R.C. JAIN & ASSOCIATES LLP Contribution/Image... · 2018-04-25 · 3 R. C. Jain and Associates LLP DIRECT TAX ITAT 1. Expenses Incurred to keep the Status of Company Active is Eligible

R.C. JAIN & ASSOCIATES LLP

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NEWSLETTER

R. C. Jain and Associates LLP

INDEX

1. Income Tax ____________________________________________ 01

2.GST___________________________________________________ 06

3.RBI& FEMA____________________________________________ 19

4.Corporate Law__________________________________________ 22

EDITORIAL TEAM EDITOR

CA R. C. Jain

MEMBERS SUPPORT TEAM

CA Devangi Thosani Akhil Laxmeshwar Ulhas Jain

CA Bijal Gajra SharadaHariharan Rohini Veer

Supriya Shelatkar EktaPamnani MangeshKolekar

Shilka Santhosh Hitesh Motwani

Heena Kausar Khan Shimpee Rai

Sumeet Makhija

The contents provided in this newsletter are for information purpose only and are intended,

but not promised or guaranteed, to be correct, complete and up-to-date. The firm hereby

disclaims any and all liability to any person for any loss or damage caused by errors or

omissions, whether such errors or omissions result from negligence, accident or any other

cause.

1 R. C. Jain and Associates LLP

DIRECT TAX

Income Tax

1. CBDT extends date for linking of Aadhaar with PAN

CBDT had allowed time till 31st March, 2018 to link PAN with Aadhaar

while filing the Income Tax Returns. Upon consideration of the matter,

CBDT, further extends the time for linking PAN with Aadhaar till 30th

June, 2018.

(Press Release Dated 27th March, 2018)

2. Section 90 if the Income – Tax Act, 1961 – Double Taxation Agreement –

Cabinet Approves Agreement for Avoidance of Double Taxation and

Prevention of Fiscal Evasion between India and Iran.

The Union Cabinet, chaired by Prime Minister Shri Narendra Modi has

approved an Agreement for the Avoidance of Double Taxation and the

Prevention of Fiscal Evasion with respect to taxes on income between

India and Iran.

The Agreement will stimulate flow of investment, technology and

personnel from India to Iran & vice versa, and will prevent double

taxation. The Agreement will provide for exchange of information

between the two Contracting Parties as per latest international standards.

It will thus improve transparency in tax matters and will help curb tax

evasion and tax avoidance.

The Agreement is on similar lines as entered into by India with other

countries. The proposed Agreement also meets treaty related minimum

standards under G-20 OECD Base Erosion & Profit Shifting (BEPS)

Project, in which India participated on an equal footing.


DIRECT TAX

3. Section 90 if the Income – Tax Act, 1961 – Double Taxation Agreement –

India and Hong Kong Sign Double Taxation Avoidance Agreement

(DTAA)

On 19.03.2018, Government of India and the Hong Kong Special

Administrative Region (HKSAR) of People's Republic of China have

signed an Agreement for the Avoidance of Double Taxation and the

Prevention of Fiscal Evasion with respect to taxes on income.

The Agreement will stimulate flow of investment, technology and

personnel from India to HKSAR & vice versa, prevent double taxation

and provide for exchange of information between the two Contracting

Parties. It will improve transparency in tax matters and will help curb tax

evasion and tax avoidance. The Agreement is on similar lines as entered

into by India with other countries.


DIRECT TAX

ITAT

1. Expenses Incurred to keep the Status of Company Active is Eligible for

Deduction

Facts:

1) Assessee in the instant case is a private limited company engaged in the

business of manufacturing / assembling, buying, selling, exchanging,

dealing in vacuum cleaners, washing machines, mixers, juicers etc.

2) The assessee during the year had claimed expenses of Rs. 43,850/- in its

profit and loss account but the same was disallowed by the AO on the

ground that there was no business activity carried on by the assessee.

Thus, the amount disallowed for Rs. 43,852 was added to the total income

of the assessee.

3) Aggrieved assessee preferred an appeal to learned CIT (A). The assessee

before the learned CIT(A) submitted that the expenses were incurred

towards bank charges, professional charges, audits remuneration and

general expenses including depreciation.As per the assessee, these

expenses were necessary to be incurred to keep the status of the company

active.

