• Jul
  • 29
  • 2014

Process to Raise Capital for Unlisted Companies under Companies Act, 2013

Added In Company Law
1. PROCEDURE FOR ALLOTMENT OF RIGHT ISSUE OF SHARES: ♣ Call a Board meeting by issue notice of meeting. (Draft Format Attached) ♣ Approve right issue including “letter of offer”, which shall include right of renunciation also.(At Board Meeting). (Draft Format Attached) ♣ Send offer letter to all existing members as on the date of offer.(Through registered post or speed post or through electronic mode to all the existing share -holders at least three days before the opening of the issue.)

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  • Jul
  • 29
  • 2014

3CD report uploaded in old format not valid + Withdrawal of OLD Utility

Added In Income Tax
The existing Form No. 3CA, Form No. 3CB and Form No. 3CD have been substituted vide notification no. 33/2014 dated 25.07.2014 with immediate effect. Taxpayers and CAs are advised to await the release of the new schema and utility to submit in the newly notified aforementioned Forms. Taxpayers and CAs are advised that any upload […]

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  • Jul
  • 29
  • 2014

24 Key Changes in New / Revised Tax Audit Report Form 3CD

Added In Income Tax
CA Sandeep Kanoi CBDT has vide notification no. 33/2014 dated 25.07.2014 revised the format of  Tax Audit Report to be furnished under section 44AB of the Income tax Act with effect from 25.07.2014. We have compiled below the key amendments made to  the old Form 3CD:- 1. Particulars of registration under excise duty, service tax, […]

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  • Jul
  • 29
  • 2014

Changes / Amendment in Revised 3CD report

Added In Income Tax
CBDT has revised in the mid of tax season format of Tax Audit Report to be submitted in Form 3CD vide its Notification No. 33/2014, Dated: July 25, 2014. The revised report has added some new clauses to increase disclosure requirement and as well amended few clauses to further increase/improve disclosure requirements. Revised Tax Audit […]

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  • Jul
  • 29
  • 2014

Clarification regarding allowability of deduction under section 10A/10AA on transfer of Technical Man-power in the case of software industry

Added In Income Tax
Section 10AA of the Income-tax Act, 1961, inter-alia, provides for deduction in respect of the profits derived by a unit set up in SEZ from export of computer software or from providing any ITES services. The said deduction available to a new SEZ unit is subject to certain conditions including: i) it is not formed by the splitting up, or the reconstruction of a business already in existence; ii) it is not formed by the transfer to a new business, of machinery or plant previously used for any purpose.

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  • Jul
  • 29
  • 2014

Clarification regarding taxation of ‘Alternate Investment Funds’ having status of non-charitable trusts under the Income-tax Act, 1961

Added In Income Tax
The SEBI (Alterative Investment Funds) Regulations, 2012 (‘AIF Regulations’) vide Regulation No.4 issued in May 2012 aims at regulating all forms of private pool of funds in India. The said Regulations divide the Alternative Investment Funds (‘AIFs’) into three broad categories – Category-I, Category-II and Category-III Alternative Investment Funds, depending upon the operational strategies, objectives and fund structure. A large number of AIFs registered with SEBI have been set up in the form of non-charitable trusts.

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  • Jul
  • 29
  • 2014

Costing Methods/Cost Management -Automobile-Series 2

Added In CA CS ICWA
In my second series in continuation to my previous article  ‘Costing Methods/Cost Management in Turkey-Series 1′ I would be discussing about one of the researches on one of the world’s most luxury automobile company where adoption of Cost Management and Costing Methods made a stupendous turn around. The story is all about shifting of accounting […]

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  • Jul
  • 29
  • 2014

Mere Retracted statement cannot form the basis of reopening

On careful consideration of above contention, we are of the view that there may be a substantive assessment without any protective assessment but there can not be any protective assessment/addition without a substantive assessment/addition, meaning thereby there has to be some substantive assessment/addition first which enables the AO to make a protective assessment/addition.

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  • Jul
  • 28
  • 2014

CBDT Notifies new Form 3CA, 3CB & 3CD – Format of Tax Audit Report Revised

Added In Income Tax
CBDT Revises Form 3CA, 3CB and 3CD vide Notification No. 33/2014 dated 25-07-2014. The Notification is attached herewith for ready reference which will be applicable from the date of its publication in official gazette.

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