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Anyone having a procedure regarding the Conversation of LLP into Pvt Ltd Company?
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Are the requirements of Section 119 for providing digital modes (suggested by aforesaid section) are applicable to an NBFC into lending business even if they are already providing digital modes i.e RTGS/IMPS/NEFT etc ?
As these modes of payment can be provided. Extract of the notification no 105/2019 and circular no 32/2019 dt 30.12.2019 In this regard, new Rule 119AA (Modes of payment for the purpose of Section 269SU) has been inserted in the Income-tax Rules, 1962. Rule119AA provides that the specified person shall provide the facility for accepting payment through following electronic modes, in addition to the facility for other electronic modes of payment, if any, being provided by such person, namely
(i) Debit Card powered by RuPay
(ii) Uni?ed Payments Interface (UPI) (BHIM-UPI); and
(iii) Uni?ed Payments Interface Quick ResponseCode (UPI QR Code) (BHIM-UPI QR Code.
Sir, I had posted query as to whether RCM is applicable for payments made for attending patients by a Private Ltd. Hospital to a Director who is also a director of that Company. For this I received a reply in our forum that it is applicable. But GST practitioners in other forums say that the service being Health service provided by the said doctor RCM is not applicable. Kindly explain as many hospitals would be impacted if the RCM is applicable.
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One NGO has promoted 4 Producer company for villagers in different areas of a district and the same NGO now wants to form a Producer Company with those 4 producer company as its members/shareholders at the district level for the reason below 1)The Grants given to the different Producer Company can be monitored well. 2)The procurement and sales of all the 4 Producer Companies can be negotiated well. 3)The Management of companies can be monitored well. Overall it will be easier for the NGO to keep an eye on the working of the company. But as per the provisions of the Producer Companies Act a Producer Company can be formed by 1)Ten or more producers (individuals); or 2)Two or more producer institutions, or 3) a Combination of the above two (10+2). My question is whether 2 or more Producer companies as stated above can be considered as producer institutions and whether they can form a Producer Company.
I have one more question on the same lines. Whether Producer Institutions which does not have PAN Card can become a member/shareholder of a Producer Company?
Please reply to my above query.
Thanks in advance
