E India CA

Professional Updates for Chartered Accountants

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ACTIVE deadline extended, companies get time till June 15 to meet new disclosure norms

The government has extended the deadline for uploading photos of business premises to June 15, giving corporates more time to comply with a provision aimed at spotting shell companies. “It has been decided to extend the date to June 15,” confirmed a corporate affairs ministry official. The disclosure norms, which came into effe...

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Passport Cannot Be Suspended For Non-Appearance In FEMA Investigation : Delhi HC

The High Court of Delhi has held that non-appearance in investigation proceedings under Foreign Exchange Management Act, 1999 is not a valid ground to suspend passport under Section 10(3)(c) of the Passports Act. Section 10(3)(c) provides for suspension of passport "in the interests of the sovereignty and integrity of India, the s...

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Corporate Affairs ministry withdraws memorandum that barred LLPs from manufacturing activities

The corporate affairs ministry has withdrawn its directions restricting Limited Liability Partnerships (LLPs) from engaging in manufacturing activities. Concerns were raised in various quarters about an office memorandum issued by the ministry earlier this month, wherein LLPs were restricted from manufacturing and allied activities. ...

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Running out of options, NBFCs sell bonds to public

Faced with high borrowing costs and a sustained shortage of liquidity in India’s money markets, shadow banks are increasingly pitching bonds with high coupon rates to the public, who may not be aware of the risks they’re taking on. Still roiling from the shock of defaults at Infrastructure Leasing & Financial Services Ltd.,...

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India could soon become a ‘NATO ally’as US lawmakers introduce a new bill

A bipartisan group comprising half a dozen influential American lawmakers has reintroduced a key legislation in the House of Representatives which seeks to advance the US-India strategic relationship, a news report said Friday. If enacted, the legislation would ensure that the US State Department treat India as a “NATO ally" for ...

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GST Council working on possible changes, changes expected regardless of new govt

Regardless of who comes to power, the controversial Goods & Services Tax is set for an overhaul after the swearing-in of the new government. Top finance ministry officials said they have been working on the premise that more goods currently in the 28 percent luxury bracket would be brought down to a lower rate and that the GS...

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India delays May order for Iran oil, awaits clarity on US sanctions waiver

India, Iran's top oil client after China, was allowed to buy about 9 million barrels a month Since November only state-run Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum and Mangalore Refinery and Petrochemicals have been buying Iranian oil  Indian refiners are holding back from ordering Iranian oil for loadi...

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Form INC22A – ACTIVE Company Tagging

The Ministry of Corporate Affairs through a notification dated 21st February 2019 has introduced the  Companies (Incorporation) Amendment Rules, 2019. Under the new rules, all companies registered before 31st December 2017 are required to file eForm ACTIVE (Active Company Tagging Identities and Verification) – INC22A on or before ...