"March, 2014" Archive

Companies (Issue of Global Depository Receipts) Rules, 2014

Notification No. G.S.R. 252(E) (31/03/2014)

Notification - In exercise of the powers conferred by section 41 read with 469 of the Companies Act, 2013, the Central Government hereby makes the following rules, namely:- 1. Short title and commencement. - (1) These Rules may be called Companies (Issue of Global Depository Receipts) Rules, 2014....

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Corrigenda to Notification No. GSR 130E, Dated: 27.02.2014 on CSR

Notification No. G.S.R. 261(E) (31/03/2014)

Section 3, Sub-section (i) vide G.S.R. No. 130(E), dated the 28th February, 2014 at page 2, line 20 for promoting preventive health care read promoting health care including preventive health care....

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Nidhi Rules, 2014

Notification No. G.S.R. 258(E) (31/03/2014)

Nidhi Rules, 2014 applies to every company which had been declared as a Nidhi or Mutual Benefit Society under sub-section (1) of section 620A of the Companies Act, 1956, every company functioning on the lines of a Nidhi company or Mutual Benefit Society but has either not applied for or has applied for and is […]...

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Companies (Miscellaneous) Rules, 2014

Notification No. G.S.R. 253(E) (31/03/2014)

Application for obtaining status of dormant company.- For the purposes of sub-section (1) of section 455, a company may make an application in Form MSC-1 along with such fee as provided in the Companies (Registration Offices and Fees) Rules, 2014 to the Registrar for obtaining the status of a Dormant Company in accordance with the provisi...

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Companies Appointment & Remuneration of Managerial Personnel Rules, 2014

Notification No. G.S.R. 249(E) (31/03/2014)

Filing of return of appointment.- A company shall file a return of appointment of a Managing Director, Whole Time Director or Manager, Chief Executive Officer (CEO), Company Secretary and Chief Financial Officer (CFO) within sixty days of the appointment, with the Registrar in Form No. MR.1 along with such fee as may be specified for this...

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Document to be submitted for incorporation of Company- Companies Act 2013

Notification No. G.S.R. 257(E) (31/03/2014)

A company after obtaining availability of name in terms of the provisions of section 4 of the Act, shall attach the required documents and information to the Registrar along with Form No.URC. 1 in the following manner, namely:—...

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ICAI – Sharing of Firm details for ranking is not permitted

No. ICAI/ESB/2014/01 (30/03/2014)

Announcement reg. abstaining from sharing of Firm details intended for comparison of Firms. No. ICAI/ESB/2014/01 It has been brought to the notice of some members that certain entities are seeking details of the Chartered Accountants firms, for the purpose of making ranking of the various Firms through comparison of different parameters....

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Posted Under: Company Law |

Companies (Audit and Auditors) Rules, 2014

Notification No. G.S.R. 246(E) (31/03/2014)

G.S.R. 246(E) Chapter X - The Companies (Audit and Auditors) Rules, 2014. - FORM NO. ADT-1 - Notice of appointment of auditor by the company. FORM NO. ADT-2 - Application for removal of auditor(s) from his/their office before expiry of term. FORM NO. ADT-3 - Notice of Resignation by the Auditor. Form No.ADT-4 - Report to Central Governme...

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Companies (Inspection, Investigation and Inquiry) Rules, 2014

Notification No. G.S.R. 247(E) (31/03/2014)

Appointment of persons having expertise in various fields.-The Central Government may appoint persons having expertise in the fields of investigations, cyber forensics, financial accounting, management accounting, cost accounting and any other fields as may be necessary for the efficient discharge of Serious Fraud Investigation Office (SF...

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Companies (Adjudication of Penalties) Rules, 2014

Notification No. G.S.R. 254 (E) (31/03/2014)

Adjudication of penalties.- (1) The Central Government may appoint any of its officers, not below the rank of Registrar, as adjudicating officers for adjudging penalty under the provisions of the Act....

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Notification No. 25/2014-Custom(N.T.), Dated: 31.03.2014

Notification No. 25/2014-Customs (N.T.) (31/03/2014)

Notification No. 25/2014-Customs (N.T.)- In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the ...

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Companies (Authorised to Registered) Rules, 2014

Notification No. G.S.R. 257(E) (31/03/2014)

For registration as a company limited by shares: (i) A list showing the names, addresses, and occupations of all persons named therein as members with details of shares held by them respectively, showing separately shares allotted for consideration in cash ...

