March, 2019 Contribution/Image/Newsletter_mar_2019.pdf · The CIT (A) further noted that the assessee vide letters dated 12/2/2013 ... towards reimbursement of the salary expenses

March, 2019

R.C. JAIN & ASSOCIATES LLP

Participate in life instead of just watching it pass you by….

Head Office: 622-624, The Corporate Centre, Nirmal Lifestyles, L.B.S. Marg, Mulund (W), Mumbai – 400080. Email: [email protected]

Phone: 25628290/91, 67700107

Website: www. rcjainca.com

NEWSLETTER

INDEX

1. Income Tax ____________________________________________01

2. GST __________________________________________________05

3. RBI___________________________________________________09

4. Corporate Law __________________________________________15

5. Hunar Haat _____________________________________________17

EDITORIAL TEAM

CHIEF EDITOR

CA R. C. Jain

EDITOR

CA Bijal Gajra

MEMBERS SUPPORT TEAM

Esha Mulani Ulhas Jain Jyoti Sharma CA Meera Joisher Madhavi Ghorpade Rohini Veer Sanket Abhale Mangesh Kolekar Shireen Dhawan Tejashree Wanarkar Vinay Kumar Kora Radhika Yadav

The contents provided in this newsletter are for information purpose only and are intended, but

not promised or guaranteed, to be correct, complete and up-to-date. The firm hereby disclaims

any and all liability to any person for any loss or damage caused by errors or omissions, whether

such errors or omissions result from negligence, accident or any other cause.

DIRECT TAX

1 R. C. Jain and Associates LLP

Income Tax

1. SECTION 10(10) OF THE INCOME-TAX ACT, 1961 -EXEMPTIONS - GRATUITY

In exercise of the powers conferred by sub-clause (iii) of clause (10) of section 10 of the Income-tax Act, 1961 (43 of 1961, notification number S.O. 1414(E), dated the 11th June, 2010, having regard to the maximum amount of any gratuity payable to employees, hereby specifies twenty lakh rupees as the limit for the purposes of the said sub-clause in relation to the employees who retire or become incapacitated prior to such retirement or die on or after the 29th day of March, 2018 or whose employment is terminated on or after the said date.

2. SECTION 56 OF THE INCOME-TAX ACT, 1961 - INCOMEFROM OTHER SOURCES CHARGEABLE IN 56(2)(viib) SHALLNOT APPLY TO CONSIDERATION RECEIVED BY ACOMPANY FOR ISSUE OF SHARES THAT EXCEEDS FACEVALUE OF SUCH SHARES

The Central Government, hereby notifies that the provisions of clause (viib) of sub-section (2) of section 56 of the said Act shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares, if the said consideration has been received from a

• person, being a resident,• by a company which fulfills the conditions specified in para 4 of the

notification number G.S.R. 127(E), dated the 19th February, 2019 and filesthe declaration referred to in para 5 of the said notification of theDepartment for Promotion of Industry and Internal Trade.

2. This notification shall be deemed to have come into force retrospectively from the19th February, 2019.

~ COMPILED BY SANKET ABHALE

https://www.taxmann.com/fileopen.aspx?id=104010000000019463&source=linkhttps://www.taxmann.com/fileopen.aspx?id=104010000000019463&source=linkhttps://www.taxmann.com/fileopen.aspx?id=104010000000060262&source=link

DIRECT TAX


Case Laws:

1) Issue Involved: RE-IMBURSEMENT OF SALARY CAN’T BE DISALLOWEDFOR NON-DEDUCTION OF TAX AT SOURCE.

