The Board has decided that the Income-tax offices all over India shall make special arrangements by opening of receipt counters on 29th & 30th September, 2012 being Saturday & Sunday respectively for the convenience of taxpayers.
Section 295 of Company Law deals with the loan given to DIRECTORS of the company. It also covers the security or guarantee provided for the same. Let us see in each detail, all the aspects of this section. As per section 295 of Companies Act 1956, previous approval of Central Government is required, if any company directly or indirectly-
The following allowances are exempt under section 10(14) to the extent the amount is utilized for the specified purpose for which the allowance is received. In other words, in the cases given below the amount of exemption under section 10(14) is –
In case of refund of passenger fare, if any, refund of Service Tax shall be claimed by the passenger from the concerned Service Tax authority. No refund shall be made by the Railways on this account. For the purpose of claiming refund, Chief Commercial Manager (CCM) office of concerned Zonal Railway shall issue a certificate […]
The Direct Taxes Code Bill, 2010 which intends to revamp the law relating to direct taxes is likely to result in considerable unacceptable losses on a continuing basis. Given the low tax-GDP ratio and the existing fiscal crisis, there is absolutely no fiscal space for such large revenue loss. Therefore, the Direct Taxes Code Bill, 2010 should be comprehensively reviewed before it is enacted into law for implementation.
For better compliance of the statutory obligations, we recently made a representation to CBDT to review and delete both the Annexures I and II to Form No. 3CD as they have outlived their utility. We are hoping that our request will be accepted by the Department. Further, we also submitted a Representation to CBDT to clarify the applicability of provisions of Section 44AB to Cooperative Societies. This is because it was brought to our notice that majority of Co-operative Societies carrying on business or providing services and claiming deduction under section 80P of the Income tax Act, 1961, were under the impression that they are not required to get their accounts audited under section 44AB of the Income-tax Act, 1961.
Since the last date of submission of Registration Forms under Direct Entry Scheme for Articled Training is 30th September, 2012 i.e. Sunday, the offices of The Institute of Chartered Accountants of India (ICAI) will remain open on 29th & 30th September, 2012 (Saturday and Sunday) and forms will be accepted to enable the students to avail the benefit of appearing in May, 2013 Examination and completing Orientation and ITT Courses by 31st March, 2012 as mentioned in our earlier Announcement dated 16th August, 2012.
Vide the Finance Act, 2012, section 9(1)(i) of the Income-Tax Act, 1961 (the Act), has been amended by insertion of new Explanations 4 and 5, thereto. Similarly, section 9(1)(vi) of the Act, has been amended by the Finance Act, 2012, by insertion of Explanations 4, 5 and 6, thereto.
The Ministry of Corporate Affairs vide its General Circular No.30/2012 Dated 28.09.2012, mandates the due date of filing of e‐forms 23AC(Non‐XBRL) and 23ACA (Non XBRL) as per new schedule VI extended in following manner without any additional fee :‐ • Company holding AGM or whose due date for holding AGM is on or before 20.09.2012, the time limit will be 03.11.2012 or due date of filing, which ever is later.
Consideration as shown in the Registered Sale Deed cannot be equated with ‘Fair Market Value’, as defined in the Act u/s 2(22B) of the Act. /Therefore, adoption of average value of land at Rs. 27,030/- per acre as on 1.4.1981, as ‘Fair Market Value’ of the land in question, for the purpose of computation of capital gains, is not legally and factually tenable. ‘Fair Market Value’ represents the price that a seller is willing to accept and a buyer is willing to pay in the open market. The price or sale consideration as specified in the Registered Sale Deed of an asset in India represents the price or sale consideration negotiated or determined not in the open market but in the parallel operating market where such transactions crystallized in a clandestine manner. In view of this, sale consideration of an asset, as recorded in the Registered Sale Deed is generally understated and, hence, cannot he taken as ‘Fair Market Value’ as on 1.4.1981 for the purpose of computation of ‘Capital Gains’.