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Companies (Registration of Foreign Companies) Rules, 2014

Notification No. G.S.R. 266 (E) (31/03/2014)

Particulars relating to directors and Secretary to be furnished to the Registrar by foreign Companies.- (1) Every foreign company shall, within thirty days of establishment of its place of business in India, in addition to the particulars specified in sub­section (1) of section 380 of the Act, also deliver to the Registrar for registrati...

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Companies (Registration Offices and Fees) Rules, 2014

Notification No. G.S.R. 268(E) (31/03/2014)

Companies (Registration Offices and Fees) Rules, 2014 shall come into force on the 1st day of April, 2014. Government of India Ministry of Corporate Affairs NOTIFICATION New Delhi, 31.03.2014 G.S.R. 268(E) In exercise of the powers conferred by section 396, 398, 399, 403 and 404, read with sub­sections (1) and (2) of section 469 of the ...

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Auto Income Tax Calculator F.Y. 2013-14 / A.Y. 2014-15

Download Simple Income tax Calculator in Excel Format for Salaried Persons for Financial year 2013-14 / Assessment Year 2014-15. This tax calculator can be used to calculate the approximate tax payable by salaried individuals. This should NOT be used to compute the actual taxes to be paid to the Government. Download Simple Income tax calc...

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Companies (Acceptance of Deposits) Rules, 2014

Notification No. G.S.R. 256(E) (31/03/2014)

In exercise of the powers conferred by clause (31) of section 2, section 73 and section 76 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), and in supersession of the Companies (Acceptance of Deposits) Rules, 1975 or any other rules prescribed under the Companies Act, 1956 (1 of 1956) on matters ...

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Tax return e-filers to send ITRV by speedpost

If you are filing online your Income Tax return, the paper copy of the ‘ITRV’ should only be sent through “speed post” to the Central Processing Centre (CPC) of the department in Bengaluru. ITR-V or ‘Income Tax Return Verification’ form is issued as an acknowledgement to returns filed online. You can ch...

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Distribution Of Zones & Work Arrangements of Specified Members of CBDT W.E.F. 1-4-2014

Order No.51 of 2014 (31/03/2014)

2. In addition, following work arrangement is also ordered with approval of competent authority with effect from 01.04.2014 and until further orders:- (i) DGIT (International Taxation) and FT & TR Division would be placed with Member (IT); and (ii) Directorate General of Income Tax(Logistics) would be placed with Member(P&V)....

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Amendments to Schedule II Useful lives to compute depreciation

Notification No. G.S.R. 237(E) (31/03/2014)

In exercise of the powers conferred by sub-section (2) of section 123read with sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following alterations to Schedule II to the said Act, namely:-...

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Companies (Meetings of Board and its Powers) Rules, 2014

Notification No. G.S.R. 240(E) (31/03/2014)

Meetings of Board through video conferencing or other audio visual means.- A company shall comply with the following procedure, for convening and conducting the Board meetings through video conferencing or other audio visual means....

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Companies Appointment and Qualification of Directors Rules, 2014

Notification No. G.S.R. 259(E) (31/03/2014)

Woman director on the Board.- The following class of companies shall appoint at least one woman director- (i) every listed company; (ii) every other public company having - (a) paid–up share capital of one hundred crore rupees or more; or (b) turnover of three hundred crore rupees or more:...

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Companies (Accounts) Rules, 2014

Notification No. G.S.R. 239(E). (31/03/2014)

The Audit Committee of the company or the Board shall, in consultation with the Internal Auditor, formulate the scope, functioning, periodicity and methodology for conducting the internal audit....

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Companies (Declaration and Payment of Dividend) Rules, 2014

Notification No. G.S.R. 241(E) (31/03/2014)

Declaration of dividend out of reserves.- In the event of adequacy or absence of profits in any year, a company may declare dividend out of surplus subject to the fulfillment of the following conditions, namely:-...

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Income Tax – CBDT – Central Action Plan for first Quarter of F.Y. 2014-15

F.No. 380/2/2014-IT(B) (31/03/2014)

F.No. 380/2/2014-IT(B) I am directed to forward herewith the Central Action Plan for the first Quarter of the F.Y. 2014-15 (copy enclosed). You are requested to circulate the same amongst all the Officers in your region for necessary action....

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Companies (Management and Administration) Rules, 2014

Notification No. G.S.R. 260(E) (31/03/2014)

Register of members.- (1) Every company limited by shares shall, from the date of its registration, maintain a register of its members in Form No. MGT.1: Provided that in the case of existing companies, registered under the Companies Act, 1956, particulars shall be compiled within six months from the date of commencement of these rules....