CIT vs. M/s. ITD Cemindia JV, ITA NO. 1706 dt. 12/02/2019

Gist of the Case:

Brief facts of the case are that the Respondent assessee is a company registered

under the Companies Act. For the assessment year 2010-11, the assessee had filed

its return of income which was taken in scrutiny by the Assessing Officer. In the

assessment order, the Assessing Officer made disallowance of expenses of Rs.4.33

Crore (rounded off) in terms of Section 40 (a) (ia) of the Income Tax Act, 1961 (“the

Act” for short). The assessee filed appeal against the order of the assessment and

resisted such disallowance. The Commissioner of Income Tax [Appeals] (“CIT (A)”

for short] allowed the appeal noting that the expenditure related to salary and

related expenses were paid to one ITD Cementation India Ltd., towards salary and

related expenses in respect of employees deputed to work in the joint venture

(assessee). The CIT (A) further noted that the assessee vide letters dated 12/2/2013

and 19/2/2013 had explained to the Assessing Officer that then payment was

towards reimbursement of the salary expenses paid to ITD Cementation India Ltd.

towards deputed employees and personnel for doing the work of ITD Cem India

JV as per the contractual agreement in the Joint Venture Agreement. It was noted

that ITD Cementation India Ltd had provided employees and personnel for doing

the work the assessee company. In turn, ITD Cementation India Ltd. would raise

debit notes relating to salary of the employees to the assessee. On the basis of said

debit notes, the assessee would make the payment to ITD Cementation India Ltd.

The Employees working for the joint venture were actually the employees of ITD

Cementation India Ltd. The assessee, therefore, contended that on such payments,

deduction of tax at source was not necessary.

DIRECT TAX


Held- The CIT (A) accepted this view. The Tribunal also confirmed the view of the CIT

(A) and dismissed Revenue's appeal. Having heard the learned counsel and having

perused the documents on record, we see no reason to interfere. The facts on

record would suggest that the amount in question was paid by way of

reimbursement of expenditure. The employees and personnel deputed by the

company giving such workers on loan to the assessee company continued to

be the employer, the assessee merely reimbursed the expenditure in terms of salary

structure of the employees to the employer company. There was, therefore, no

question of deducting tax at source while reimbursing such costs. We notice that

the Tribunal by the impugned judgment relied on its decision in case of this very

assessee for earlier

Assessment Year. This issue had travelled before this Court in

Income Tax Appeal No. 1826 of 2014 (CIT vs. M/s ITD CEM India Ltd) which was

dismissed by the High Court on 4/9/2017. In the above view, no question of law

therefore arises. The tax appeal is dismissed.”

In the result, this appeal was also dismissed.

2) Issue involved: NON- COMPETENT FEE RECEIVED FROM SALE OF

BUSINESS ASSET TAXABLE AS LONG TERM CAPITAL GAIN

CIT vs. M/s. Monsanto India Ltd.

Gist of the Case:

The brief facts of the case are the assessee is a limited company. The company is

engaged in manufacture of herbicides. Under an Agreement dated 31/08/2006, the

Assessee sold its business of manufacturing wheat herbicides for a sale

consideration of Rs. 30.13 Crores (rounded of). This included a sum of Rs. 2 Crores

towards non-competing fee. The Assessing Officer was of the view that this

amount was Assessee's income and taxed it accordingly. On second appeal, the

Tribunal granted relief to the assessee by holding that the receipt was capital and it

DIRECT TAX


gave rise to long term capital gain. Thereupon, the Revenue has filed this Appeal.

According to the Tribunal, the Non-Compete Agreement was part of the

agreement for the sale of the business. Under this Agreement, the Assessee could

be seen to have transferred the right to manufacture the product in question. The

Tribunal, therefore, was of the opinion that such receipt would not be covered by

Section 28(Va) of the Income Tax Act. The Tribunal further held that the Assessee

was in the business since the year 1997 and that, therefore, the transfer of the

capital asset would give rise to long term capital gain.

Held -

The division bench comprising Justice Sarang V. Kotwal and Justice Akil Kureshi

upheld the view of the Tribunal and held that “In our opinion, the Tribunal was

right on both counts. The Non-Compete Agreement was part and parcel of the sale

of the business and cannot be seen in isolation. Further, the Assessee was in the

business of producing and selling wheat herbicides since the year 1997 and

therefore, while selling the business, Assessee also executed a Non-Compete

Agreement, which was part of the sale of assets held by the Assessee in excess of 36

months”.

In the result the appeal filed by the assesse was dismissed.

