Author Archive for: vishesh
Entries by Vinod Kothari Consultants
SEBI allows Category III AIFs to invest in commodities market
By Somesh Lund (finserv@vinodkothari.com) Genesis of Category III AIFs Alternate Investment Funds (AIFs) are privately pooled investment funds, incorporated in India, in the form of a trust, company, LLP or body corporate not covered under any other regulations prescribed by SEBI. These funds are governed by Securities and Exchange Board of India (Alternative Investment Funds) […]
Rates for goods and services notified: Impact on leasing business
By Abhirup Ghosh, (gst@vinodkothari.com) On the headway to GST, which is going to be introduced from 1st July, 2017, the Government of India is doing substantial amount of law making each day. In the past few days the Government has not only finalised the rules but has also notified the final rates for goods and […]
MCA concerned on siphoning of funds, proposes limit of two layers of subsidiaries
CS Vinita Nair, corplaw@vinodkothari.com MCA vide public notice dated[1] June 28, 2017 has conveyed its intent of issuing a notification proposing amendments to the Companies (Specification of Definitions Details) Rules, 2014 containing the restriction on layers of subsidiaries beyond prescribed number and has invited suggestions on the draft notification. Comments/suggestions on the draft rules along […]
MCA continues to shower relaxations on private companies, by Vallari Dubey
MCA vide notification dated 22nd June, 2017[1] issued Companies (Audit and Auditors) Second Amendment Rules, 2017, effective immediately from the above date. The Rules are meant to further amend the Companies (Audit and Auditors) Rules, 2014. The amendment pertains to corresponding rule for Section 139(2), regarding rotation of auditors in the Company.
Will GST provisions be a body blow to reverse factoring?, by Nidhi Bothra
Come midnight of 30th June, 2017, with the hitting of the gong, India will have its tryst begin with GST. The GST implementation and digging deeper into the provisions seemingly will go hand-in-hand. This article intends to discuss small proviso to the input credit availability provision in the Central GST Act (CGST Act) and its […]
Tax Provisions for HFCs, by Somesh Lund
The Income Tax Act, 1961[1] does not contain specific provisions relating to Housing Finance Companies (HFCs). Thus, all the general provisions for computation of income shall apply to HFCs. It can also be established that as the main source of income of HFCs is interest, income will be computed under section 28 to 43 of […]