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Companies (Registration of Charges) Rules, 2014

Notification No. G.S.R. 248(E) (31/03/2014)

Registration of creation or modification of charge. (1) For registration of charge as provided in sub-section (1) of section 77, section 78 and section 79, the particulars of the charge together with a copy of the instrument, if any, creating or modifying the charge in Form No.CHG-1 (for other than Debentures) or Form No.CHG-9...

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Companies (Share Capital and Debentures) Rules, 2014

Notification No. G.S.R. 265(E) (31/03/2014)

The Board of Directors shall, inter alia, disclose in the Board’s Report for the financial year in which the issue of equity shares with differential rights was completed, the following details, namely....

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Companies (Prospectus and Allotment of Securities) Rules, 2014

Notification No. G.S.R. 251(E) (31/03/2014)

Chapter III - The Companies (Prospectus and Allotment of Securities) Rules, 2014 - Information to be stated in the prospectus.- (1) The Prospectus to be issued shall contain- (a) the names, addresses and contact details of the corporate office of the issuer company, compliance officer of the issuer company, ...

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Companies (Incorporation) Rules, 2014

Notification No. G.S.R. 250 (E) (31/03/2014)

In case of delivery by post, such service shall be deemed to have been effected- (i) in the case of a notice of a meeting, at the expiration of forty eight hours after the letter containing the same is posted; and (ii) in any other case, at the time at which the letter would be delivered in the ordinary course of post....

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Companies (Specification of definitions details) Rules, 2014

Notification No. G.S.R 238 (E) (31/03/2014)

For the purposes of clause (d) of sub-section (1) of Section 164 and clause (f) of sub-section (1) of section 167 of the Act, “or otherwise” means any offence in respect of which he has been convicted by a Court under this Act or the Companies Act, 1956...

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Notification No. 78 (RE-2013)/2009-2014, Dated: 31.03.2014

Notification No. 78 (RE-2013)/2009-2014 (31/03/2014)

Prohibition on export of pulses has been extended till further orders. But, there are two exceptions to this. One is export of Kabuli Chana. Second is export of Organic Pulses and lentils; but with a ceiling of 10,000 MTs per annum and subject to certain conditions mentioned above. ...

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Partners not liable to pay tax on exempt Income in the hands of firm – CBDT

Circular No. 8/2014-Income Tax (30/03/2014)

Circular No. 8/2014-Income Tax A reference has been received in the Board in connection with the interpretation of provision of Section 10(2A) of the Income tax Act, 1961 ('Act') seeking clarification as to what will be the amount exempt in the hands of the partners of a partnership firm in cases where the firm has claimed exemption / de...

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Income Tax Notice to non-filers who had done high value transactions – Compliance

In 2013, Income Tax Department issued letters to 12,19,832 non-filers who had done high value transactions. In 2014, Income Tax Department has identified additional 22,09,464 non-filers who have done high value transactions. You may be one of them. Act Now! Log on to e-filing portal at https://incometaxindiaefiling.gov.in...

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Posted Under: Company Law |

All about Duty Drawback Exim Scheme

The term drawback is applied to a certain amount of duties of Customs and Central Excise, sometimes the whole, sometimes only a part remitted or paid by Government on the exportation of the commodities on which they were levied. ...

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Posted Under: Company Law |

Central Indirect Tax Litigations – Different Levels for Dispute resolution

India has steadily streamlined its central indirect tax regime over the last 30 years. The law has increasingly become simpler and easier to interpret and administer. Central indirect tax laws in India, at the central level, provide various avenues for resolution of tax disputes/litigations. ...

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Posted Under: Company Law |

Bhopal: CBI arrests I-T officer, husband for taking Rs 10 lakh bribe

    CBI ARRESTS A DEPUTY COMMISSIONER OF INCOME TAX AND THREE OTHERS IN AN ALLEGED BRIBERY OF RS.TEN LAKHS. The Central Bureau of Investigation has arrested Poonam Rai, the Deputy Commissioner of Income Tax, and her husband Ganesh Malviya, a BJP leader, and another private person in an alleged bribery case of Rs. 10 Lakhs. […]...