4) CIT (A) disregarded the contention of the assessee and confirmed the

order of the AO.

Being aggrieved by the order of learned CIT (A), assessee went for second

appeal.

Held:

1) The division bench held “that a private limited company being a body

corporate has to incur certain expenses to keep its status active. In

support of this statement, bench pressed the decision of Calcutta High

Court in the case of CIT vs. Ganga Properties Ltd, where it has been

held that the expenses incurred were wholly and exclusively for the

activities to earn income was a reasonable conclusion to claim the

deduction.


DIRECT TAX

2) Accordingly, the tribunal bench held that the decision of CIT (A) is bad

in law; such expenses are eligible for the deduction to maintain the

status of company Active.

M/s Kesha Appliances Pvt. Limited vs.ITO Ward-14(3) New Delhi

Supreme Court

1. Non-occupancy charges received by assessee-co-operative societies

from its members which were used for mutual benefits would be

governed by doctrine of mutuality and, thus, same were not exigible to

tax

Facts:

1) The assessing officer held that receipt of non-occupancy charges by the

society from its members, to the extent that it was beyond 10% of the

service charges/maintenance charges permissible under the notification

dated 09.08.2001, stands excluded from the principle of mutuality and

was taxable. The order was upheld by the Commissioner of Income Tax

(Appeals).

2) The Income Tax Appellate Tribunal held that the notification dated

09.08.2001 was applicable to cooperative housing societies only and did

not apply to a premises society .It further held that the transfer fee paid

by the transferee member was exigible to tax as the transferee did not

have the status of a member at the time of such payment and, therefore,

the principles of mutuality did not apply.

3) The High Court set aside the finding that payment by the transferee

member was taxable while upholding taxability of the receipt beyond

that specified in the government notification.


DIRECT TAX

Held:

1) The basis of the Principle of mutuality it was held that non occupancy

charges, transfer charges, common amenity fund charges received by

assessee-co-operative societies from its members which were used for

mutual benefits of the members (irrespective whether member is

continuing or not) towards maintenance of premises, repairs,

infrastructure and provision of common amenities is not chargeable to

tax.

ITO vs. Venkatesh Premises Co-operative Society Ltd.


INDIRECT TAX

GST

Notification

1. Notification No. 20/2018 – Central Tax Dated 28th March, 2018

The government hereby extends the due date for filing of application for

refund under section 55 by notified agencies. Any specialised agency of the

United Nations Organisation or any Multilateral Financial Institution and

Organisation notified under the United Nations (Privileges and

Immunities) Act, 1947 (46 of 1947), Consulate or Embassy of foreign

countries and any other person or class of persons as may be specified in

this behalf (hereafter in this notification referred to as the specified

persons) were supposed to file refund application of the ITC by the end of

six months from the last day of Quarter, the said time is extended to 18

months from the last day of quarter to which the refund relates. (Kindly

Refer link)

http://www.cbec.gov.in/resources//htdocs-cbec/gst/Notification-20-

2018-central_tax-English.pdf

2. Notification No. 19/2018 – Central Tax, Dated 28th March, 2018

The government hereby extends the due date for filing in GSTR-6 i.e

returns of Input Service Distributor of July 2017 to April 2018 till 31st May,

2018. (Kindly Refer link)



http://www.cbec.gov.in/resources/htdocs-cbec/gst/Notification-20-2018-central_tax-English.pdf





INDIRECT TAX


The government hereby extends the time limit of furnishing GSTR-1 till

June 2018 and their due dates are as mentioned below:

Sr No Month Due Date

1 April,2018 31st May,2018

2 May,2018 10th June, 2018

3 June,2018 10th July,2018

The Corresponding due dates of GSTR-2 and GSTR-3 will be notified later.

(Kindly Refer link)




The government hereby extends the time limit of furnishing GSTR-1 for

April to June 2018 quarter and its due date is 31st July, 2018.

