obligation

# Allahabad Bank, Zonal Office, Hyderabad invites applications / Biodata in the format as per Annexure-A, from practicing firms of Chartered Accountants of India having an office in the state of Andhra Pradesh and are willing to have their firm empanelled as Stock Auditor in the Bank. The panel of auditors maintained earlier years since expired and will not be used for appointment of internal stock audit jobs and are required to apply afresh. The Bio-data should be su.. Full Article

A.P. (DIR Series) Circular No.18 In terms of Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009, all Authorised Persons (APs), authorized under Section 10(1) of FEMA, 1999, have been brought under the purview of PMLA, 2002. Therefore, detailed instructions on Know Your Customer (KYC) norms/ Anti-Money Launderings (AML) standards/ Combating the Financing of Terrorism (CFT) in respect of cross-border inward.. Full Article

In terms of Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009, all Authorized Persons, authorized under Section 10(1) of FEMA, 1999 have been brought under the purview of PMLA, 2002. Therefore, the existing Know Your Customer (KYC) norms/ Anti-Money Launderings (AML) standards/ Combating the Financing of Terrorism (CFT) for money changing activities have been revisited in the context of the Financial Acti.. Full Article

Refund on appeal, etc. – Where, as a result of any order passed in appeal or other proceeding under this Act, refund of any amount becomes due to the assessee, the Assessing Officer shall, except as otherwise provided in this Act, refund the amount to the assessee, without his having to make any claim in that behalf: Full Article

The assessee made payments to a foreign company for purchase of ‘shrink-wrapped’/ready-made software without deduction of tax at source u/s 195 (1). The AO held that the payments were chargeable to tax in the hands of the foreign company as “royalty” u/s 9 (1) (vi) and that the assessee was liable u/s 201 for non-deduction of tax and interest thereon. Full Article

SUMMARY OF CASE LAW The expenditure incurred by the assessee by way of payments to the retiring partners is only an application of its income, which is on capital account and not allowable as a deduction. Full Article

SUMMARY OF CASE LAW The signing of return by an unauthorized person cannot invalidate the return, but would make the return defective; when a defective return is filed, the Assessing Officer is obliged to give chance to the assessee to rectify the defect within the specified period; it is only on the failure to remove [...] Full Article

The sum due as referred to under section 434 of the Companies Act, 1956 must mean what has fructified and can not merely be a contingent liability or deferred payment; if the liability has not fructified within 21 days from the time the date of service of notice, it cannot be said to be a debt which company is unable to pay, in order that the Court could find a justification for winding up the company. Full Article