltd. v. Assistant Commissioner of Income-tax (2013) 40 taxmann.com 380 (Cochin - Trib.)

 

 

SECTION 43B

ESI and PF contribution : Statutory payments in respect of ESI contribution and Provident Fund of employees which were paid by assessee company after expiry of financial year but before filing of return, are allowable under section 43B - Nuchem Ltd. v. Income Tax Appellate Tribunal (2013) 40 taxmann.com 371 (Punjab & Haryana)

 

 

SECTION 69B

Statement recorded during survey : Where Assessing Officer made addition on account of unexplained investment on basis of document impounded during survey and statement recorded by partner of assessee-firm, in view of fact that said documents did not suggest that noting were of loans and advances and, moreover, statement recorded during survey could not be relied upon, impugned addition was to be set aside - Commissioner of Income-tax v. Golden Finance (2013) 40 taxmann.com 329 (Gujarat)

 

 

SECTION 271(1)(c)

Surrender of income, effect of : Where after completion of assessment, consequent upon inquiry assessee surrendered amount of certain loan as bogus loan and interest on said loan, concealment of income was established making a case for levy of penalty under section 271(1)(c) - Bharatkumar G. Rajani v. Deputy Commissioner of Income-tax (2013) 40 taxmann.com 344 (Gujarat)