Impact of Companies Incorporation Third Amendment Rules, 2016 on company incorporation

Company Law - In Rule 3(2) of Companies (Incorporation) Rules, 2014 following substitution has been made: Earlier Provision: No person shall be eligible to incorporate more than a One Person Company or become nominee in more than one such company. Amended Provision: A Natural person shall not be member of more than a One Person Company at any point of ...

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10 Principles to an Intelligent Investment Strategy

Finance - Making a smart investment is not a rocket science. It requires you to learn and follow the appropriate principles, with discipline. An unfortunate thing about investment strategy is that most of what is taught is hazardous, as being only a half-truth. This abstract information could even prove to be expensive, many a times....

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6 Reasons why financial plans fail &how to overcome them?

Finance - Does it sound crazy that financial planning is a process so simple? Believe me, it is. Planning your finances involves nothing else than just building wealth, and having enough for your retirement. You can achieve the first, if you spend less than you earn and wisely invest your savings...

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Why IDS 2016 is not clicking?

Income Tax - Newspapers, periodicals, TV channels are full of advertisements of Income Declaration Scheme 2016. Hoardings, banners, posters and handbills highlight the details of the Scheme. PM, FM and top brass of the Income Tax Department are beckoning people to declare their undisclosed incomes and contribute to the nation's mite. ...

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What is a Fact!!!

Corporate Law - In general, for a CA, the nature of work is Ascertainment of facts and Apply principles Principles = provisions of various laws, auditing standards, accounting standards, rules regulations etc. (principles)....

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Empanelment – Allahabad Bank – Concurrent / Revenue Audit

CA CS ICWA - 1. Allahabad Bank invites applications in the under noted prescribed format from practicing firms of Chartered Accountants of India who are willing to have their firm empanelled as Concurrent / Revenue Auditor in the Bank. 2. The panel of auditors maintained last year (including existing concurrent auditors) since expired and will not be ...

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Discussion Paper on review of framework for Institutional Trading Platform

SEBI - The regulatory framework for Institutional Trading Platform (ITP) was put in place vide amendments notified to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR Regulations) on August 14, 2015. Various enabling amendments to other SEBI regulations i.e. on Takeover, Listing, Delisting and AIF were also notified....

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Download Benami Transactions Prohibition Bill 2016

Corporate Law - Lok Sabha passed a comprehensive Benami Transactions Prohibition Amendment Bill 2016, with Finance Minister Arun Jaitley assuring that genuine religious trusts will be kept out of the purview of the legislation....

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No one will be denied of benefits for want of Aadhaar

Corporate Law - It has had brought to notice that Aadhaar card is being made mandatory for availing government benefits like subsidized LPG, PDS supplies and pensions. Government had taken note of the concerns raised, stated that no one will be denied of benefits for want of Aadhaar and that necessary instructions will be issued, if required. ...

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Generate EVC through AXIS, SBI & Canara bank ATMs

Income Tax - Electronic Verification Code (EVC) can be generated through State Bank of India, AXIS bank and Canara bank ATMs. This will facilitate these bank's customers, who may not have a Net-Banking account, to e-verify their return. Other banks are expected to launch this facility. ...

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Power of attorney cannot insist on continuance as attorney

R. Sibramanian Vs. The Institute Of Chartered Accountants of India & Ors. (Delhi High Court) -  A power of attorney cannot insist on continuance as the attorney for the principal. If the principal does not desire the power of attorney to continue to represent the principal, the authorisation can always be revoked/terminated/withdrawn. ...

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Re-evaluation of CA Exam answer books cannot be Directed: Delhi HC

Mohit Goyal Vs. ICAI & Ors. (Delhi High Court) -  It is the contention of the appellant (A CA Final Student) that when he got the copy of the answer sheet, he found that the examiner had not properly checked the papers. It is also his contention that despite the appellant having written correct answers to the questions which also tally with the su...

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Running Coaching class cannot be said as carrying CA Practice: HC

Harpal Singh Dhingra Vs. Vinod Gupta (Delhi High Court) -  In this case it was held that issuance of advertisements offering to take coaching classes and to impart of training to aspirants of the profession of chartered accountancy, cannot be said to be carrying on the profession of chartered accountancy....

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Surplus investment in mutual funds cannot render principle of Mutuality inapplicable

CIT-3 Vs. M/s. Air Cargo Agents Association of India (Bombay high Court) -  The Hon’ble Bombay High Court in the above cited case held that merely because a part of surplus was invested in mutual funds it cannot mean that it would render the principle of mutuality inapplicable more so when the invested money has to be utilized for the furtherance of association’s obj...

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Mere Non Completion / Registration cannot be the reason for denying benefit U/s 54

Rajeev B. Shah v. ITO (ITAT Mumbai) -  The only issue is that when the assessee is not able to get the title of the flat registered in his name or unable to get the possession of the flat, which is under construction, due to fault of the Builder, the assessee cannot be denied deduction u/s 54F of the Act. ...

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Extension of last date of in filing AOC-4, AOC-4 XBRL, AOC-4 CFS & MGT-7

General Circular No. 08/2016 - (29/07/2016) -  The Ministry have revised form AOC-4 which would be deployed shortly, Further, Form AOC.-4 (XBRL) and Form AOC-4 (CFS) are also under revision and this may be available for deployment by end of August, 2016....