~ COMPILED BY JYOTI SHARMA

INDIRECT TAX


GST

Notifications

1. Notification No. 10/2019-Central Tax

Notification No.10/2019-Central Tax, dated the 7th March, 2019 extends:-

As per sec 23(2) of CGST Act,2017, the government may on the recommendation of

the council, specify the category of persons who may be exempted from obtaining

registration under this Act.

As per Notification No.10/2019, any person, who is engaged in exclusive supply of

goods and whose aggregate turnover in the financial year does not exceed forty

lakh rupees is exempted from obtaining the registration under this Act, except:

persons required to take compulsory registration under section 24 of the said Act

persons engaged in making supplies of the goods such as Ice cream and other

edible ice, whether or not containing cocoa, Pan masala and all goods, i.e. Tobacco

and manufactured tobacco substitutes

persons engaged in making intra-State supplies in the States of Arunachal Pradesh,

Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana,

Tripura, Uttarakhand

persons exercising option under the provisions of sub-section (3) of section 25 (i.e

Voluntary Registration) or such registered persons who intend to continue with

their registration under the said Act.

This notification shall come into force on the 1st day of April, 2019.

INDIRECT TAX


2. Notification No. 14/2019 – Central Tax

Notification No.14/2019-Central Tax, dated the 7th March, 2019 extends:-

In exercise of the powers conferred in Sec 10 (1) of CGST Act, 2017 and in

supersession of the notification no 8/2017- Central Tax, the Central Government,

on the recommendations of the Council, hereby specifies that an eligible registered

person, whose aggregate turnover in the preceding financial year did not exceed

one crore and fifty lakh rupees can opt for Composition Levy under sec 10(1).

Provided that the said aggregate turnover in the preceding financial year shall be

seventy-five lakh rupees in the case of an eligible registered person, registered

under section 25 of the said Act, in any of the following States, namely: – (i)

Arunachal Pradesh, (ii) Manipur, (iii) Meghalaya, (iv) Mizoram, (v) Nagaland, (vi)

Sikkim, (vii) Tripura, (viii) Uttarakhand

The following registered persons shall not be eligible to opt for Composition Levy

under sec 10(1) of CGST Act, 2017:

If such person is a manufacturer of the goods like Ice cream and other edible ice,

whether or not containing cocoa, pan masala and all goods, i.e. Tobacco and

manufactured tobacco substitutes.

This notification shall come into force on the 1st day of April, 2019.

INDIRECT TAX


CIRCULARS

1. Circular No. 92/11/2019-GST

Clarification on various doubts related to treatment of sales promotion schemes

under GST – Reg

It has been noticed that there are several promotional schemes which are offered

by taxable persons to increase sales volume and to attract new customers for their

products. Some of these schemes have been examined and clarification on the

aspects of taxability, valuation, availability or otherwise of Input Tax Credit in the

hands of the supplier (ITC) in relation to the said schemes are detailed hereunder:

Free samples and gifts

The expression “supply” includes all forms of supply of goods or services or both

such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or

agreed to be made for a consideration by a person in the course or furtherance of

business. Therefore, the goods or services or both which are supplied free of cost

(without any consideration) shall not be treated as “supply” under GST.

As per sec 17(5), ITC shall not be available in respect of goods lost, stolen,

destroyed, written off or disposed of by way of gift or free samples. Thus, it is

clarified that input tax credit shall not be available to the supplier on the inputs,

input services and capital goods to the extent they are used in relation to the gifts

or free samples distributed without any consideration.

Buy one get one free offer:

It may appear at first glance that in case of offers like “Buy One, Get One Free”,

one item is being supplied free of cost without any consideration. In fact, it is not

an individual supply of free goods but a case of two or more individual supplies

where a single price is being charged for the entire supply. It can at best be treated

as supplying two goods for the price of one. Taxability of such supply will be

dependent upon as to whether the supply is a composite supply or a mixed supply

INDIRECT TAX


and the rate of tax shall be determined as per the provisions of section 8 of the said

Act. It is also clarified that ITC shall be available to the supplier for the inputs,

input services and capital goods used in relation to supply of goods or services or

both as part of such offers.

