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Munimji

Blog

Apr24

2020

Compliances Requirements under the Companies Act 2013

There are certain Compliances under Companies Act, 2013 that are required to be done once company registration is successfully completed. After registration every company gains a separate legal entity and it becomes liable to comply with all the legal requirements mandated under the Act.

Following is a list of all such required compliances under Companies Act, 2013:

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Apr16

2020

Modes of Capital Introduction into the Business

Capital is the residual interest in the assets of an enterprise after deducting all its liabilities. Also known as owner’s equity, it is the access of the aggregate assets of an enterprise over its aggregate liabilities. In other words, equity represents owner’s claim consisting of items like capital and reserve which are clearly distinct from liabilities, i.e. claims of parties other than owners. The value of equity may change either through contribution from / distribution to equity participants or due to income earned / expenses incurred.

Any company would require funds for expansion and growth of its business. Funds can be acquired into the business in two ways i.e. through capital or loan. Here we will discuss the ways in which further capital could be introduced into the company.

Apr07

2020

Policy Reforms by RBI to support Economy


The article provides a brief idea about various rate cuts announced by RBI on 27th March 2020 after the Monetary Policy Committee meeting.

Monetary Policy Committee:

  • The Monetary Policy Committee of India is responsible for fixing the benchmark interest rate in India. The meetings of the Monetary Policy Committee are held at least 4 times a year and it publishes its decisions after each such meeting.
  • The committee comprises six members - three officials of the Reserve Bank of India and three external members nominated by the Government of India. They need to observe a "silent period" seven days before and after the rate decision for "utmost confidentiality".
  • The Governor of Reserve Bank of India is the chairperson ex officio of the committee.
  • Decisions are taken by majority with the Governor having the casting vote in case of a tie.
  • The current mandate of the committee is to maintain 4% annual inflation until 31 March 2021 with an upper tolerance of 6% and a lower tolerance of 2%.
  • The Reserve Bank of India Act, 1934 was amended by Finance Act (India), 2016 to constitute MPC which will bring more transparency and accountability in fixing India's Monetary Policy.
  • The monetary policy is published after every meeting with each member explaining his opinions.
  • The committee is answerable to the Government of India if the inflation exceeds the range prescribed for three consecutive months.

Apr04

2020

Important Announcements in the 39th GST Council Meeting

The 39th GST Council meeting was held on 14th March 2020 Saturday at New Delhi. The meeting made some important recommendations related to extension in due dates and change in GST rates etc. Given below are the important announcements made in the 39th GST Council Meeting.

Mar24

2020

How to Fight Economic Effect of Coronavirus 

A year ago no one knew about Corona. Today, there is hardly anyone who does not know about it. Knowing is one thing. Countries and people face a bleak future in the post Corona devastated world. Apart from social distancing this malignant virus is nuking economics of countries in a way that has never happened before, not even during world wars. Life is grinding down to an excruciatingly painful slowdown. Stock markets have crashed to abysmal lows and the end is not in sight. Severe restriction on movement drastically affects daily wage earners. The economic effect of coronavirus is projected to have a ripple effect in the time to come. UNCTAD estimates the world as a whole will suffer a loss of over $ 1 trillion and that is a modest estimate. Even cryptocurrencies are bottoming out.

Mar23

2020

Frequently Asked Questions on Section 194K of Income Tax Act 1961

Q1: What does section 194K of the Income Tax Act says?

Any person responsible for paying to a resident any income in respect of:

  • Units of a mutual fund specified under Clause (23D) of Section 10; or
  • Units from the Administrator of the specified undertaking; or
  • Units from the specified company.

shall, at the time of credit of such income to the account of the payee or at the time of payment thereof by any mode, whichever is earlier, deduct income tax thereon at the rate of 10 per cent.

Financial Management