• Sep
  • 19
  • 2014

Status update on TAR Extension / Deferment Cases Pending before Various High Courts

Added In Income Tax
CA Sandeep Kanoi Chartered Accountants and Trade Associations around the country has filed Public Interest Litigation (PIL) before various high courts  for extension of Due date of ITR in line with Tax Audit Report Due date for A.Y. 2014-15. We are giving below the daily status PILs filed before various High Court :- Rajni Mangaldas Shah […]

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  • Sep
  • 19
  • 2014

Incorporation Process of Non-Profit making Company – Sec. 8

Added In Company Law
CS Ankur Garg The concept of non-profit making company is quite old in India. In erstwhile Companies Act, 1956 it was regulated by Section 25 and that is why it was popular as Section 25 Company. However in Companies Act 2013 provisions related to non-profit making company are given in Section 8 read with Rule […]

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  • Sep
  • 19
  • 2014

Analysis of Disclosure of Interest by Directors under CA, 2013

Added In Company Law
CS Ankur Garg During the process of unlocking provisions of Companies Act, 2013, I have realized that Section 184 regarding disclosure of concern or interest by the Directorhas invoked considerable controversy for various reasons. In erstwhile Companies Act, 1956, provisions related to disclosure of concern or interest by the Director is given in section 299. […]

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  • Sep
  • 19
  • 2014

ICAI initiative on ITAT remark on CA profession & functions of ICAI

Added In CA CS ICWA
ATTENTION OF MEMBERS ICAI initiative on order dated 20th August, 2014 pronounced by a Bench of Income Tax Appellate Tribunal, Mumbai Members are aware of the general remarks against ICAI made by Hon ‘ble ITAT Mumbai Bench in respect of its order dated 20th August, 2014 wherein the tax advice given by a member of […]

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  • Sep
  • 19
  • 2014

ICAI – Extend due date of filing ITR along with date of furnishing audit report

Added In Income Tax
Representation made by ICAI – seeking extension of due date of filing return of income along with the date of furnishing audit report. – (18-09-2014) ICAI has, through, a representation dated 15.09.2014 brought to the attention of Chairman, CBDT the concerns of the taxpayers on account of non extension of due date of filing return […]

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  • Sep
  • 19
  • 2014

Do and Dont’s in Payment of Tax & Challan Correction Mechanism

Added In Income Tax
Taxpayers, deductors or collectors can pay direct taxes through Authorised Bank branches either physically, through ATM or through internet. Type of Challans to be used for tax payments

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  • Sep
  • 19
  • 2014

Check Empanelment status with Maharashtra Cooperative Department

Added In CA CS ICWA
Status of auditors in the panel maintained by the Cooperative Department as on 10th September,2014 For members who are already empanelled with the Co-operative Department as on March, 2013 please download to check the status (as on 10th September, 2014). Kindly visit www.wirc-icai.org or www.mahasahakar.maharashtra.gov.in website and note the following:-

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  • Sep
  • 19
  • 2014

Penalty under section 271(1)(c) leviable on Bogus gifts

Kamal Kant Jain v. CIT (Punjab & Haryana High Court), ITA No. 369 of 2013, Date of Decision- 14 July, 2014 The Tribunal while upholding the levy of penalty had concluded that the assessee had failed to substantiate that the gift received was genuine. The plea of the assessee that the gift was received due […]

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  • Sep
  • 19
  • 2014

ITAT explains how to serve Proper Notice by Post & affixtures

As per sub-section (1) of section 282, the notice is to be served on the person named therein either by post or as if it was a summons issued by Court under the Code of Civil Procedure, 1908 (V of 1908). The relevant provision for effecting of service by different modes are contained in rules 17, 19 and 20 of Order V of CPC. Rules 17, 19 and 20

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