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"24 February 2016" Archive

CBDT Mechanism to Identify of Duplicate PANs

ITBA-PAN Instruction No. 3 (24/02/2016)

As per current process, PAN holder who wants to update core field and address details of the PAN allotted to him/her can file request for update through service providers (NSDL/UTIITSL). Details received from SPs in this regard in text file format are now uploaded in the system automatically through central schedulers removing manual inte...

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Service export prior to Export of service rules, 2005 are eligible for export rebate

J.P. Morgan Services India Private Ltd. Vs Commissioner of Central Excise (Service Tax) (CESTAT Mumbai)

In the case of J.P. Morgan Services India Private Ltd. Vs. Commissioner of Central Excise(Service Tax), Mumbai, it was held that the benefit of export rebate cannot be denied even if the services are exported prior to the date when Export of Service Rules, 2005 are brought into the statute....

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Overview of Ind AS 2 – Inventories (Accounts & Audit)

IND AS 2 – Inventories- Objective of the standard is to determine the cost of inventory and its subsequent recognition as an expense, including any writing down of value to its net realisable value. Standard applies to all inventories; except a) website cost, stripping cost; b) financial instruments and c) biological assets....

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Posted Under: Income Tax |

Incorporation under CA, 2013 & proposed by Companies Law Committee

The memorandum of a company shall state—the objects for which the company is proposed to be incorporated and any matter considered necessary in furtherance; Section 4(1)(c) should be amended appropriately, to allow companies the additional option to have a generic object clause, i.e., to engage in any lawful act or activity or business ...

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Posted Under: Income Tax |

Definitions under CA, 2013 and proposed by Companies Law Committee

The Companies Law Committee (CLC) was set up on the 4th June, 2015 to make recommendations to the Government on the issues arising from the implementation of the Companies Act, 2013 as well as on the recommendations received from the Bankruptcy Law Reforms Committee, the High Level Committee on Corporate Social Responsibility (CSR), the L...

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Posted Under: Income Tax |

Avail the Tax Bonanza by investing Rs. 50,000/- in NPS

One of the biggest tax saving bonanza by the Finance Act-2015 was insertion of sub-section 1B to section 80CCD in the Income Tax Act-1961 whereby an additional deduction of Rs. 50,000/- is offered to the taxpayer for contribution in the National Pension Scheme (NPS)....

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Posted Under: Income Tax | ,

Startups Cheer: Law eased of Issue of shares & Payment acceptance

Following the mention of startup friendly measures in its Sixth Bi-monthly Monetary Policy for the year 2015-16, Reserve Bank of India has clarified that the relaxations available to other businesses are applicable to startups as well. Following are the clarifications brought about by the RBI pursuant to the said monetary policy. ...

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Posted Under: Income Tax |

Shares Buyback cannot be equated with capital reduction

Goldman Sachs (India) Securities Pvt. Ltd Vs ITO (ITAT Mumbai)

It is open to a company to buy back its own shares by following the procedure prescribed under section 77A/Section 68 or by following the procedure prescribed under section 391 read with Sections 100 to 104 of the 1956, Act....

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Precaution in Information Return filing by RBI & Electricity Companies

Taxes are an important source of revenue to any Government. The government devises mechanism aimed at detecting cases of revenue leakage. It has been witnessed over last few years that there is increased emphasis on making interaction with taxpayers and requiring them to submit various information/records through online or electronic mode...

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Posted Under: Income Tax |

Analysing Law of Additional Director

The provision for appointment of additional directors is a special emergency power available to companies. The appointment lapses when the shareholders would normally assume control over the appointment of the directors at the general meeting. { Ref case: Topandas Mohanlal Advani v. Yeotmal Electric Supply Company {1940} 10 Com Cases 133 ...

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Posted Under: Income Tax |
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