Tax dispute settlement scheme reduces litigation through defined payment tiers and waivers for interest and penalty.
The scheme permits settlement of specified direct tax disputes pending before appellate and judicial forums by filing a declaration and paying a defined portion of disputed tax or disputed penalty, interest or fee, with differentiated payment rates for taxpayers and the Department and for payments made before or after a notified deadline; successful declarations result in withdrawal of litigation and grant of immunity from prosecution and further penalty or interest, subject to stated exclusions and administrative safeguards including refund of any excess and delegated rule making for implementation. (AI Summary)

Limited review procedures require limited assurance on interim financials with prescribed reporting formats and compliance consequences.
Limited review is a limited assurance engagement on interim financial information requiring inquiry, analytical procedures and understanding of internal control to conclude whether interim statements are prepared, in all material respects, under the applicable reporting framework. The reviewer must obtain written management representations, evaluate misstatements in aggregate, assess accompanying information for consistency, communicate required adjustments, and, if necessary, modify the conclusion or withdraw. The engagement is governed by applicable Standards on Review Engagements, prescribed report formats, publication and intimation obligations, and a regulatory enforcement regime for listing compliance. (AI Summary)

Significant Beneficial Ownership reporting requires filing Form BEN-2 to declare beneficial interests, with prescribed fees and penalties for non-compliance.
Form BEN-2 requires companies to declare to the Registrar individuals who qualify as Significant Beneficial Owners by disclosing interests arising from shareholding, voting rights, entitlement to distributions, or the exercise of significant influence or control, including indirect ownership. The obligation applies to reporting companies with SBOs, subject to enumerated exemptions for certain government and regulated investment entities. Prescribed filing fees apply, with additional fee multipliers for delayed submissions, and statutory fines plus daily penalties attach to defaulting persons and to the company and officers in default. (AI Summary)

Share capital reconciliation required by external assurance providers to confirm dematerialisation, register updates and listing approvals.
Issuers listed on recognized exchanges must obtain from a practicing company secretary or qualified chartered accountant a periodic reconciliatory certificate reconciling issued, paid up, listed and depository held capital; confirming register of members updates; disclosing dematerialisation requests pending beyond twenty one days and reasons; detailing capital changes from corporate actions; and confirming in principle listing approvals, with separate reconciliation for multiple ISINs. (AI Summary)

Incorporation of Section 8 companies: licence allotted at incorporation; SPICe filing replaces prior standalone licence process.
Section 8 companies can be incorporated by conversion or direct SPICe filing, with licence numbers allotted at incorporation. Applicants must prove promotion of social welfare and prohibition of dividend distribution, and file constitutional documents, professional declarations, recent financial statements and reports where applicable, detailed asset and liability statements, a three year income and expenditure estimate, certified corporate resolutions, applicant declarations, and lists of promoters, directors and key managerial personnel. A public notice must be published and filed; the Registrar may require external approvals, exercise discretion in granting licences, impose licence conditions, and direct insertion of conditions into the memorandum or articles. (AI Summary)

One Person Company facilitates single-owner corporateisation, easing incorporation and providing specified statutory exemptions and benefits.
One Person Company (OPC) permits a single Indian resident person to incorporate a private limited company with a nominated successor and mandatory name suffix. Incorporation requires DSC, DIN, name reservation, filing SPICe/INC forms with supporting identity, address and affidavit documents, and issuance of the Certificate of Incorporation by the RoC. OPCs must meet minimum paid-up capital and eligibility rules, are restricted from certain financial activities and charitable-objects companies, face conversion limits tied to capital or turnover, and enjoy specific statutory exemptions and MSME-linked benefits. (AI Summary)

GST audit applicability requires audited accounts and reconciliation when aggregate turnover exceeds the statutory threshold and GSTR 9 precedes GSTR 9C.
GST audit applies where aggregate turnover exceeds the statutory threshold and mandates submission of audited annual accounts and a reconciliation statement with GSTR 9C. Aggregate turnover includes taxable supplies, exempt supplies, exports and inter State supplies on an all India basis but excludes specified taxes. GSTR 9 must be filed before GSTR 9C. GSTR 9C comprises Part A (reconciliations for gross turnover, taxable turnover, rate wise tax liability and ITC) and Part B (auditor certification and reporting of observations, discrepancies and inconsistencies). (AI Summary)