The Corresponding due dates of GSTR-2 and GSTR-3 will be notified

later. (Kindly Refer link)



http://www.cbec.gov.in/resources/htdocs-cbec/gst/Notification-18-%202018-central_tax-English.pdf

http://www.cbec.gov.in/resources/htdocs-cbec/gst/Notification-18-%202018-central_tax-English.pdf




INDIRECT TAX

5. Notification No. 16/2018 – Central Tax, Dated 23rd March, 2018

The government hereby extends the time limit of furnishing GSTR-3B till

June 2018 and their due dates are as mentioned below:

Sr No Month Due Date

1 April,2018 20th May,2018

2 May,2018 20th June, 2018

3 June,2018 20th July,2018

(Kindly refer link)




The mandatory application of E Way bill is postponed to 1st April,2018.

(Kindly refer link)

http://www.cbec.gov.in/resources//htdocs-cbec/gst/Notification-15-2018-

central_tax-English.pdf


The CGST Rules were amended to strengthen the anti profiteering rules

and amend the job work documentary evidences. (kindly refer link)










INDIRECT TAX


The notification stating late fees for GSTR 5A is cancelled. (Kindly refer

link)

http://www.cbec.gov.in/resources//htdocs-cbec/gst/Notification-13-2018-

central_tax-English.pdf

9. Notification No. 10/2018 – Central Tax Rate, Dated 23rd March,

2018

The government hereby extends the time limit of applicability of Reverse

Charge on purchases from unregistered dealer from 31st March, 2018 to 30th

June, 2018. Corresponding notification no 11/2018 – Integrated Tax (Rate)

dated 23rd March, 2018 is issued under IGST for inter state supply of goods

and services. (Kindly refer link)

http://www.cbec.gov.in/resources//htdocs-cbec/gst/notfctn-10-2018-

cgst-rate-english.pdf

http://www.cbec.gov.in/resources//htdocs-cbec/gst/notfctn-11-2018-

igst-rate-english.pdf



http://www.cbec.gov.in/resources/htdocs-cbec/gst/notfctn-10-2018-cgst-rate-english.pdf

http://www.cbec.gov.in/resources/htdocs-cbec/gst/notfctn-10-2018-cgst-rate-english.pdf

http://www.cbec.gov.in/resources/htdocs-cbec/gst/notfctn-11-2018-igst-rate-english.pdf

http://www.cbec.gov.in/resources/htdocs-cbec/gst/notfctn-11-2018-igst-rate-english.pdf


INDIRECT TAX

Circulars

1. Circular No. 40/14/2018– GST, Dated 6th April, 2018

Clarification on issues related to furnishing of Bond/Letter of

Undertaking for export:

The LUTs being submitted online in FORM GST RFD-11 on the common

portal are not visible to the jurisdictional officers of Central Board of

Indirect Taxes and Customs and of a few States and hence a circular has

been introduced to grant deemed lut in cases where lut has been applied

online and Application Reference Number (ARN) is generated for the

same. It may be noticed that if Exporter was ineligible for LUT, it may

stand rejected. (Kindly refer link)

http://www.cbec.gov.in/resources//htdocs-cbec/gst/circularno-40-

cgst.pdf

2. Circular No. 39/13/2018– GST, Dated 3rd April, 2018

Setting up of an IT Grievance Redressal Mechanism to address the

grievances of taxpayers due to technical glitches on GST Portal

IT Grievance Redressal Committee to be introduced and set-up. GST Tran-

1 is reopened but only for those who has submitted the details but could

not upload the form due to IT related problems. For those dealers the last

date of filing GST Tran-1 shall be 30th April, 2018 and their GSTR-3B shall

be 31st May, 2018. (Kindly refer link)


cgst.pdf

http://www.cbec.gov.in/resources/htdocs-cbec/gst/circularno-40-cgst.pdf





INDIRECT TAX

3. Circular No. 38/12/2018– GST, Dated 26th March, 2018

Clarification on issues related to Job Work

It may be noted that the responsibility of keeping proper accounts of the

inputs and capital goods sent for job work lies with the principal.

