CA. Vikash Jain

Whether CoC can withdraw a liquidation application filed before the Adjudicating Authority in order to consider a fresh Resolution Plan | Whether fresh Resolution Plan can be allowed to be submitted after the expiry of 270 days period prescribed under the IBC – Arun Kumar Gupta, RP of Reform Ferro Cast Ltd. – NCLT Kolkata BenchHon’ble NCLT Kolkata Bench referring the decision in the matter of Anil Kumar Vs. Jayesh Sanghrajaka, RP (2023) ibclaw.in 494 NCLAT and Swiss Ribbons Pvt Ltd & Anr. v/s Union of India (2019) ibclaw.in 03 SC held that liquidation is to be opted only in two scenarios i.e no resolution plan or the resolution plans submitted are not up to the mark. The Bench also held that not only can the CoC withdraw a liquidation application in case a viable resolution plan becomes available for consideration, but also that the time limit prescribed under section 12 of the Code will not come in the way of the CoC achieving the object of value maximisation of the Corporate Debtor.

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Revised Criteria for classification of Non-company entities for applicability of Accounting Standards ICAI has issued an Announcement regarding the change in the applicability of Accounting Standards for non-company entities. For accounting periods commencing on or after April 1, 2024, non-company entities are now classified into 2 categories instead of 4 levels: 1. Large entities - Turnover above 250 Crore and Borrowings above 50 Crore; and 2. Micro, Small & Medium Sized Entities (MSMEs) - Turnover below 250 Crore and Borrowings below 50 Crore Exemptions/ relaxations which were available to non-company entities earlier classified under Level III & IV have been extended to all MSMEs except AS 18 & AS 28 which are applicable to non-company entities with Turnover below 50 Crore and Borrowings below 10 Crore. The said changes would bring reduced compliance for MSMEs without having a major impact on classification and recognition criteria and will be applicable for preparation & presentation of financial statements of sole proprietorships, LLPs, partnerships, etc. from FY 2024-25 onwards. #kcrkcollp #MSME #AccountingStandards #MBF

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CAM Blog: The latest post on our blog by S R Patnaik and Rashi Gupta is on “Handle With Care: Relying On ‘Delhi HC delivers an important pronouncement on permanent establishment” Read it at: https://lnkd.in/dPsA4sbF #IncomeTax #IncomeTaxDepartment #IndianRailways #PRIPL #BlogsbyCAM

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📢 Update from SEBI: Relaxation from Compliance with certain provisions of SEBI LODR Regulations, 2015: On October 7, 2023, SEBI announced a relaxation of regulations for Annual General Meetings (AGMs) and electronic general meetings, extending compliance deadlines until September 30, 2024. This follows the MCA's earlier relaxations. Recently, the MCA extended the exemption from sending physical copies of financial statements to shareholders for AGMs until September 30, 2025. Consequently, SEBI has now aligned its relaxations to also extend until September 30, 2025. Listed entities must continue to adhere to specific compliance conditions outlined in the Master Circular dated July 11, 2023, while benefiting from these relaxations. For more details, refer to the latest circular. #SEBI #CorporateGovernance #AGM #RegulatoryUpdate

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Karneeti Part 554 5 Most Important Proposals in Capital Gains in Budget 2024 #karneeti #income #taxreturn #taxseason #taxfiling #taxreturn #ITR #incometax #taxplanning #TaxTips2024 #taxcompliance #capitalgainstax #capitalgains #sharemarket

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2500+ Pages | 89 Chapters of Exhaustive GST Analysis—Featuring Interlinked Statutory Provisions | Case Laws | Practical Examples Look inside the book here: https://lnkd.in/dxUXa_wT Like It? Buy Now with Free Expedited Shipping & Get a Limited Period Discount! https://lnkd.in/dfefm9M7 #TaxmannBooks #TaxmannUpdates #GST #ITC #GSTLaw #GSTIndia

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Tick Talks #60: CA Firms Can't Escape ICAI Action; EAC on Pre-Merger Goodwill, Auditors & ESG Assurance, CARO Reporting & More! Read the newsletter >> https://buff.ly/3S4aq2G KNAV US #Taxsutra #tax #Greentick #ICAI #CA #audit #EAC #CARO #ESG