Discounts including ‘Buy more, save more’ offers:

It is clarified that discounts offered by the suppliers to customers (including

staggered discount under “Buy more, save more” scheme and post supply /

volume discounts established before or at the time of supply) shall be excluded to

determine the value of supply provided they satisfy the parameters laid down in

clause (b) of sec 15(3) of the said Act. It is further clarified that the supplier shall be

entitled to avail the ITC for such inputs, input services and capital goods used in

relation to the supply of goods or services or both on such discounts.

Secondary Discounts:

It is clarified that secondary discounts shall not be excluded while determining the

value of supply as such discounts are not known at the time of supply and the

conditions laid down in clause (b) of Sec15 (3) are not satisfied. There is no impact

on availability or otherwise of ITC in the hands of supplier in this case.

~ COMPILED BY ESHA MULANI

RBI


RBI

1. RBI/2018-19/136 A .P. (DIR Series) Circular No. 22

Hedging of exchange rate risk by Foreign Portfolio Investors (FPIs) under Voluntary Retention Route

The purpose of this circular is to hedge the exposure to exchange rate risk on account of investments made under the Voluntary Retention Route (VRR). The products offered are: Forwards, options, cost reduction structures and swaps with Rupee as one of the currencies.

The Authorised Dealers Category – I banks have been asked to have an insight into the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000, as amended from time to time and Master Direction - Risk Management and Inter-Bank Dealings dated July 5, 2016, as amended from time to time.

The operational guidelines, terms and conditions are provided in detail in the following link:

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11493&Mode=0

2. RBI/2018-19/135

A.P. (DIR Series) Circular No. 21

‘Voluntary Retention Route’ (VRR) for Foreign Portfolio Investors (FPIs) investment in debt

The RBI in consultation with the Government of India and SEBI has introduced a separate channel, called the ‘Voluntary Retention Route’ (VRR), to enable FPIs to invest in debt markets in India. The investments will be free of the macro-prudential and other regulatory norms applicable to FPI investments in debt markets, provided FPIs voluntarily commit to retain a required minimum percentage of their investments in India for a period.

Various Features of the route and the amendments made thereunder can be accessed from the following Link:


https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10485https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10485https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11493&Mode=0https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11492&Mode=0

RBI


3. RBI/2018-19/137FIDD.CO.FSD.BC.No.15/05.02.001/2018-19

Interest Subvention Scheme for Short Term Crop Loans during the years 2018-19 and 2019-20

The Government of India has approved the implementation of the Interest Subvention Scheme with modifications for the years 2018-19 and 2019-20 for short term crop loans up to Rs. 3 lakh.

In order to provide short-term crop loans upto Rs. 3 lakh to farmers at an interest rate of 7% p.a. during the years 2018-19 and 2019-20, it has been decided to offer interest subvention of 2% per annum to lending institutions viz. Public Sector Banks (PSBs) and Private Sector Commercial Banks (in respect of loans given by their rural and semi-urban branches only). This interest subvention of 2% will be calculated on the crop loan amount from the date of its disbursement/drawal up to the date of actual repayment of the crop loan by the farmer or up to the due date of the loan fixed by the banks whichever is earlier, subject to a maximum period of one year.

Banks may give adequate publicity to the above scheme so that the farmers can avail the benefits.

All lending banks are requested to send the eligible pending audited claims of 2017-18 latest by August 30, 2019. Please note that under no circumstances further extension will be granted in this regard.

Other stipulations of the scheme can be accessed from the link provided below:


4. RBI/2018-19/138DPSS.CO.OD.No.1916/06.07.011/2018-19

White Label ATMs (WLAs) in India – Review of Guidelines

On a review of operations of White Label ATMs and representations received from stakeholders, as also to enhance the viability of WLAs, it has been decided to allow the WLA Operators to : -


RBI


a. Buy wholesale cash, above a threshold of 1 lakh pieces (and in multiples thereof) of any denomination, directly from the Reserve Bank (Issue Offices) and Currency Chests against full payment.

b. Source cash from any scheduled bank, including Cooperative Banks and Regional Rural Banks.

c. Offer bill payment and Interoperable Cash Deposit services, subject to technical feasibility and certification by National Payments Corporation of India (NPCI).

d. Display advertisements pertaining to non-financial products / services anywhere within the WLA premises, including the WLA screen, except the main signboard. It shall be ensured that the advertisements running on the screen disappear once the customer commences a transaction.