Moreover, if the time frame of one year / three years for bringing back or

further supplying the inputs / capital goods is not adhered to, the activity

of sending the goods for job work shall be deemed to be a supply by the

principal on the day when the said inputs / capital goods were sent out by

him.

There are many further clarification that is provided in relation to queries

raised by the trade. (Kindly refer link)

http://www.cbec.gov.in/resources//htdocs-cbec/gst/Jobwork_Circular_

38_of_2018.pdf


Processing of refund applications for Exporters:

Complete clarification for refund of ITC and duty drawback is issued by

the Department. Highlights of the same are as follows:

Non-availment of drawback: no refund of input tax credit shall be allowed

in cases where the supplier of goods or services or both avails of drawback

in respect of central tax.

Amendment through Table 9 of GSTR-1: the procedure for rectification of

errors made while filing the returns in FORM GSTR-3B has been provided.

http://www.cbec.gov.in/resources/htdocs-cbec/gst/Jobwork_Circular_%2038_of_2018.pdf

http://www.cbec.gov.in/resources/htdocs-cbec/gst/Jobwork_Circular_%2038_of_2018.pdf


INDIRECT TAX

Therefore, in case of discrepancies between the data furnished by the

taxpayer in FORM GSTR-3B and FORM GSTR-1, the officer shall refer to

the said Circular and process the refund application accordingly.

Exports without LUT: the substantive benefits of zero rating may not be

denied where it has been established that exports in terms of the relevant

provisions have been made. The delay in furnishing of LUT in such cases

may be condoned and the facility for export under LUT may be allowed on

ex post facto basis taking into account the facts and circumstances of each

case.

And various other procedure is illustrated.

(Kindly refer link)


cgst.pdf


Processing of refund applications for UIN entities:

The circular states the manner and forms in which one can apply for

refund of ITC by UIN. (Kindly refer link)


cgst.pdf






INDIRECT TAX


Taxable services provided by the members of the Joint Venture (JV) to the

JV and vice versa and inter se between the members of the JV-reg

The Service provided by member to Joint Venture is best illustrated with 2

examples:

i. Illustration A: There are 4 members in the JV including the operating

member and each one contributes Rs 100 as part of their share. A total

amount of Rs 400 is collected. The operating member purchases

machinery for Rs 400 for the JV to be used in oil production.

Illustration A will not be the subject matter of „ST/GST‟ for the reason

that the operating member is not carrying out an activity for another

for consideration. In Illustration A, the money paid for purchase of

machinery is merely in the nature of capital contribution and is

therefore a transaction in money.

ii. Illustration B: There are 4 members in the JV including the operating

member and each one contributes Rs 100 as part of their share. A total

amount of Rs 400 is collected. The operating member thereafter uses

its own machine and performs exploration and production activities

on behalf of the JV.

Illustration B, the operating member uses its own machinery and is

therefore providing „service‟ within the scope of supply of CGST Act,


INDIRECT TAX

2017. This is because in this scenario, the operating member is

recovering the cost appropriated towards machinery and services

from the other JV members in their participating interest ratio.

(Kindly refer link)


cgst.pdf

7. Circular No. 34/8/2018– GST, Dated 1st March, 2018

Clarifications regarding GST in respect of certain services:

The Clarification is provided in following matters:

Sr No Issue Clarification

1 Whether activity of bus

body building, is a supply

of goods or services?

In the case of bus body building

there is supply of goods and

services. Thus, classification of this

composite supply, as goods or

service would depend on which

supply is the principal supply which

may be determined on the basis of

facts and circumstances of each case




INDIRECT TAX

2 Whether retreading of tyres

is a supply of goods or

services?

In retreading of tyres, which is a

composite supply, the pre-dominant

element is the process of retreading

which is a supply of service. Rubber

used for retreading is an ancillary

supply. Which part of a composite

supply is the principal supply, must

be determined keeping in view the

nature of the supply involved. Value

may be one of the guiding factors in

this determination, but not the sole

factor. The primary question that

should be asked is what is the

essential nature of the composite

supply and which element of the

supply imparts that essential nature

to the composite supply. Supply of

retreaded tyres, where the old tyres

belong to the supplier of retreaded

tyres, is a supply of goods

(retreaded tyres under heading 4012

of the Customs Tariff attracting GST

@ 28%)


INDIRECT TAX

3 Whether Priority Sector

Lending Certificates

(PSLCs) are outside the

purview of GST and

therefore not taxable?