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🧩 Tax Puzzle: Charitable Trusts & Income Tax Act 1961 🧩 In the realm of taxation, Charitable Trusts encounter a complex web under the Income Tax Act, 1961. Compliance with Sections 11-13 demands meticulous application of income towards charitable purposes, with the specter of non-compliance looming large. These provisions, while fostering social welfare, also present a challenging fiscal landscape that trusts must navigate. As Tax Professionals, our role in demystifying these intricacies is crucial for their sustained philanthropic efforts. Happy to discuss on the issues which people have faced on taxability of Charitable Trusts under Income Tax Act 1961 perspective. Cheers 🍷 #TaxChallenges #CharitableTrusts #IncomeTaxAct1961 #NonProfitCompliance #TaxProfessionals

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ICAI’s New Fee Calculator for CAs ICAI has launched a fee calculator to help CAs determine minimum recommended fees. Available on the TMD website, this tool is based on the Revised Minimum Scale of Fees (Feb 2020). Key Features: >> Service Categories: Covers Income Tax, GST, Audit, and more. >> Tailored Fees: Adjusts based on complexity, time, and location. >> Transparent Pricing: Standardizes fees, ensuring professional integrity. ICAI Guidelines: >> Fees should match complexity and time spent. >> Travel and other expenses are additional. >> GST should be collected separately. Link to the tool is in the comments section below!

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#CapitalGains #FAQs Subsequent to the changes proposed by the Finance (No. 2) Bill, 2024, in the Capital Gains taxation scheme, the government released FAQs on the e-filing website specifying the major changes, including: • Applicability • Changes in the period of holding various assets • Clarity on the rollover benefits of capital gains Read the Full Document: https://lnkd.in/d3VmpDUA #TaxmannUpdates #IncomeTax #FinanceBill #LTCG

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**MCA has announced relaxations and deadline extensions concerning Forms 4D. The filing deadline has been extended to May 15th, 2024** -->The recent amendments to the Limited Liability Partnership (LLP) rules by the Central Government, specifically the Limited Liability Partnership (Third Amendment) Rules, 2023, highlight the critical importance of compliance in the intricate legal landscape of businesses. These amendments, effective from October 27, 2023, emphasize meticulous record-keeping and filing, enhancing transparency and trust in LLP operations. This article aims to explore the nuances of these amendments, particularly focusing on Forms 4B and 4C, and also delves into recent relaxations and deadline extensions announced by the Ministry of Corporate Affairs (MCA). -->The LLP Amendment Rules, 2023, mandate existing LLPs to maintain a comprehensive register of partners within 30 days of the commencement of the amended rules. This register serves as a repository of essential information, including personal particulars, asset details, and beneficial ownership, underscoring the urgency and significance of accurate record-keeping. -->Central to the compliance framework outlined in the LLP Amendment Rules are Forms 4B and 4C. These forms delineate processes through which LLPs and their partners declare and assert beneficial interests in contributions. -->Form 4B: Declarations by Registered Partners: Partners who are recorded in the register of partners but do not hold any beneficial interest in contributions must file a declaration within 30 days from the date of entry. Form 4B embodies principles of transparency and regulatory compliance. -->Form 4C: Declarations by Beneficial Partners: Partners holding a beneficial interest in contributions but not listed in the partner register must submit Form 4C within 30 days of acquiring that interest. This form allows partners to assert their beneficial interests and ensure alignment with regulatory stipulations. -->Both Forms 4B and 4C require accurate and comprehensive details, including personal particulars, declaration of beneficial interest, details of registered partners (for Form 4B), or details of the person from whom the beneficial interest is acquired (for Form 4C), and particulars of any change in beneficial interest. -->In response to industry needs, the MCA has announced relaxations and deadline extensions concerning Forms 4D. The filing deadline has been extended to May 15th, 2024, with a relaxation of additional fees, demonstrating the government's commitment to pragmatic regulatory governance. -->In essence, compliance transcends mere regulatory adherence; it embodies a commitment to operational resilience and integrity. For LLPs, compliance with amended rules and timely filing of Forms 4D not only safeguards against legal repercussions but also fosters investor confidence and operational efficiency. CA Shivprasad Sakhare 8779568584

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Our Thoughts on recent Gauhati HC Judgment quashing Notification No 56/2023 dated 28.12.2023 issued under Section 168A

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Form PAS-6 is a half-yearly 'Reconciliation of Share Capital Audit Report' form. It needs to be submitted by the unlisted public companies to the Registrar of Companies (ROC). The main objective of Form PAS-6 is to report the details and changes in the share capital of companies on a half-yearly basis. for more legal update do follow Jaya Ankur Singhania CS Mehul Solanki J Singhania And Company

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