Please refer to the link provided below for further details and also for the guidelines / instructions for setting up, owning and operating White Label ATMs (WLAs) in the country:


5. RBI/2018-2019/140 A.P. (DIR Series) Circular No. 23

Trade Credit Policy – Revised framework

The new ECB framework based on the above regulation was issued on January 16, 2019 vide A. P. (DIR Series) Circular No. 17. The Trade Credit framework based on the aforementioned notified regulation is being issued now.

Trade Credits can be raised under the automatic route up to the amount specified in the circular and in compliance with the other applicable norms. The designated AD Category I bank while considering the Trade Credit proposal is expected to ensure compliance with applicable Trade Credit guidelines by their constituents. Any contravention of the applicable provisions will invite penal action or adjudication under the Foreign Exchange Management Act, 1999.

The amended Trade Credit policy will come into force with immediate effect. Authorised Dealer banks may bring the contents of this circular to the notice of their constituents and customers. The Master Direction No. 5 dated January 01, 2016 on the subject is being revised to reflect the above changes.

For further details please refer the following Link:


https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11495&Mode=0https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11456&Mode=0https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10204https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11499&Mode=0

RBI


6. RBI/2018-19/141 FMRD.FMSD.11/11.01.012/2018-19

Reserve Bank of India (Prevention of Market Abuse) Directions, 2019

In the Statement on Developmental and Regulatory Policies of the Second Bi-monthly Monetary Policy Statement for 2018-19 dated June 06, 2018, it was announced that the Reserve Bank shall introduce regulations, in line with best global practices, to prevent abuse in markets regulated by the Reserve Bank.

Based on the feedback received on the draft directions released for public comments, the directions have been finalized.

The finalized directions can be found in the below link:-


7. RBI/2018-19/143

DGBA.GBD.No.2394/42.01.029/2018-19

Reporting and Accounting of Central Government Transactions of March 2019

The Government of India has decided that the date of closure of residual transactions for the month of March 2019 be fixed as April 10, 2019 for the Financial Year 2018-19. In view of the ensuing closing of government accounts for the financial year 2018-19, receiving branches including those not situated locally, should adopt special arrangements such as courier service etc., for passing on challans/scrolls etc., to the Nodal/Focal Point branches so that all payments and collections made on behalf of government towards the end of March are accounted for in the same financial year. These instructions regarding special messenger arrangements may please be informed to all branches concerned.

As regards reporting of March 2019 transactions by Nodal/Focal Point branches in April 2019, the branches may be advised to follow the procedure as outlined. To sum up, the Nodal/Focal Point branches will be required to prepare separate sets of scrolls, one pertaining to March 2019 residual transactions and another for April 2019 transactions during the first 10 days of April 2019. The Nodal/Focal Point branches should also ensure that the accounts for all transactions (revenues/tax collections/payments) are effected at the branches up to March 31, 2019 in the accounts for the current financial year itself and are not mixed up with the transactions of April 2019. Also, while reporting transactions pertaining to March

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=44126https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=44126https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11500&Mode=0

RBI


2019 up to April 10, 2019, the transactions of April 2019 should not be mixed up with the residual transactions relating to March 2019.

The above mentioned procedure for reporting March 2019 transactions and March 2019 residual transactions are also applicable to the reporting of transactions of Non-Civil Ministries.

8. RBI/2018-19/144 A.P. (DIR Series) Circular No. 24

Export and Import of Indian Currency

As per Regulation 8 of Foreign Exchange Management (Export and import of currency) Regulations, 2015, in terms of which a person may take or send out of India to Nepal or Bhutan and bring into India from Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India for any amount in denominations up to Rs.100/-. Further, an individual may carry to Nepal or Bhutan, currency notes of Reserve Bank of India denominations above Rs.100/-, i.e. currency notes of Rs.500/- and/or Rs.1000/- denominations, subject to a limit of Rs.25,000/-.