In Reserve Bank of India FAQ on

PSLC, it has been mentioned that

PSLC may be construed to be in the

nature of goods, dealing in which

has been notified as a permissible

activity under section 6(1) of the

Banking Regulation Act, 1949 vide

Government of India notification

dated 4th February, 2016. PSLC are

not securities. PSLC are akin to

freely tradeable duty scrips,

Renewable Energy Certificates, REP

license or replenishment license,

which attracted VAT. In GST there is

no exemption to trading in PSLCs.

Thus, PSLCs are taxable as goods at

standard rate of 18% under the

residuary S. No. 453 of Schedule III

of notification No. 1/2017-Central

Tax(Rate). GST payable on the

certificates would be available as

ITC to the bank buying the

certificates.


INDIRECT TAX

4 (1) Whether the activities

carried by DISCOMS

against recovery of charges

from consumers under

State Electricity Act are

exempt from GST?

(2) Whether the guarantee

provided by State

Government to state owned

companies against

guarantee commission, is

taxable under GST?

(1) Service by way of transmission

or distribution of electricity by an

electricity transmission or

distribution utility is exempt from

GST under notification No. 12/2017-

CT (R), Sl. No. 25. The other services

such as, - i. Application fee for

releasing connection of electricity; ii.

Rental Charges against metering

equipment; iii. Testing fee for

meters/ transformers, capacitors

etc.; iv. Labour charges from

customers for shifting of meters or

shifting of service lines; v. charges

for duplicate bill; provided by

DISCOMS to consumer are taxable.

(2) The service provided by Central

Government/State Government to

any business entity including PSUs

by way of guaranteeing the loans

taken by them from financial

institutions against consideration in

any form including Guarantee

Commission is taxable.

(Kindly refer link)

http://www.cbec.gov.in/resources//htdocs-cbec/gst/circularno-34-cgst.pdf



INDIRECT TAX

Orders

1. Order No 2/2018 dated 31st March,2018

Uniformity of GST Rate on Indian Railway Catering Services:

It is clarified with the approval of GST Implementation Committee, that

the GST rate on supply of food and/or drinks by the Indian Railways or

Indian Railways Catering and Tourism Corporation Ltd. or their licensees,

whether in trains or at platforms (static units), will be 5% without ITC.

(Kindly refer link)

http://www.cbec.gov.in/resources//htdocs-cbec/gst/order2-2018-

cgst.pdf

2. Order No. 1 /2018 – Central Tax dated 28th March, 2018

Extension of date for submitting the statement in FORM GST

TRAN-2

The due date of filing GST TRAN 2 is extended to 30th June,2018. (Kindly

refer link)

http://www.cbec.gov.in/resources//htdocs-cbec/gst/order1-2018-

cgst.pdf

http://www.cbec.gov.in/resources/htdocs-cbec/gst/order2-2018-cgst.pdf





FEMA

FEMA

1. RBI/2017-18/139

A.P. (DIR Series) Circular No. 20

Discontinuance of Letters of Undertaking and Letters of

Comfort for Trade Credits

The above notification is addressed to all authorised dealer category – I

Banks. On a review of guidelines, it has been decided to discontinue the

practice of issuing letter of undertakings and letter of comfort for imports

into India by AD Category – I banks with immediate effect (from

March,13 2018).

However such directions are subject to master circular on “Guarantees

and Co-acceptances” by Department of banking regulation and

Permissions or approvals under any other law.

2. Notification No. FEMA.389/2018-RBI

Foreign Exchange Management (Cross Border Merger)

Regulations, 2018

In exercise of powers conferred b FEMA Act, 1999 Reserve bank has

issued regulations relating to merger, amalgamation and arrangement

between Indian companies and foreign companies

Scope of the regulation:

The scope covers all the transactions related to Outbound and Inbound

mergers and the treatment of the same.

In addition, it covers various matters such as Valuation, reporting and

other miscellaneous matters for Cross border mergers.

