if the entire (100%) shareholding of a Indian private company is held by a public limited company incorporated outside India together with the other foreign company (ies), if any, then it will be treated as private company according to Indian companies laws.
The new law is going to change the life of auditors as well as auditee. While the new role of auditors make them more responsible and accountable, the auditee’s financial statements shall have to be more explicit, self explanatory, transparent and fair.
A typological error has been corrected in Sl. No. 22 of Para 2(iii) of Public Notice No. 30(RE-2012)/2009-2014 dated 16.11.2012 which is to be read as “Three Wheelers/Cars below 1000 CC”, in place of “Three Wheelers/Cars below 100 CC.
The Stock Exchanges are advised to report to SEBI, the action taken in this regard in the Monthly/Quarterly Development Report
Notification No. 76/2013 – Income Tax Dated- 24th September, 2013 – In exercise of the powers conferred by section 245Q read with section 295 of the Income-tax Act, 1961 (43 of 1961), CBDT hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
Optionally Fully Convertible Debentures (OFCDs) do not fall under and cannot be equated with receipt of ‘loan’ or ‘deposit’ under the provisions of Section 269SS of the IT Act, evidently, no violation of the said Section can be said to have been committed by the assessee to attract penalty u/s 271D.
Release of File Validation Utility (FVU) version 4.0 and 2.136 for e-TDS/TCS Statements. 1. FVU version 4.0 – For Statements pertaining to FY 2010-11 onwards. 2. FVU version 2.136 – For Statements pertaining to FY 2007-08 to FY 2009-10.
The existing procedure for monitoring cases of ‘Non-Filers of IT Returns’ as identified by Director General of Income, Tax (System) has been examined by the Board.
In the case in hand the interest is received in pursuance to the directions of the SEBI and due to delay in completion of the process of buy back of shares as prescribed under the SEBI regulations.
