• Jul
  • 26
  • 2014

Changes made in Budget 2014 by Lok Sabha

Added In Income Tax
The list of changes made in the Finance Bill are as under: 1) Unlisted securities and units of MF transferred between 01-04-14 and 10-07-14 shall be deemed to be long-term capital assets, if held for more than 12 months. 2) Long-term Capital Gains on Units of Mutual Funds transferred between 01-04-14 and 10-07-14 shall be taxable at 10% without indexation.

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  • Jul
  • 26
  • 2014

Lok Sabha Passes Finance Bill 2014

Added In Income Tax
The Lok Sabha on Friday 25.07.2014  passed the Finance Bill, 2014 by a voice vote with which the legislative proposals notably on direct and indirect taxes proposed in the national budget for this fiscal can now become effective formally. Finance Minister said that “Ours is not a high-tax government. A high tax government cannot promote […]

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  • Jul
  • 26
  • 2014

Circular for Input Service Distributor: Ate, drank absolutely nothing, and broke the glass worth twelve cents

Added In Excise Duty
There may be more than one factory registered under Central Excise and running under the same management. In order to facilitate the management, single head office is being set up for incurring expenses, availing services, easy disbursements and communication purpose.

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  • Jul
  • 26
  • 2014

Addition cannot be made only on the basis of a surrender simplictor

CA Prarthana Jalan The Honble Agra ITAT has in the case of Ram Prakash has held that “Addition cannot be made only on  the basis of a surrender simplictor “. Brief Facts of the case are that the assessee is engaged in the business of foodgrains. During the course of the assessment proceedings, the Assessing […]

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  • Jul
  • 26
  • 2014

How much is your goodwill and entity worth?

Added In Income Tax
Goodwill of an enterprise is an important ‘asset’ which is relevant for investors in their decision to invest or not and to know how goodwill is quantified? A chartered accountant may think this to be his forte to provide an answer but how much is the value of goodwill of an entity and value of an entity may be difficult to answer but not impossible.

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  • Jul
  • 26
  • 2014

The Companies (Removal of Difficulties) Sixth Order, 2014

Added In Company Law
GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS ORDER New Delhi, the   24/07/2014 S.O. (E)- Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on 29th August, 2013 and section 1 thereof came into force on the same date; And whereas clause (76) of […]

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  • Jul
  • 25
  • 2014

CBDT Releases ITR 6 e-filing Utility for A.Y. 2014-15

Added In Income Tax
After a Wait of  almost 4 Months CBDT has finally released ITR 6 Java Utility required for online filing of Income Tax Returns of Companies other than a company claiming exemption under section 11 for Assessment year 2014-15 i.e. Financial Year 2013-14. CBDT has Yesterday released only Java Utility, which means we have to wait […]

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  • Jul
  • 25
  • 2014

Appointment of key managerial person – class of company

Added In Company Law
Section 203 of the Companies Act 2013 requires appointment of whole-time key managerial personnel for the prescribed class of companies. MCA has notified that public companies having paid-up share capital of rupees one hundred crore or more and annual turnover of rupees one thousand crore or more which are engaged in multiple businesses and have […]

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  • Jul
  • 25
  • 2014

Companies (Management and Administration) Second Amendment Rules, 2014

Added In Company Law
NOTIFICATION New Delhi, 24th July, 2014 G.S.R –  In exercise of the powers conferred under sub-section (1) of section 88, sub-section (4) of section 88, sub-section (1) of section 89, sub-section (2) of section 89, sub-section (6) of section 89, sub-section (1) of section 91, sub section (2) of section 92, sub-section (3) of section […]

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