"26 April 2016" Archive

Revised AS applicable for period starting on or after Revision date

Applicability of Accounting Standards amended by MCA vide Notification dated March 30, 2016 1.   The Ministry of Corporate Affairs, Government of India, vide Notification No. G.S.R. 739(E), dated 7th December, 2006, notified Companies (Accounting Standards) Rules 2006, in the Official Gazette Rule 1, sub-rule (2), provided that the sai...

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Posted Under: Company Law |

Service Tax Exemption To Small Service Provider (SSP)

1. Threshold Exemption- A Small service provider whose value of taxable service from one or more premises did not exceeds Rs.10 lakhs in previous financial year will be exempt from tax in next financial year upto first consecutive payment of Rs. 10 lakhs received. However, if taxable turnover in current year exceeds the specified limit, t...

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Dispensation of address proof for Import via courier

Circular No. 13/2016-Customs (26/04/2016)

oard has decided that in cases where the proof of present address is not available with the individual, the proof of identity collected at the time of delivery along with the address recorded for the delivery purpose by the courier companies would suffice for KYC verification. ...

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Filing of e-form MGT-14 for certain Resolutions

The Companies Act, 2013, became effective from 01st April, 2014. After the commencement of this Act, numerous resolutions are required to be filed in e-form MGT-14 with the Registrar. Though the requirement to file e-form MGT-14 was applicable to all companies but after coming ample of amendments the list of resolutions for filing of e-fo...

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Posted Under: Company Law |

SME….!!! A New Opportunity for Private Company..!

In the Present era, the market is booming up so every Company want to take opportunity to earn more from the same market and want to get maximum benefits out of that, so what are the ways available for Company to avail such benefits. So for that, Private Company has to change its Mission as well as the Vision and going for getting those b...

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Posted Under: Company Law |

Family Pension claim not acceptable if option to join scheme was not exercised

Ganesh Prasad Mishra Vs Commissioner EPF Organization (Madhya Pradesh High Court at Indore)

The Hon'ble MP High court in the above stated case placing reliance on the decision of Hon'ble Supreme court in the case of Rajasthan State Road Transport Corporation vs. President, Rajasthan Roadways Union & Anr....

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LTCG cannot be disallowed merely based on info received from DDIT

Kamlesh Mundra Vs ITO (ITAT Mumbai)

In the present case by virtue of independent documents as referred in paper book the assessee has proved the genuineness of the share transaction and there was no justification to disallow the claim of the assessee in respect of long term capital gain merely on the basis of information received from DDIT which is based on admission of Shr...

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Interest paid for shares acquisition would partake character of shares cost

DCIT Vs Fritz D. Silva (ITAT Mumbai)

Legal position as propounded by the Hon’ble Madras High Court in the case of Trishul Investments Ltd (supra) supports the plea of the assessee that interest paid for acquisition of the shares would partake the character of cost of shares and, therefore, assessee had rightly capitalized the interest along with the cost of acquisition for...

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Excess of TDS deposited U/s. 195 eligible for Interest U/s. 244A

Circular No. 11/2016-Income Tax (26/04/2016)

The procedure for refund of tax deducted at source under section 195 of the Income tax Act, 1961, to the person deducting the tax is delineated in CBDT Circular No. 7/2007 dated 23.10.2007. Circular No. 7/2007 states that no interest under section 244A of the Act, is admissible on refunds to be granted in accordance with the circular or o...

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Limitation for penalty proceedings U/s. 271D & 271E

Circular No. 10/2016-Income Tax (26/04/2016)

It is a settled position that period of limitation of penalty proceedings under section 271D and 271E of the Act is governed by the provisions of section 275(1)(c) of the Act. Therefore, the limitation period for the imposition of penalty under these provisions would be the expiry of the financial year in which the proceedings, in the cou...

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