Form MGT-8 is a certification provided by a practicing company secretary on a company’s annual return, according to the Companies Act 2013, under Section 92(2). In Form MGT-8, the CS certifies that the annual return discloses the facts correctly and adequately and that it complies with the relevant provisions of the Company’s Act 2013. In order to provide such an assurance, the company secretary needs to carefully examine the registers, records, books and papers of a company to ensure they are free from any misrepresentations and fraudulent activities.
Tax Deducted at Source which is most commonly known as TDS is the system through which certain percentage of tax is collected at the source of the income. Certain Government Department, Local Authorities, Agencies and Public Sector Undertaking are required to deduct GST TDS. TDS acts as a powerful tool towards reduction of tax evasion. In this article, we would try to understand the concept of GST TDS as provided under GST law. Section 51 of the CGST Act, 2017, contains the provisions of Tax Deducted at Source (TDS) under GST. As per the said provisions, following list of persons are liable to deduct tax at source under GST;
The Companies (Registration Offices and Fees) Second Amendment Rules, 2018 was notified by the Ministry of Corporate Affairs on 7th May, 2018. This rule is a very important rule for all professionals and Entrepreneurs who are Directors of a company. By implementing this rule, there will be a very significant increase in penalty for not filing annual return from 1st July 2018. Hence, any person who is a shareholder or Director in a private limited company must take steps to immediately file any overdue compliance to prevent heavy penalty which would become due from 1st July 2018.
Key Management Personnel (KMP) is a group of persons who are responsible for managing the operations of a company. The word ‘personnel’ indicates that it refers to a group of persons rather than one person. They are the decision-makers in a company and are accountable for the errors in the company’s operations. The Board of Directors of a Company are responsible for governing a company, but do not necessarily involve in the day-to-day management. They often meet periodically in Board Meetings to set the management goals. The KMP’s are the ones who actually run the company to achieve the set goals. Accounting Standard 18 (AS-18) defines Key Management Personnel as ‘those persons who have the authority and responsibility for planning, directing and controlling the activities of the reporting enterprise’.
The term ‘copyright protection’ refers to the monopoly approved to authors by copyright law for exclusive use or reproduction. Similar to trademark registration with the Trademark Registrar, copyright can also be registered with the Copyright Office to enjoy legal protection in a copyrightable work. A copyright is made available in a routine fashion to the author immediately when some creative form of expression is produced in a tangible medium.
Income Computation and Disclosure Standards (ICDS) were framed by the Government of India with the objective of inculcating uniformity in accounting policies and governing computation of income in accordance with the pertinent tax provisions. ICDS has been framed using Generally Accepted Accounting Principles (GAAPs ) with the assistance of the Institute of Chartered Accountants of India (ICAI). It has been in existence from the financial year of 2015-16. In this article, we look at the various provisions of ICDS in detail.
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