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Income Tax return Due date extended to 05.08.2016

F.No. 225/195/2016/ITA.II - (29/07/2016) -  CBDT, in exercise of powers conferred U/s. 119 of the Income-tax Act, 1961, hereby extends the 'due-date' for filing such returns of Income from 31st July, 2016 to 5th August, 2016, in case of taxpayers throughout India who are liable to file their Income-tax return by the said`due-date'...

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Income Tax Return filing date in Jammu & Kashmir extended

F.No. 225/195/2016/ITA.II - (29/07/2016) -  CBDT extends the 'due-date' for filing Returns of Income from 31st July, 2016 to 31st August, 2016, in case of Income-tax assessees in the State of Jammu & Kashmir who are required to file their return under section 139(1) of the Act by the said 'due date'...

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Full 7th pay commission Arrears to be paid with August salary

Office Memorandum No. No.1-5/2016-IC - (29/07/2016) -  The arrears as accruing on account of revised pay consequent upon fixation of pay under CCS (RP) Rules, 2016 with effect from 01.01.2016 shall be paid in cash in one installment along with the payment of salary for the month of August, 2016, after making necessary adjustment on account of GPF and NP...

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India notifies DTAA with Saint Kitts and Nevis wef 02.02.2016

Notification No. 62/2016-Income Tax - (21/07/2016) -  Central Government hereby notifies that all the provisions of the Agreement between the Government of the Republic of India and the Government of Saint Kitts and Nevis for the Exchange of Information relating to taxes, as set out in the said agreement, appended as Annexure hereto, shall be given eff...

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FAQs

Set off of loss under the same head of income.(section 70) (Intra-head set off) -Income of a person is computed under five heads. ‘Sources’ of income derived by an individual may be many but yet they could be classified under the same head. For instance, an individual may have a dual employment, yet the income would be classified unde...
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​Articles deals with Income Tax Audit Provisions in India. It explains What is tax audit, objective of tax audit, who is compulsorily required to get his accounts audited, What are Form Nos. 3CA/3CB and 3CD, Due Date for Tax Audit, penalty for not getting the accounts audited as required by section 44AB....
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Clubbing of income means Income of other person included in assessee’s total income, for example: Income of husband which is shown to be the income of his wife is clubbed in the income of Husband and is taxable in the hands of the husband. Under the Income Tax Act a person has to pay taxes on his income....
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Govt. of Maharashtra has declared an Amnesty Scheme for the persons who have not obtained enrolment certificate yet. Government has decided to take stringent action against the defaulters after the scheme is over. This is the last chance given by Government before initiation of action....
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Sections 44AD, 44AE and 44 AF cover special provisions of computing profits on a presumptive basis. All the schemes are optional at the discretion of the assessee. Conditions and manner of computation common to all three sections are given at the end after specific provisions applying to each section....
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Income Tax Planning

Dummies / Employees – 4 Amazing tax planning you can’t afford to miss!

Introduction Getting into the day to day work, we never thought what we missed yesterday or what we can plan for tomorrow. We at Hubco.in, always receives queries from budding...

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5 Mistakes You Should Avoid in Selecting Tax Saving Investments

The word 'tax’ troubles every salaried individual and business person, equally. Nobody likes when a portion of their income gets deducted in the form of tax. Therefore, ind...

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Tax Benefits Available to Senior Citizens

A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that...

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Income Tax Deductions

Section 80C deduction on Joint Holding of National Saving Certificate

Sec 80C of Income Tax Act, 1961 allows deductions on National Saving Certificate Investment Maximum Limit allowed is Rs 150000/- per Financial Year...

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Accumulated Repairs Expense on Rented Premises-Deduction Allowable?

The term repairs generally means restoring a thing into a good condition.Etymologically, the word "repair" is derived from O. F. reparer which in its turn is derived from L re...

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FAQs on Tax Deducted at Source (TDS)

1) Whether capitalization of interest payable attracts TDS U/S 194A? Whether conversion of out standing interest on loan into loan attracts TDS? Difference between Form-15G an...

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Calculators

Depreciation cum Asset Management Utility/Calculator

Some Key Features of Depreciation cum Asset Management Utility in Excel Format are as follows:- Line wise SLM and WDV Depreciation, as per Companies Act 2013, Calculatio...

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Can you trust the online financial calculators?

Yes, it is true that financial / retirement calculators are simple to use. Based on a few assumptions that you input on your computer about the future, it instantly provides y...

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Free Depreciation Calculator- Schedule II of Companies Act 2013

Depreciation Calculator Version 2 –Compliant to Schedule II of Companies Act 2013 : Financial Year 2015-16 to Fy 2019-20 enabled - 1. Calculation of Depreciation and WDV f...

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Rate Charts

Rates of Depreciation as Per Income Tax Act,1961

Block of Assets :-The expressions Assets and Blocks of Assets w.e.f. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–Tangible Assets being...

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Income Tax Rates / Slab / Chart for A.Y. 2016-17 & 2017-18

This article contains Income Tax Rates/Slab/ Chart for Assessment Year 2016-17 & 2017-18 payable by Individual (resident or non-resident) or HUF or Association of Person o...

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Service Tax Rates as applicable from 1st June 2016

In this article we have compiled Generic Service Tax Rate Applicable on all Taxable Services, Service Tax on Non Taxable Services , Wholly Exempted Services, Rate of Service T...

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