In this edition we have tried to bring you notice the latest amendment that followed in the month of September, 2023 issued by MCA, RBI, SEBI, IBBI and others. MCA Clarification on holding of Annual General Meeting (AGM) and EGM through video Confercnce (VC) or other Audio visual means (OAVM) and passing of Ordinary and Special resolutions by the companies under the Companies Act,2013 It has been decided to allow companies whose AGMs are due in the Year 2023 or
Month: October 2023
Companies to Maintain Daily backup of Books of Accounts: MCA
Rule 3 of Companies (Accounts) Rules states about, Manner of Books of Account to be Kept in Electronic Mode The books of account and other relevant books and papers maintained in electronic mode shall remain accessible in India, at all times so as to be usable for subsequent reference. There shall be a proper system for storage, retrieval, display or printout of the electronic records as the Audit Committee, if any, or the Board may deem appropriate and such records
Service tax liability confirmed on remuneration
Service tax liability confirmed on remuneration, bonuses, and allowances disbursed to employees seconded from foreign entities, in accordance with the decision of the Supreme Court, as upheld by the Customs, Excise and Service Tax Appellate Tribunal (CESTAT). Summary: The CESTAT Chennai bench has affirmed the obligation of service tax on salaries paid to foreign-based expatriate employees who were seconded from a foreign entity. The basis for this ruling is that such remuneration is regarded as compensation for the
GREEN FINANCE
Introduction: Green Finance is a sustainable or responsible finance that effectively finances projects with environmental benefits, such as reducing greenhouse gas emissions, improving energy efficiency, or enhancing the circular economy. In simple words “Green Finance” is a loan or investment that promotes environmentally-positive activities, such as the purchase of ecologically-friendly goods and services or the construction of green infrastructure. Key aspects of Green Finance includes: ESG (Environmental, Social, and Governance) Integration: ESG criteria are used to assess the
RNM Tax Alert – Direct Tax Part for September 2023
CBDT Vide Circular No. 16/2023 dated 18.09.2023; Extends Due Date For Filing Of Form 10B/10BB and Form ITR-7 For Assessment Year 2023-24; The due date of furnishing Audit reports in Form 10B/Form 10BB for the Financial Year 2022-23, which is 30-9-2023 has now been extended by the Central Board of Direct Taxes (CBDT) to 31-10-2023. The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 2023-24, which is 31.10.2023 is also extended to 30-11-2023. Important
KKR Pours $250 Mn More Into Reliance Retail At $100-Bn Valuation
Private equity firm KKR has poured INR 2,069.5 crore (about $250 million) as additional capital into Reliance Retail Ventures Ltd, a unit of the oil-to-telecom conglomerate Reliance Industries Ltd, at a valuation of around $100 billion. The investment increases KKR’s stake in Reliance Retail Ventures to 1.42% from 1.17%. KKR previously invested INR 5,550 crore in Reliance Retail in 2020. Its fresh investment comes primarily from its Asian Fund IV. The latest deal comes less than three weeks after Qatar