• Apr
  • 26
  • 2015

Section 263 Revision of orders prejudicial to revenue – Amendment wef 01.06.2015

Added In Income Tax
Commissioner of Income Tax (CIT) has the power u/s 263 & 264 of the Income Tax Act, 1961, to consider an order passed by Assessing officer (AO). U/S 264, CIT can consider the order passed by AO, only when an appeal is made by assessee to him within stipulated time frame. However, u/s 263 CIT possesses the power to consider the order passed by AO and prejudicial to revenue, relevant extract of section 263 is as follows:-

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  • Apr
  • 26
  • 2015

Industry / Sector / Product / Service to whom Cost Audit is applicable

Added In Company Law
In exercise of the power, the Central Government issued Companies (Cost Records and Audit) Rules, 2014, on 30th June 2014. Subsequently Government issued Companies (Cost Records and Audit) Amendment Rules, 2014 on 31st December 2014. The amendment rules has introduced certain changes to the original rules . Thus Companies (Cost Records and Audit) Rules, 2014 read with the Amendment Rules 2014.

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  • Apr
  • 26
  • 2015

Consequences of TDS defaults under Income Tax Act 1961

Added In Income Tax
TDS/TCS compliances is one of the major compliance under Income Tax Act, 1961 and has a wide scope of its applicability to the business organizations. Small businesses are not much aware of the overall implications of non compliances of the TDS/ TCS provisions and ends up in paying the higher penal charges due to not following the deadlines.

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  • Apr
  • 25
  • 2015

Explanation to Sec. 80-IB(9) inserted by FA 2009 w.e.f. 1.4.2000 is ultra vires to Article 14 of Constitution of India

Niko Resources Limited vs. UOI (Gujarat High Court),Special Civil Application No. 13134 of 2009 and 10903 of 2009, Date : 26/03/2015 Issue- Whether the insertion of sub clause (iv) in Section 80-IB(9) of the Income Tax Act, 1961, by Finance (No.2) Act, 2009 conferring the benefit of the deduction under this Section to undertakings engaged […]

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  • Apr
  • 25
  • 2015

Empanelment with Dena Bank of CA Firms for Concurrent Audit for July 2015 to June 2016

Added In CA CS ICWA
Applications for selection of CA Firms as Concurrent Auditors for the period July 2015 to June 2016 in Dena Bank Request For Registration For Selection Of Concurrent Auditors In Dena Bank–Download RFR Download List of Likely Vacant Centre Please click on below link for online registration:- http://webserver1.denabank.co.in:2017/ For any kind of query, Please contact at:- […]

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  • Apr
  • 25
  • 2015

Conversion of Private Limited Company Into Public Limited Company

Added In Company Law
This brief write up an attempt has been made to unlock the technicalities related to Conversion of Private Company into Public Company prescribed under Companies Act, 2013. I believe that the procedure for Conversion of Private Limited Company into Public Company along with sample resolutions discussed through this article would be of some help for you all.

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  • Apr
  • 25
  • 2015

Notes on Secretarial Standard-1 Meetings of Board of Directors

Added In Company Law
The Secretarial Standard 1 seeks to prescribe a set of principles for convening and conduct of Board Meetings. The principles enunciated in this Standard are equally applicable to the meetings of Committees, unless otherwise stated herein or in the Act. The Directors owe a duty to the shareholders and should exercise care, skill and diligence […]

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  • Apr
  • 25
  • 2015

No TDS on Income of Corporation established U/s. 10(26BBB) for welfare of Ex-servicemen

Added In Income Tax
CBDT had earlier issued Circular No. 4/2002 dated 16.07.2002 which laid down that in case of such entities, whose income is unconditionally exempt under section 10 of the Income-tax Act and who are statutorily not required to file return of income as per section 139 of the Act, there would be no requirement for tax deduction at source from the payments made to them since their income is anyway exempt.

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  • Apr
  • 25
  • 2015

Claim of treaty benefits by Foreign Institutional Investors under DTAA

Added In Income Tax
It has come to the notice of the Board that several Foreign Institutional Investors receiving income from transactions in securities claim such income as exempt from tax under the Income Tax Act, 1961(‘the Act’) by availing benefit provided in the Double Taxation Avoidance Agreements(‘DTAAs’) signed between India and their respective countries of residence.

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  • Apr
  • 25
  • 2015

Govt. allows 49% foreign investment (FDI) in Pension Sector

Added In Income Tax
Press Note No. 4 (2015 Series) Subject: Policy on foreign investment in the Pension Sector- addition of paragraph 6.2.17.9 of ‘Consolidated FDI Policy Circular of 2014-‘

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