Active Company Tagging (INC 22A) compliance required for specified companies; non filing triggers penalties and filing restrictions.
Companies incorporated on or before 31 December 2017 must file e Form Active (INC 22A) by the prescribed date; exclusions include struck off, striking off, liquidated, amalgamated/dissolved companies and those missing AOC 4 and MGT 7 filings, with LLPs out of scope. Non filing attracts a monetary late fee, marking as Active Non Compliance in registry data and temporary debarment from filing certain corporate forms until payment. Filing prerequisites include software and connectivity, company and auditor identifiers and PANs, SRNs of annual filings, registered office latitude/longitude, and a photograph showing the registered office with a Director/KMP who has affixed a digital signature. (AI Summary)

AGILE registration requirement: company incorporations must attach AGILE with SPICe to seek GST, EPFO and ESIC registrations.
Rule 38A mandates that SPICe incorporation applications be accompanied by linked e-form AGILE (INC-35) to seek GSTIN, EPFO and ESIC registrations; submission of the AGILE form is required though choosing which registrations to pursue within it is optional. The SPICe-registered office is the principal place of business for GST and the same director must sign both SPICe and AGILE. AGILE applies only to companies incorporated via SPICe, requires HSN/SAC codes, is processed non-STP, carries no prescribed fee, and forwards data to GSTN for validation and issuance of TRN/ARN and GSTIN. (AI Summary)

IGST input tax credit advantage: prefer inter state purchases and deposits to manage GST liability and defer tax recognition.
Preferring inter state purchases reduces GST cash outflow because IGST input tax credit can be set off against both central and state GST liabilities, while SGST and CGST ITC are more restricted. Treating customer receipts as deposits defers recognition as consideration-under CGST definition a deposit is not consideration until applied-and there are currently no GST rules taxing notional interest on such deposits. Administrative rules on bad debt write offs and limitation periods do not automatically affect GST valuation or taxability of long outstanding receivables. (AI Summary)

E-way Bill requirement: electronic pre-notification for movements above threshold, with transporter duties and verification powers.
An e-way bill must be generated electronically before movement of goods above the prescribed value threshold for supplies, non-supply movements, or inward supplies from unregistered persons; Part A of FORM GST EWB-01 is to be furnished by the consignor/registered person, Part B completed when goods are handed to a transporter, and transporters may generate or consolidate e-way bills on the portal if consignor/consignee do not. Transporters and persons-in-charge must carry prescribed documents or the e-way bill (physically or via RFID), cancellations are time-limited, validity is distance-based, and authorised officers may intercept and inspect consignments with inspection reports recorded in FORM GST EWB-03. (AI Summary)

Composition scheme eligibility limits intra state small taxpayers and restricts ITC while preserving reverse charge obligations.
Composition scheme allows small taxpayers (aggregate PAN turnover within the threshold) limited to manufacturers, dealers and certain restaurants to pay tax at a composition rate on total sales while remaining liable to pay tax under the Reverse Charge Mechanism and on specified purchases and import of services at normal rates. Composition dealers cannot claim ITC, must issue a Bill of Supply, cannot collect composition tax from buyers, file GSTR 4 quarterly and annual GSTR 9A, and follow prescribed transition rules when switching between composition and regular schemes. (AI Summary)

Condonation of Delay Scheme enables defaulting companies to file overdue annual returns and temporarily re activate directors' DINs.
The Condonation of Delay Scheme, 2018 permits companies that failed to file annual returns and financial statements for a continuous three year period to file specified overdue documents through form e CODS 2018, pay statutory fees plus an additional consolidated fee, and obtain temporary re activation of deactivated DINs to enable filing; struck off companies are excluded and must seek revival through the tribunal, and DINs of directors who do not comply by the scheme's end remain liable for de activation and disqualification consequences. (AI Summary)