• Mar
  • 29
  • 2015

Ambiguity in Application of Section 234A of Income Tax Act, 1961

Added In Income Tax
Interest under section 234A of the Income-tax Act, 1961 (hereinafter the Act) is charged in case of default in furnishing return of income by an assessee. The interest is charged at the specified rate on the amount of tax payable on the total income, as reduced by the amount of advance tax, TDS/TCS, any relief of tax allowed under section 90 and section 90A, any deduction allowed under section 91 and any tax credit allowed in accordance with the provisions of section 115JAA and section 115JD of the Act.

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  • Mar
  • 29
  • 2015

Act before it’s too late: Section 74 scares all!

Added In Company Law
One of the provisions of Companies Act, 2013 (Act 2013/Act) which has almost got sleepless nights to all as we are approaching 31st March is the provisions of section 74. With the introduction of section 74 which was notified on April 01, 2014, any deposit accepted by a Company had to be repaid in terms of section 74 (1). But are all the companies in a position to do it? What if the companies cannot repay? Below we discuss the shortcomings faced by companies for complying with section 74.

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  • Mar
  • 29
  • 2015

E-Voting and Poll Procedure – As Per Revised Rules

Added In Company Law
Gurminder Dhami Introduction With the dawn of Companies Act, 2013 which strives towards shareholders activism, the shareholders now have an option to cast their vote electronically. The intention is to provide the shareholders opportunity to have their say at the general meeting of a company without even being present at the same. The rules relating […]

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  • Mar
  • 29
  • 2015

Changes to become effective in SERVICE TAX w.e.f 1st April 2015

Added In Service Tax
Following Services which are currently taxable, to become exempted- 1. Transport of pulses and rice by rail, vessels or road in a goods carriage. 2. Transportation of patient in an ambulance. 3. Life Insurance services provided under the scheme of Varishtha Pension Bima Yojna. Services of Common Effluent Treatment Plant Operator for treatment of effluent.

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  • Mar
  • 29
  • 2015

Service Tax Return for Oct 2014 to March 2015 to be available from 01.04.15

Added In Service Tax
Service Tax Return (ST-3) for October 2014 to March 2015 period will be made available from 01.04.2015 for e-filing by the assesses in both offline and online version. The last date for filing the returns for the said period is 25th April 2015. The assesses can file return online or use the offline utility by […]

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  • Mar
  • 29
  • 2015

Provision related to Deposits Under Companies Act,2013

Added In Company Law
Deposits are crucial Topic under Companies Act, 2013. As the month of March is on its end, most of the companies which have taken loan earlier under the companies act 1956 and have filed DPT-4 in this Financial year declaring that the companies has such and such amount of deposits as on 31.03.2014, are now […]

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  • Mar
  • 28
  • 2015

Tamil Nadu Budget 2015-16 Changes in VAT

Added In GST
In order to boost the manufacturing sector bogged down by negative sentiments, the State Government has come forward with some relief in electricity tax, and reversal on Input Tax credit when stocks are moved out of State in pursuance of stock transfer, interstate sales etc., in the budget presented on 25.03.2015 in the TN State Assembly

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  • Mar
  • 28
  • 2015

TDS- New RPU & FUV Version 1.5 for Form 24G Statements from FY 2005-06 onwards

Added In Income Tax
Form 24G Return Preparation Utility (RPU) and File Validation Utility (FVU) Version 1.5 for the Form 24G Statements from FY 2005-06 onwards released  New Form 24G Return Preparation Utility (RPU) and File Validation Utility (FVU) Version 1.5 can be downloaded from the following link :- https://www.tin-nsdl.com/form-24g/form24g-download.php Steps to download and install Form 24G Preparation Utility

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  • Mar
  • 27
  • 2015

Loan to Directors – Section 185

Added In Company Law
New Company law puts a complete prohibition on grant of loans to Directors and persons in which such directors are interested except a few exceptions. Further the section is applicable on all types of companies, be private or public. Section 185 prohibits the granting of loan or giving of guarantee or providing any security in connection with any loan taken by the director or such other person in which such Director is interested.

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  • Mar
  • 27
  • 2015

A Ready Reckoner on Bank Branch Audit 2014-15

Added In CA CS ICWA
Break Even Date for NPA is 01.01.2015 for the year 2014-2015. Once an account has been classified as NPA, all the facilities granted to the borrower will be treated as NPA except in respect of Primary Agricultural Credit Societies (PACS)/Farmers Service Societies (FSS).

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