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Posted Under: Company Law |

MVAT – Due dated extended for Audit Report in form 704 for 2012-13 by developers to 10th May 2014

Trade Circular No 10 T of 2014 (29/03/2014)

It is represented by the Institute of Chartered Accountant of India that in view of the later Trade Circular No. 7T of 2014 , developers are allowed to file revise returns till 30th April 2014. Audit Report cannot be finalized till the time the return are filed. It is, therefore, requested to extend the date for filing of Audit Report per...

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Sure key to achieve prosperity in life

Most of the people in the world are not aware of the fact that the Cosmic plan for all living beings on the planet earth is so designed that there is a provision for all, as far as the material requirements are concerned. In this context, it must be realized that the universe is abounding in all good things, material as well as spiritual,...

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Posted Under: Company Law |

Thin Capitalization in India

1.0         INTRODUCITON A company is said to be thinly capitalized when a greater proportion of its ‘capital-structure’ is made up of ‘debt’ than of ‘equity’. The interest payments generated on ‘debt capital’ is treated as a finance charge, and is allowable as a deduction in the taxable corporate income, thereby r...

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Posted Under: Company Law |

What does section 144 of companies act 2013 talks about?

There was no provision in Companies’ Act 1956 in respect to restrictions for providing certain services by the statutory auditors. The newly inserted section 144 of the Companies Act 2013 is the new provision that comes with the list of services that statutory auditors are restricted to render to their clients....

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Posted Under: Company Law |

All about Company's Directors

The term 'Director' refers to a rank in management of the company. A director is a person who leads or supervises a certain area of private or public limited company. Companies that use this title often have more than one director spread throughout for different functions of the company. ...

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Posted Under: Company Law |

Fast track quick revision of Residential Status

The objective of this video is to to do revision of chapter residential status. Those students who have already studied residential status in detail shall find this video very useful. 1. Learn, understand and Memorise sections of residential status...

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Posted Under: Company Law |

Delhi VAT – Banks Notified for collection of tax, interest, penalty or other dues

Notification No. F.7(400)/Policy/VAT/2014/1387-1398 (28/03/2014)

Appropriate Government Treasury for collection of tax, interest, penalty or any other amount due under the Act or Central Sales Tax Act, 1956 from the dealers registered or liable to be registered under the Act, casual traders and contractees (TAN holders)...

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CBDT notifies revised India-Sri Lanka DTAA

Notification No. 23/2014-Income Tax (28/03/2014)

Notification No. 23/2014-Income Tax Now, therefore, in exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that the provisions of DTAA annexed hereto shall be given effect to in the Union of India with effect from the 1st day of April, 2014. [F.NO.501/10/1995-F...

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MCA declares date for roll out of different forms under Companies Act, 2013

Public Notice No. MCA21/28/2014 (28/03/2014)

Companies Act, 2013 (The Act) was notified on 29th August, 2013. Section 1(3) of the Act empowers the Central Government to notify different dates for different provisions of the Act. 98 sections of the Act were notified on 12.09.2013 and section 135 and rules thereunder on 27/02/2014....

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SEBI : Commencement of Foreign Portfolio Investor ("FPI") regime

Circular No. CIR/IMD/FIIC/6/2014-SEBI (28/03/2014)

circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market....

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S. 54EC – 6 Month Means 6 British calendar Months

Aquatech Engineers Vs Additional Commissioner Of Income Tax (ITAT Mumbai)

The difference arises on two counts. Firstly, the date from which the period of six months is to be reckoned. While the assessee contends it to be as 10.03.2008, i.e., the date of receipt of the consideration for transfer (of the long term capital asset)...

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Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2014

F. No. CCI/CD/Amend/Comb. Regl./2014 (28/03/2014)

F. No. CCI/CD/Amend/Comb. Regl./2014.—In exercise of the powers conferred by Section 64 of the Competition Act, 2002 (12 of 2003), the Competition Commission of India hereby makes the following regulations further to amend the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) R...

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Rajashthan HC remands back 81 appeals to ITAT for fresh decision

CIT Vs Ram Singh (Rajasthan High Court)

Hon'ble Rajasthan HC has held in the case of CIT Vs. Ram Singh that the Judgment of ITAT in various cases passed by this case are stereo typed, non-speaking, unreasoned, arbitrary and whimsical andremand the matter back to the ITAT to re-visit the issue afresh de-novo...

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Sec. 54EC- Six months means six calendar months and not 180 days

Alkaben B. Patel Vs ITO (ITAT Ahmedabad)

Whether for the purpose of Section 54EC of IT Act, 1961, the period of investment of six months should be reckoned after the date of transfer or from the end of the month in which transfer of capital asset took place?...