These provisions can be studied in detail in the below mentioned link:

https://www.rbi.org.in/scripts/FS_Notification.aspx?Id=11235&fn=5&Mode=0




RBI

RBI

1. RBI/2017-18/129

DBR.No.BP.BC.100/21.04.048/2017-18

Reporting and Accounting of Central Government

Transactions of March 2018

1) The Government of India has decided that the date of closure of residual

transactions for the month of March 2018 be fixed as April 10, 2018 for the

Financial Year 2017-18. In view of the ensuring closing of government

accounts for the financial year 2017-18. Branches are instructed to use

special arrangements such as courier to pass challans, scrolls etc. to

nodal/focal point branches so that all collections made for central

government at the end of March could be accounted for in the same

financial year.

2) Certain procedures have been issued for focal point branches.

3) To sum up, the Nodal/Focal Point branches will be required to prepare

separate sets of scrolls, one pertaining to March residual transactions and

another for April transactions during the first 10 days of April 2018. The

Nodal/Focal Point branches should also ensure that the accounts for all

transactions (revenues/tax collections/payments) are effected at the

receiving branches up to March 31, 2018 in the accounts for the current

financial year itself and are not mixed up with the transactions of April

2018


RBI

2. RBI/2017-18/146

FMRD.DIRD.7/14.03.025/2017-18

Taking over of valuation of Government Securities by FBIL -

valuation of portfolios

Under Statement on development and regulatory policies it has been

proposed that from now on FBIL namely, Financial Benchmark India Pvt

ltd. Will take on the responsibility for administering the valuation of

government securities currently being done by FIMMDA.

Accordingly, everyone required to value the government securities

should use FBIL prices with effect from March 31, 2018


CORPORATE LAW

CORPORATE LAW

1. Companies Accounts Amendment Rules, 2018

Notification G.S.R. –

MCA vide its notification dated 27th February 2018 notifies Companies

Accounts Amendment Rules, 2018and introduces Form AOC-3A which is a

statement containing salient features of the financial statements under

Division II –Schedule III to the Companies Act, 2013. It is divided in to

three parts i.e. Abridged Balance Sheet, Abridged Statement of Profit and

Loss and Abridged Cash Flow Statement.

As per the proviso Companies which are required to comply with

Companies (Indian Accounting Standards) Rules, 2015 shall file their

financial statements in Form AOC-3A.

http://www.mca.gov.in/Ministry/pdf/CompaniesAccountsAmmendmen

tRule_01032018.pdf

3. Companies (Filing of documents and Forms in Extensible

Business Reporting Language ) Amendment Rules, 2018

Notification G.S.R. -

As per Rule 3 of Companies (Filing of Documents and Forms in Extensible

Business Reporting Language) Rules, 2015, following companies are

required to file their financial statements and other documents in E-Form

AOC-4 XBRL.

(i) all companies listed with any Stock Exchange(s) in India and their

lndian subsidiaries; or

(ii) all companies having paid up capital of rupees five crore or above

(iii) all companies having turnover of rupees hundred crore or above;

(iv) all companies which were hitherto covered under the Companies

http://www.mca.gov.in/Ministry/pdf/CompaniesAccountsAmmendmentRule_01032018.pdf

http://www.mca.gov.in/Ministry/pdf/CompaniesAccountsAmmendmentRule_01032018.pdf


CORPORATE LAW

(Filing of Documents and Forms in Extensible Business Reporting Language)

Rules, 2011Provided that the companies in Banking' lnsurance' Power Sector

and Nonbanking Financial companies are exempted from XBRL filing'

1. The Central Government vide MCA notification dated 8th March 2018, hereby

makes the following rules further to amend the Companies (Filing of

Documents and Forms in Extensible Business Reporting Language) Rules, 2015

2. The Companies (Filing of Documents and Forms in Extensible Business

Reporting Language) Rules, 2015, rule 3, shall be numbered as sub-rule (1) of

rule 3

(a) Companies which have earlier filed Financial Statements earlier as per sub

rule (1) in XBRL format shall continue to file their Financial Statements in

XBRL even if in the succeeding years ,they do not fall in the class of

companies which are required to file their financial statements in XBRL.