It has now been decided that an individual travelling from India to Nepal or Bhutan may carry Reserve Bank of India currency notes in Mahatma Gandhi (New) Series of denominations Rs.200/- and/or Rs.500/- subject to a total limit of Rs.25,000/- Instructions regarding currency notes of Government of India and Reserve Bank of India for any amount in denominations up to Rs.100/- shall continue as hitherto.

9. RBI/2018-2019/146 DBR.BP.BC.No.29/21.07.001/2018-19

Deferral of Implementation of Indian Accounting Standards (Ind AS)

In the Statement on Developmental and Regulatory Policies issued with the First Bi-monthly Monetary Policy 2018-19 on April 5, 2018, the implementation of Ind AS was deferred by one year pending necessary legislative amendments to the Banking Regulation Act, 1949 as also the level of preparedness of many banks.

The legislative amendments recommended by the Reserve Bank are under consideration of the Government of India. Accordingly, it has been decided to defer the implementation of Ind AS till further notice.

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=43574

RBI


10. RBI/2018-19/147 FIDD.CO.LBS.BC. No.16/02.01.001/2018-19

Assignment of SLBC/UTLBC Convenorship – State of Gujarat and Union Territories of Daman & Diu and Dadra & Nagar Haveli

As per the Gazette of India Notification G.S.R. 2(E) dated January 2, 2019, the amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda has been notified. The Notification called the ‘Amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda Scheme, 2019’ comes into force on April 1, 2019.

In view of the above, it has been decided to assign the SLBC Convenorship for the State of Gujarat and UTLBC Convenorship for Union Territories of Daman & Diu and Dadra & Nagar Haveli to Bank of Baroda. There is no change in the SLBC/UTLBC Convenorship of other States and Union Territories.

~ COMPILED BY SHIREEN DHAWAN

CORPORATE LAW


1. Companies (Incorporation) Second Amendment Rules, 2019 :-

As per the amendment to the companies (Incoporation) Amendment Rules, 2019 dated 06.03.2019, MCA has revised the limit of Rs.10 Lakhs to Rs.15 Lakhs. Last year on 26.01.2018, while introducing Spice Form for incorporation of companies with the intent of Ease of Doing Business, MCA implemented the rule of Incorporation with Zero Fees for the proposed companies with a nominal capital of less than or equal to Rs.10Lakhs and in respect of proposed companies not having share capital, whose members does not exceed 20. Now with effect from 18.03.2019, this limit of 10 Lakhs has been revised to Rs.15 Lakhs. http://www.mca.gov.in/Ministry/pdf/CompaniesIncorporationIIAmendmentRules_07032019.pdf

2. General Circular No. 02/ 2019 dated 08.03.2019 regarding Extension of Tenure of High Level Committee or Corporate Social Responsibility -2018 :-

The High Level Committee on Corporate Social Responsibility, 2018 was

constituted under the Chairmanship of Secretary, Ministry of Corporate Affairs

vide OM of even no. dated 22.11.2018 to review the existing framework and

formulate a coherent policy on Corporate Social Responsibility. The Committee has

been granted extension of three months with effect from 04.03.2019 with the

approval of Hon'ble Union Minister for Corporate Affairs to submit its report.

http://www.mca.gov.in/Ministry/pdf/GenCircular_11032019.pdf

http://www.mca.gov.in/Ministry/pdf/CompaniesIncorporationIIAmendmentRules_07032019.pdfhttp://www.mca.gov.in/Ministry/pdf/CompaniesIncorporationIIAmendmentRules_07032019.pdfhttp://www.mca.gov.in/Ministry/pdf/GenCircular_11032019.pdf

CORPORATE LAW


3. General Circular No. 03/ 2019 dated 11.03.2019 regardingClarification on Filing of e-form RD- l-Conversion of publiccompany into private company and change in a Financial Year :-

1. This Ministry vide notification no. G.S.R 1219(E) dated 18/12/18 has notifiedCompanies (Incorporation Fourth Amendment) Rules, 2018, whereby

applications u/s 2(41) (change in a financial year) and u/s 14 of the

Companies Act, 2013 (conversion of public limited company into private

company), along with e-form RD-1 shall be processed by Regional Directors.

