Dear Friends,
I am filing MGT-7 for a Company which was under Insolvency in 2018-19 and all meetings were done by RP.
There were no meetings called by Directors. Further it came out of Insolvency in August, 2019 and obtained extension of AGM Order.
Now I am filing form MGT-7, How do I fill the section of Board Meetings.
Dear Friends,
I am filing MGT-7 for a Company which was under Insolvency in 2018-19 and all meetings were done by RP.
There were no meetings called by Directors. Further it came out of Insolvency in August, 2019 and obtained extension of AGM Order.
Now I am filing form MGT-7, How do I fill the section of Board Meetings.
The assessee was issued show-cause notice under section 143 (2) for scrutiny, followed by notice u/s. 142(1) r.w.s. 129 of the Act along with a detailed questionnaire enclosed requesting the assessee to submit the details which were timely submitted by the assessee. After reply from the assessee, Further Notices u/s. 142(1) were issued for the cash sales made to the certain customer and the assessee replied to it. In further 142(1) notices, there was nothing mentioned related to decline in the N.P. Ratio and disallowance of administrative expenses. But in the order u/s. 143(3), disallowance of expenses was made without mentioning this issue in any of the show cause notice issued earlier.
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Fact are as follows
ACIT has pass order under for exemption of Rs 600000 and Nil demand under Section 143(3) for for AY 2017-18 of Trust which is registered u/s 10(25) of the Act.
As per income & expenditure for the year as follows
Gross receipt Rs 1250000
Expenditure Rs 650000
Net Income Rs 600000
In return assessee fill exemption of Rs 1250000 (Gross) instead of Rs 600000 (net) for the year.
During proceedings, request made for making adjustments for clerical mistake apparent from material record.
Also submitted ITAT Delhi order in the matter of ICAI vs CPC banglor, where ITAT said for making prima facie adjustments apparent from records.
However, AO passed order of correct exemption of Rs 600000 and pass at Nil income and tax.
Further, initiated penalty of 270A for under reporting of Income in consequences of mis reporting.
1. Whether this case is of under reporting of Income
2. If yes then how taxes shall be computed and penalties.
has any one applied and got relief of compounding?
how does it work
can we get out wiith zero liability in case of genuine cases.
I see that even not filing annual return can allow Officials to levy 50000 penalty . what should we do if they levey 50k for one day delay of Annual return
also like not appointing auditor in 30 /90 days can attract 5 lakhs penalty..
please share if u have applied and gone through the process of compounding.
Whether registers as required under Companies Act 2013 by Private Company can be maintained electronically in excel/word format OR the same is required to maintained in hard copies only ?
Also whether prior board approval is required to maintain the same in electronic format OR it is at the discretion of the Company to maintain either electronically or in hard copy ?
Dear All.
As per Section 115BAB of Income Tax Act, Income tax on new domestic company incorporated on or after 1st October 2019 be 15 %.
Is that provision will also be applicable if we convert partnership firm into private limited company under part I of Companies Act,2013 ?
Thanks & Regards,
Dear All.
As per Section 115BAB of Income Tax Act, Income tax on new domestic company incorporated on or after 1st October 2019 be 15 %.
Is that provision will also be applicable if we convert partnership firm into private limited company under part I of Companies Act,2013 ?
Dear Respected Members,
A Company invested some amount in Partnership Firm.
I have two query in that regard.
1. Will that invested amount come within the calculation of Section 186?
2. Is there any violation under the Co. Act to invest amount in Partnership Firm?
my turnover of last year is above 1 CR. but less then 2 CR. I need to file return under 44ad but mistakenly I filed my itr in regular books in itr3 form now I get notice of 139(9) as defective return and ask me to file audit report
what should I do, can I revised return and filed it under 44ad now
A company has no preference shares. Can preference shares be issued under rights issue to existing equity shareholders?
Also how are preference shares valued at the time of issue? Is it same as equity share valuation?
issue
rights
under
shares
preference
Can money transferred between a private limited company and LLP in which both director and designated partner are same, Deemed Dividend under Section 2(22)(e) of income tax act is applicable or not
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