(b) The companies which have filed their financial statements under the

erstwhile rules, namely the Companies (Filing of Documents and Forms in

Extensible Business Reporting Language) Rules, 2011, shall continue to file

their financial statements and other documents as prescribed in sub-rule (1)

though they do not fall under the class of companies specified therein.

http://www.mca.gov.in/Ministry/pdf/CompaniesXBRL0803rule_15032018.

pdf

3. Commencement Notification

As per the Companies Act, 2013, Central Government, hereby appoints 21st

March, 2018 as the date on which sub section (3) and subsection (11) of

Sec.137 of Companies Act, 2013 shall come in to force.

Sec.137 of Companies Act, 2013 talks about Constitution of National

Financial reporting Authority (NFRA)

http://www.mca.gov.in/Ministry/pdf/commencementNotification2103_21

032018.pdf

http://www.mca.gov.in/Ministry/pdf/CompaniesXBRL0803rule_15032018.pdf

http://www.mca.gov.in/Ministry/pdf/CompaniesXBRL0803rule_15032018.pdf

http://www.mca.gov.in/Ministry/pdf/commencementNotification2103_21032018.pdf

http://www.mca.gov.in/Ministry/pdf/commencementNotification2103_21032018.pdf


CORPORATE LAW

4. National Financial Reporting Authority (Manner of Appointment

and other terms and conditions of service of chairperson and

Members) Rules, 2018

MCA vide its notification dated 21st March 2018, The Central Government

hereby makes the following rules:

The above rules consist of the composition of National Financial Reporting

Authority (NFRA), Manner of appointment of members, terms of office,

resignation, removal from office etc.

http://www.mca.gov.in/Ministry/pdf/commencementNotificati

on2103_21032018.pdf

5. Companies (Incorporation) Second Amendment Rules, 2018

The Central Government hereby makes the following rules to amend The

Companies (Incorporation) Rules, 2014 :

An application for reservation of name shall be made through the web

service available at www.mca.gov.in using RUN (Reserve Unique Name)

along with the fee. The application may either be approved or rejected, as

the case may be by the registrar, Central Registration Centre after allowing

re-submission of such application within fifteen days for rectification of

defects, if any.

http://www.mca.gov.in/Ministry/pdf/CompanyRule2303_23032018.pdf

6. Companies (Indian Accounting Standards) Amendment Rules,

2018

The Central Government, in consultation with the National Advisory

Committee on Accounting Standards, hereby makes the following rules

further to amend the Companies (Indian Accounting Standards) Rules, 2015,

w.e.f. MCA notification dated 28th March 2018

http://www.mca.gov.in/Ministry/pdf/INDAsEngRule2018_29032018.pdf

http://www.mca.gov.in/Ministry/pdf/commencementNotificati%20%20on2103_21032018.pdf

http://www.mca.gov.in/Ministry/pdf/commencementNotificati%20%20on2103_21032018.pdf

http://www.mca.gov.inby/

http://www.mca.gov.in/Ministry/pdf/CompanyRule2303_23032018.pdf

http://www.mca.gov.in/Ministry/pdf/INDAsEngRule2018_29032018.pdf

Allow us to tell you more!

R.C. JAIN & ASSOCIATES LLP Chartered Accountants Website: www.rcjainca.com Head Office: Mumbai - 622-624, The Corporate Centre,

Nirmal Lifestyle, L.B.S. Marg, Mulund (W), Mumbai – 400080. Email: [email protected] Phone: 25628290/91, 67700107

Branch Offices: Bhopal - 302, Plot No. 75 B, First Floor,

Above Apurti Supermarket, Near Chetak Bridge, Kasturba Nagar, Bhopal. Madhya Pradesh– 462 001 Email: [email protected] Phone: 0755-2600646

Aurangabad - Su-Shobha, Plot No.7,

Mitranagar, Behind Akashwani, Near Maratha Darbar Hotel, Aurangabad - 431001. Email: [email protected]

Phone: 0240-2357556

http://www.rcjainca.com/



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