2. Stakeholders have expressed certain difficulties in filing e-form RD-1 onaccount of aforesaid two purposes pending deployment of revised version of

e-form RD-1. It is therefore clarified and Regional Directors are advised to

process e-form RD-1 for the above referred applications, if 'others' is selected

on account of aforesaid two counts, till the revised form is deployed by this

ministry.

3. Further, it is also clarified that such applications filed in e-form no.RD-1should not be rejected merely on the ground that "others" is selected and "e-

form is not available", till the said form is deployed by this Ministry.

http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo3_11032019.pdf

~ COMPILED BY MADHAVI GHORPADE.

http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo3_11032019.pdf


“HUNAR HAAT”


One of my friends kept his profile picture as..

कुछ पन्ने क्या फट गए िजंदगी के �कताब के, जमाने ने समझा हमारा दौर ह� खतम हो गया .. !!!!

I created following lines..!!!!

�कस ज़माने म� जी रहे हो साहब, कुछ पन्ने फट गए तो क्या हुआ,

�लखने को पन्ने और भी ह�। एक दौर चला गया तो क्या हुआ, खुलने को दरवाजे और भी ह�।

By Vinay kumar kora


This Women’s Day, I looked upon my journey as a woman. Am I an ‘Abla Nari’ as the

masses call me, or a ‘Shakti’ as the classes call me??? I thought about it for some time,

and my journey gave me the answer…

I was born to normal middle class family living at a 1 BHK of a chawl, which was a

home to 5 families in all… it was a Joint Family. Today, we have one room per

member of the family, but those days were much richer. I was a daughter born in the

joint family after more than 25 years. So my birth was no less than the birth of a

princess. Loads of sweets were distributed all round and I was (I should say still I AM)

the pet of each member of the family. And to return the love they bestowed on me, God

blessed them with the peak of success. I was born like a ‘Lakshmi’ to them. Dad started

his own business wherein he used my name as a brand name, and that brand gave him

best of success. His products were the charm of top stores of the area. His success

added glamour to my childhood. I never fell short of any of my wishes, just needed to

think about it… never even required demanding it.

But with Lakshmi, came Saraswati also. I was equally blessed to have the much more

than the best of education my parents could ever afford. And the best part of the

journey was, this was the biggest gift of my parents. Born in a family which had NO

education background, where my siblings (including my real brother) pursued

education in a vernacular language and and hardly a couple of them managed to finish

their graduation, I was blessed enough to study in a Convent English school, the best in

town. My Mom was the backbone, who used to take studies for me at home in

English, when she herself had also studied from a Gujrati medium. We both

studied together… She used to buy two set of text books, one in English for me and

another in Gujrati for her. She used to study in Gujrati, explain it to me in Kutchchi

and then ask me to write the papers in English. When this was the level of dedication I

have received,


my Saraswati found no bounds. Completed my Chartered Accountancy and was a pride

for my Dad. The expression which I saw on his face when I became a CA, was

something which no camera can capture. It’s deep sowed in my heart and keeps me

running whenever, I feel like quitting the hardships faced in life. That expression actually

made me forget the hardships of the entire CA study journey, and fuels my present life

as well.

But in the course of making me an Idol of Saraswati, they never missed their duties to

make be an equally good ‘Annapurna’. Let it be the household chores, or the best of

dishes, I mastered them all. According to me each female should know them all, not

because she is a female, but because it is her strength. Take any country of the world, or

any language on earth, each one says… ‘Route to the Man’s heart is through his

stomach’. If I can please my family’s stomach, I can control their hearts. Most females

today feel, ‘I’m so educated. I can afford a Cook, and so many maids. I don’t need to

learn household chores’. I just have one question to them ‘Will the paid assistant do the

cooking or the work with the love you can do with?’ For them it is their job, and

they are doing it as a return for money. Can this transaction add Love??? Having

assistance or sharing the work with your life partner or other members of the family,

is not bad. I don’t believe in being loaded with work and keep cursing life for not able

to enjoy life. But, at the same time considering these chores as worthless which

SHOULD be outsourced is wrong. It is a magic tool and my best strength. Many a

times my kids fight back when I ask them to go out for dinner. They insist on me

making something. It’s all the more difficult when I’m exhausted. But, when they lick

the food that I make, and flaunt it in front of all their friends, it gives me bliss. My

kids are dependent on me for what I DO for them and not for what I BUY for them.