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Brief on Corporate Social Responsibility under Companies Act 2013 and Rules

Presently Corporate Social Responsibility (CSR) expenditure is at the discretion of the corporates however after enactment of Section 135 of Companies Act 2013 such expenditure is made mandatory for certain corporates. ...

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Posted Under: Company Law |

Companies Act 2013- Clarification on defination of term 'related party’

NA

It is hereby clarified that a public company in which a director or manager is a director and holds along with his relatives, more than two per cent. of its paid up share capital shall be related party. ...

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SC passes Costliest Bail Order in the case of Subrata Roy

Sahara group will have to pay Rs 10,000 crore to get interim bail for its Chief Subrata Roy and firm’s two directors, who are behind the bars since March four, the Supreme Court on Wednesday ordered. A bench of justices K S Radhakrishnan and J S Khehar said that interim bail will be granted only […]...

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Posted Under: Company Law |

FEMA – Merchanting Trade Transactions – Revised guidelines

RBI/2013-14/545 A.P. (DIR Series) Circular No.115 (28/03/2014)

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular Nos.106 & 4 dated June 19, 2003 and July 19, 2003 respectively, containing directions relating to merchanting trade transactions. Further, in terms of A.P. (DIR Series) Circular No. 95 dated January 17, 2014 the existing guidelines wer...

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Removal of difficulties regarding certification of Annual Return

NA

Order proposed to be issued under section 470 of the Companies Act, 2013. MINISTRY OF CORPORATE AFFAIRS ORDER New Delhi, the 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 […]...

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Legal profession is not business or trade – SC

Dhanraj Singh Choudahry Vs Nathulal Vishwakarma (Supreme Court of India)

The legal profession is a noble profession. It is not a business or a trade. A person practising law has to practise in the spirit of honesty and not in the spirit of mischief-making or money-getting. An advocate's attitude towards and dealings with his client has to be scrupulously honest and fair....

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MCA notifies dates from which Various new Forms to come into effect

General Circular No. 6/2014 (28/03/2014)

There are 5 general e-forms and 2 e-forms mentioned in Table “D” will be available for filing w.e.f. 28/04/2014 will be available for filing 24 notified forms/events which will be made available for individual e-filing at a later date, can be attached with these 7 e-forms and filed. Details of physical forms allowed to be filed along ...

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MCA Enables Online payment of stamp duty for issue of certified copies

General Circular No. 05/2014 (28/03/2014)

The Ministry has reviewed the process of issue of certified copies of the documents filed with the Registrar of companies. As per the existing process, in case a User applies for the certified true copy of any document, he needs to pay MCA fee online at MCA portal. The fee is computed based on the number of documents required....

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CBDT notifies undertaking of ‘ Creative Infocity Ltd.’ as an industrial park u/s. 80IA

Notification No. 22/2014-Income Tax (27/03/2014)

Notification No. 22/2014-Income Tax And, whereas, in consequence to the same, the Central Government (Ministry of Finance, Department of Revenue, CBDT) in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961), (hereinafter referred to as the 'Act') had notified the sa...

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CBDT notifies undertaking of ‘Finest Promoters Private Ltd.’ as an industrial park u/s. 80IA

Notification No. 21/2014-Income Tax (27/03/2014)

Notification No. 21/2014-Income Tax And, whereas, the Central Government (Ministry of Finance, Department of Revenue, CBDT), in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961),(hereinafter referred to as the 'Act') had notified the undertaking being developed an...

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Landlord PAN Mandatory for Rent Over 1 lakh P.A.

Any salaried person would have heard of a term called HRA (House Rent Allowance). It not only gives benefit in the form of allowance but also gives an opportunity for tax exemption up to a certain limit. Almost every salaried employee takes this benefit. IT department also provides the facility of claiming tax benefit on HRA for [&helli...

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Get a preventive health check-up done and save on tax too!

The government provides tax deduction benefit of upto INR 5,000 under Section 80D on account of preventive health check-up for self, spouse, dependent children and parents. However, this deduction benefit is inclusive of the overall deduction under Section 80 D (INR 15,000 per annum) for payment of health insurance premium. If one of your...

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Income Tax Ready Reckoner – For Last minute Tax Planner

With zeal I filled in my Investment Plans for the year in the month of April last year, gleaming at the extra bucks that would come “In hand” every month. The “Plans” readily accepted by the HR Department and duly complied with in my monthly take home! In my zeal to meticulously spend those extra […]...

