XBRL Filing – All you need to know

By Team Lawgical Startup

Introduction: XBRL stands for Extensible Business Reporting Language, is a language for electronic communication of business and financial data which has significantly revolutionized the reporting of business information, around the globe. Major benefits include preparation, analysis and communication of business information in an cost efficient manner with greater efficiency and improves accuracy and reliability to…

MOA Main Object Clauses for Different Companies

By Team Lawgical Startup

The Main Object Clause of the Memorandum of Association defines the purpose of the Company. Hence drafting of this clause is very crucial and should be done with precision and expertise. The Company cannot carry on any activity which is not a part of its object clause. Such activities are called Ultra Virus (beyond powers)…

MCA Update – Producer Companies (General Reserve) Rules, 2003

By Team Lawgical Startup

MCA has notified the Producer Companies (General Reserve) Rules, 2003. These rules shall apply to a Producer Company as referred in clause (l) of section 378A. These rules shall come into force from February 11, 2020. Highlights: Change of place of registered office from one State to another. – The Rules 27 (Notice and Verification…

Budget 2021 – Key Highlights

By Team Lawgical Startup

While, Union Budget 2021 is mainly focusing on bringing the economy back to shape after the pandemic, it also covers several proposals including exemption to senior citizens from filing income tax returns, new rules for removal of double taxation for NRIs, reduction in the time period for reopening of tax assessments, extension of tax holiday   …

Joint Venture – Types, Salient Features and Challenges

By Team Lawgical Startup

Meaning of Joint Venture Joint Venture is a contractual relationship between two or more parties agreed to acquire their resources for the successful completion of a specific tasks. All the concerned parties are responsible for profit and loss of the venture also the cost related to it. Like as other business entity it is also…