Buyer can be replaced but a Doer cannot be… I am blessed to be the ‘Annapurna’ of

my family, and thanks MOM for all your toughness in this matter.


My parents did not forget sharpening other facets of my personality as well. Drawing,

Bharatnatyam, Swimming, Hockey, Basketball, Mehendi and Make-up art, Driving,

Comparing… I can’t think of any area of my personality which they would have left

out. I have never heard a sentence from them, which would say ‘A girl cannot do this,

or a girl cannot go there’. They made me independent in all respects. Along with

making me a beauty pageant, who is an equally good orator, they ensured that I was

empowered enough to safeguard me. I have travelled in rushed public transport, or

even at odd hours, but was never body guarded by my Brother or Dad. I had all the

liberties which most of my friends did not have, and the most modern dresses my Dad

could design for me (Was a manufacturer of readymade garments for girls), but

never allowed me wearing sleeveless or shorts. He never said NO, but always

cultivated one thought… “A female is biologically made to attract, and that wearing

odd dresses would add undue attention to your exterior rather than help you

build your strong interior. Wear something, which you are able to carry and

safeguard yourself into. Why should you want government, police, brother, father,

husband or boyfriend to protect you. You should be capable enough to safeguard

yourself”. Today there are so many marches questioning the society and the

government for women safety, but when I look back on what they taught me, I feel

they were right. ‘What to wear?’, is not a question here. Yes female is free to wear

what she wants, go where she wants, then why depend on someone else for safety. My

parents have made me a ‘Kalika’ in true sense, and I guess that is the need of the hour.

And going further, it’s the secularism and respect for female what we as a mother shall

need to inculcate in our next generation, besides empowering them.

Besides I am an able ‘Ma Parvati’ also, an indispensible part of two most powerful

deities of the spiritual world – Lord Shiva and Lord Ganesha. Better half of one and the

creator of the second, she has her own importance. Similar to her, I have my own

importance. I am irreplaceable. I have powers which are not available to the best of men

on earth. So, why am I talking about gender parity? I am a superior gender, so why do


I beg the world to consider me equal to men. Men cannot hold my hand in what I

can do. They cannot be like me with the best of scientific might. I can bring in new

life into the world, I can feed/nurture/love the baby, the way no one else can. So

what’s wrong if Ihave to give a few years to God’s most sacred job, designed

exclusively for me? Believe me, this is an experience, men long to gain, but they

cannot. So, why do I keep asking the question “WHY ONLY ME?”… I am proud to

say “THANK GOD IT’S ME”…

My journey has been so blessed all through that today I am said to be an inspiration to

many. My next generation looks at me to be someone like me. There are practical

examples, when parents want their daughters to be one like me. I am a successful

professional, a successful daughter, sister, wife, daughter-in-law, mother, friend and a

successful homemaker. And all this did not come by debating on the rights of women. It

came by just working relentlessly on the foundation laid by my parents and built by the

equal contribution of my In-laws. This is the power of being in a joint family. My

family is the strength upon which I bank my flight of success. Sore moments

between two generations in the joint family should not be a weakness of this rich

tradition of India. It is the biggest strength for any woman. My family is what makes

me ‘Shakti’, i.e. strength which helps inspire and uplift the life of those who enter my

zone.

Finally, I got my answer. Being ‘Abla Nari’ or ‘Lakshmi, Shakti, Saraswati, Annapoorna,

Kalika, or Parvati’, it’s all in MY Hands. And according to me I am born as a ‘Princess’

and living as a ‘Queen’. A queen is a super power, and SO AM I.

By CA Meera Joisher

Allow us to tell you more!

R.C. JAIN & ASSOCIATES LLP Chartered Accountants Website: www.rcjainca.com

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