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Posted Under: Company Law |

Companies Act, 2013- Sections & schedules effective from 01.04.2014

Vivek Rajan. V Companies Act, 2013- Journey so far The Ministry of Corporate Affairs [MCA] by notification dated 12th September 2013 had appointed 12th of September 2013 as the date on which certain provision of the Companies Act, 2013 shall come into force. Further, the MCA followed it up with notification dated 27th February 2014, [&hel...

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Posted Under: Company Law |

CBDT promotes 18 CCIT/DGITs to the grade of Principal CCIT

Order No. 48 of 2014 (27/03/2014)

The CBDT has vide Order No. 48 of 2014 dated 27.03.2014 promoted 18 officers in the grade of Chief Commissioner/Director General of Income Tax to the grade of Principal Chief Commissioner of Income Tax (CCIT) in the Pay Scale of Rs. 80,000/- with effect from the date of assumption of charge of the post and until further orders....

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Taxing Dilemma for Salaried Assessees

Dr. Sanjiv Agarwal March, being last month of any financial year is scary for the salaried assessees (employees) and all employers are  found arguing with employees to get the proper and due income tax deducted at source (popularly called TDS). The impact is so much so that the cash budget of the employees gets disturbed […]...

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Posted Under: Company Law |

Procedure for Surrender and Cancellation of Service Tax Registration

1. Provisions of sub-rules (7) and (8) of the Rule 4 of the Service Tax Rules, 1994, provides for surrender of  Registration certificate in the case of an assessee who ceases to provide the taxable for which he is registered. The Superintendent of Central Excise after ensuring that the assessee has paid all the Service […]...

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Posted Under: Company Law |

US Custom officer jailed for allowing smuggling of 30,000 kilograms of drugs

U.S. Attorney’s Office March 24, 2014 Southern District of California (619) 557-5610 Veteran U.S. Customs and Border Protection Officer Lorne “Hammer” Jones was sentenced today by U.S. District Judge Marilyn Huff to seven and a half years in custody for his role in a decade-long crime spree in which he sold his badge to alien-smuggl...

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Posted Under: Company Law |

SC Judgment in the case of Muzaffarnagar riots

Mohd. Haroon & Ors. Vs Union of India & Anr. (Supreme Court of India)

These writ petitions and other connected matters relate to the riots that broke out on the fateful day of 07.09.2013. The riots erupted in and around District Muzaffarnagar, Uttar Pradesh as a result of communal tension prevailing in the city, which wrecked lives of a large number of people who fled from their homes out of anxiety and fe...

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All about Income Tax Returns

The forms used to file details of income taxes payable and Paid with Government are known as Income Tax Returns. Online Tax returns are set up in an excel worksheet & Java Formats, where the income figures are used to calculate the tax liability of persons. Tax returns must be filed every year for an individual or business that received t...

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Posted Under: Company Law |

Passed 12th in commerce ! What are the careers options?

What after 12th commerce…Insight into varied careers for 12th passed commerce students This video shall help 12th passed commerce students to chose the best course in accordance with their abilities and interests. Commerce students are fortunate of having chosen commerce in their 11th standard because it opens the door to many lucra...

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Posted Under: Company Law |

Reporting and Accounting of March Govt tax Transactions – Special Arrangements – RBI

RBI/2013-14/539 DGBA.GAD.No.H - 5495/42.01.029/2013-14 (27/03/2014)

These scrolls alongwith the copies of daily summary of Receipts and Payments prepared separately for March 2014 transactions will be forwarded to the Departmental Officials concerned (i.e. Zonal Accounts Officers/Pay and Accounts Officers and Designated Officers) in the usual way....

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Section 23 of NDPS Act not applies to transport of Indian ganja – SC

Union of India Vs Sheo Shambhu Giri (Supreme Court of India)

Hon’ble SC has held in the case of UOI Vs. Sheo Shambhu Giri that Section 23 of the NDPS Act creates three offences and they are; (i) import into India, (ii) Export out of India; and (iii) Transhipment of any narcotic drug or psychotropic substance. If any one of the three activities is undertaken in  contravention […]...

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Nomenclature of various forms prescribed under Companies Act, 2013

Notification No. S.O. (E) (27/03/2014)

In order to facilitate easy understanding of the e-forms being rolled out under the provisions of Companies Act, 2013 and Rules made thereunder, the stakeholders are hereby informed that unlike numbering of various forms under the Companies Act, 1956, forms under the new Act are mandatorily numbered alpha-numeric....

