"03 May 2013" Archive

Mandatory e-filing of Income Tax Return AY 2013-14 for Whom?

Mandatory e-filing of return if income exceeds Rs. 5,00,000 or assessee claims relief U/s. 90, 90A or 91 CBDT has vide notification No. 34/2013 dated 01.05.2013 has made it mandatory for the following category of the Assesses to file their Income Tax Return Online from A.Y. 2013-14 :- (a)  It is mandatory for every person […]...

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Posted Under: Income Tax |

Tax Audit, Transfer pricing Audit & S.115JB Report to be filed online from A.Y. 2013-14

CBDT has vide Notification No. NOTIFICATION NO. 34/2013, DATED 1-5-2013 provided that where an assessee is required to furnish a report of audit under sections 44AB, 92E or 115JB of the Act, he shall furnish the same electronically.  Online filing of following audit reports shall be mandatory in following cases: (a)  Tax Audit report un...

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Posted Under: Income Tax |

Procedure for Shifting Of Registered Office from One State to another State

Now shifting of registered office from one State to another State under the Companies Act, 1956, requires a petition to be filed with Regional Director, Ministry of Corporate Affairs with effect from 12-08-2012 and earlier the same was required to be made to Company Law Board. The procedure for making the petition under Section 17 [&helli...

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Posted Under: Income Tax |

Director’s Liability under the Companies Act, 1956

Since the emergence of various corporate scandals in India over the past few years, there has been much attention and debate on the role of Company’s Directors. There has been a lot of focus on independent Directors. A Director must be acted honestly and with due diligence....

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Posted Under: Income Tax |

Notification No. 10/2013-Customs (ADD) Dated: 03/05/2013

Notification No. 10/2013-Customs (ADD) (03/05/2013)

the injury to the domestic industry is not likely to continue or recur on account of imports of subject goods from Singapore and European Union, if the existing anti-dumping duty is withdrawn...

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Monetary Policy Statement 2013-14- RBI cuts repo rate by 0.25%, CRR unchanged

Based on an assessment of the current and prospective macroeconomic situation, we have decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 7.5 per cent to 7.25 per cent....

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Posted Under: Income Tax |

Check MVAT Return periodicity for FY 2013-14

Department of Sales Tax, Maharashtra State has displayed the return periodicity for the FY 2013-14 on their website. Enter your VAT TIN No. in the first box with ending V and click SEARCH. After result is displayed, click on the TIN No. appearing below.  To check your periodicity, visit mahavat.gov.in...

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Posted Under: Income Tax |

Clause 49- Corporate Governance

The Board of directors of the company shall have an optimum combination of executive and non-executive directors with not less than fifty percent of the board of directors comprising of non-executive directors....

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Posted Under: Income Tax |

Analysis of Amendment to Finance Bill 2013

1.      Reference to FEMA, 1999 in the place of FERA, 1973/ FERA, 1947 under the Income-tax Act, 1961 Even after repeal of Foreign Exchange Regulation Act, 1973, the Income-tax Act, 1961 continued to make a reference to the said Act in many of its sections, for example, section 10(4)(ii), 10(4B), etc. In order to correct […]...

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Posted Under: Income Tax |

Requirement of TRC to contain prescribed particulars to be dispensed with

Sub-section (4) of 90 and 90A provides that treaty benefit will not be available to any Non Resident unless he furnishes TRC from the Government of his country of residence containing such particulars as may be prescribed. The Finance Bill, 2013 had proposed to insert sub-section (5) in sections 90 and 90A to provide that […]...

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Posted Under: Income Tax |
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