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Income Tax Offices to remian open on 29th, 30th and 31st March 2014

Press Release No.402/92/2006-MC (27/03/2014)

The Financial Year 2013-14 closes on 31.3.2014. In view of closer of office on 29th and 30th of March being Saturday and Sunday, and also on 31st March at some stations being Gudi Padava, Ugadi etc., the field Income Tax Offices through-out India shall remain open and the receipts counters shall also work during normal office hours on 29t...

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Exemption for export of pulses to the Republic of Maldives

Notification No. 77 (RE-2013)/2009-2014 (27/03/2014)

Export of pulses had been prohibited vide Notification No. 15(RE-2006)/2004-09 dated 27.06.2006 which had initially been imposed for a period of 6 months and is presently extended till 31.03.2014 vide Notification No. 38(RE – 2012)/2009-2014 dated 25.03.2013....

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Export of Stone Aggregate to Maldives under Bi-lateral Trade Agreement between Government of India and Government of the Republic of Maldives

Notification No. 76 (RE-2013)/2009-2014 (27/03/2014)

Export of the quantities of Stone Aggregate with the annual ceiling indicated in the respective columns in Export Licencing Note 1(i) above has been permitted for export to the Republic of Maldives under Bi-lateral Trade Agreement between Government of India and Government of the Republic of Maldives....

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Notification No. 75 (RE-2013)/2009-2014, Dated: 27.03.2014

Notification No. 75 (RE-2013)/2009-2014 (27/03/2014)

Export of the quantities of River Sand with the annual ceiling indicated in the respective columns in Export Licencing Note 2(i) above has been permitted for export to the Republic of Maldives under Bi-lateral Trade Agreement between Government of India and Government of the Republic of Maldives....

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IEPF (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Amendment Rules, 2014

Notification No. G.S.R. 217(E) (27/03/2014)

In rule 3 of the said rules, after the words, figures and letter, "section 205C of the Act", the following words, figures, letter and brackets shall be inserted namely...

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Investor Education and Protection Fund (awareness and protection of investors) Amendment Rules, 2014

Notification No. G.S.R. 216(E) (27/03/2014)

These rules may be called the Investor Education and Protection Fund (awareness and protection of investors) Amendment Rules, 2014. (2) They shall come into force with effect from the 31' March, 2014....

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CBDT notifies undertaking of ‘Pantheon Infrastructure Pvt. Ltd.’ as an industrial park u/s. 80IA

Notification No. 20/2014-Income Tax (26/03/2014)

Notification No. 20/2014-Income Tax And, whereas, subsequently the Central Government (Ministry of Commerce and Industry) vide letter No.15/29/2005-IP&ID dated 3rd February, 2014 has withdrawn the said approval granted to the undertaking under the Scheme; Now, therefore, the Central Government, in exercise of the powers conferred by cl...

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CBDT authorizes ‘IFCI Ltd.’ to issue tax free bonds up to Rs 430 crores

Notification No. 19/2014-Income Tax (26/03/2014)

Notification No. 19/2014-Income Tax CBDT has vide notification No. 19/2014 dated 26.03.2014 reduced the limit for issue of tax free bonds by Indian Railway Finance Corporation Limited (IRFC) to Rs, 8853 crore from earlier limit of Rs. 10,000 crore. The Notification Further Authorised IFCI Limited (formerly known as Industrial Finance Corp...

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Delhi VAT – Online filling of information/return by using Digital Signature

Notification No. F.3(21)/Fin(Rev-I)/2013-14/ (26/03/2014)

No. F.3(21)/Fin(Rev-I)/2013-14/ - In exorcise of the powers conferred by Section 100A of the Delhi Value Added Tax Act.2004 (Delhi Act 3 of 2005), and to facilitate the dealer/person to submit information/return etc. online by using digital signatures, the Lt. Governor of the National Capital Territory of Delhi,...

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CA 2013:Notification of significant sections & schedules wef 01.04.2014

Notification No. S.O. 902(E) (26/03/2014)

Further, we would like to mention here that under Chapter IX (Accounts of Companies), Section 130 (Re-opening of Accounts on Court's or Tribunal's order), Section 131 (Voluntary Revision of financial statements or Board's Report) and Section 132 (Constitution of NFRA) have not been notified till date. Also Section 245 (Class Action Suits)...

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Sec 154 cannot be resorted for applying sec 115JB of Income Tax Act,1961

ACIT Vs M/s Cardinal Drugs Pvt. Ltd. (ITAT Agra)

In the case of Cardinal Drugs Pvt Ltd.Hon'ble ITAT has observed that there was no scope for the A.O. to have resorted to the provision of Section 154 of the Act for the purpose of enhancing the income of the assessee.by stating as under:- The A.O. on long drawn process of reasoning should not have passed the order under Section154 of the ...

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MCA stops Challan, NEFT and Pay Later payment facility till 31st March 2014

Offline payment facility (Challan, NEFT and Pay Later) would be stopped from 26th March 2014 till 31st March (both days inclusive). You are requested to make payment only through online mode (Credit/Debit Card and Net Banking)....

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Posted Under: Company Law |

How to open a Savings Bank Account?

Choose a Bank that has a wide network of branches, ATMs and offers an array of services. You can look up the bank’s website to find the information. Choose an account most suitable to your needs. It could be a Basic Savings account, EasyAccess Accounts, Women’s Savings Account, Youth Account, or a Joint savings account....

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Posted Under: Company Law |

ICAI issues Roadmap to IFRS

The Council of the ICAI, at its last meeting, held on March 20-22, 2014, has finalised the roadmap.  The revised roadmap recommends Ind AS to be implemented for the preparation of Consolidated Financial Statements of listed companies and unlisted companies having net worth in excess of Rupees 500 crore from the accounting year beginning ...

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Posted Under: Company Law |

Scheme of raising ECB for working capital for Civil Aviation Sector to continue till March 31, 2015 – RBI

RBI/2013-14/537 A.P.(DIR Series) Circular No.113 (26/03/2014)

The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals required, if any, under any other law....

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Govt. Fixes limit for investment in Inflation Indexed National Savings Securities

RBI/2013-14/534 DGBA.CDD.No. 5449/13.01.999/2013-2014 (26/03/2014)

Government of India has vide their Notification dated March 25, 2014 notified that the maximum limit for investment in Inflation Indexed National Savings Securities- Cumulative has been increased to Rs. 10 lakh per annum for eligible individual investors and Rs. 25 lakh per annum for Institutions such as HUFs, Charitable Trusts, Education...

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Banks and RBI to facilitate Tax Payments on March 29, 30 and 31, 2014

RBI/2013-14/535 DGBA.GAD.No.H - 5430/42.01.029/2013-14 (26/03/2014)

Agency banks doing Government business alone will be permitted to present instruments in the Special Clearing on other participating banks. Other member banks of the Clearing House (including the presenting banks) are required to keep their inward clearing processing infrastructure open during the Special Clearing hours and maintain suffi...

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PVAT – Further amendments in items taxable at single stage under Punjab VAT

Notification No. S.O. 23/P.A.8/2005/S.8/2014 (25/03/2014)

Whereas the State Government is satisfied that circumstances exist, which render it necessary to take immediate action in public interest; Now, therefore, in exercise of the powers conferred by sub-section (3) of section 8 of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005)...

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Clarification with regard to section 180 of Companies Act, 2013

General Circular No. 04/2014 (25/03/2014)

This Ministry has received many representations regarding various difficulties arising out of implementation of section 180 of the Companies Act, 2013 with reference to borrowings and/or creation of security, based on the basis of ordinary resolution. The matter has been examined in the Ministry and it is hereby clarified that the resolut...

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MVAT – Dealers to file Annexures J1 and J2 before submitting Return for the period starting from 01-04-2014

Trade Circular No. 9 Tof 2014 (25/03/2014)

This circular is being issued to facilitate dealers to make necessary changes in their systems so as to accustom them to file annexures and returns by the due dates she filing of annexures of sales and purchases has been proposed to be made mandatory soon....

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Checklist of applicable sections- Private Limited Company- Companies Act 2013

With 99 sections of Companies Act, 2013 already notified and more to follow in the near future, it’s time for private companies in India to get started with the understanding of the Act and the possible implications, it can have on the functioning of their Companies, more so when we know that the new Act is rigid on private companies. ...

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Posted Under: Company Law |

Provide Copy of Credit Rating Free to Borrowers – RBI Committee

NA (25/03/2014)

The Committee has further suggested that providing customers with a free copy of their CIRs would help create awareness about the need to have credit discipline, enable customers to correct their behaviour and improve their score well before they plan to avail fresh credit of any kind, help detect identity theft at an early stage, help CI...

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RBI announces ‘Foreign Portfolio Investment’ scheme for FIIS and QFIs

RBI/2013-14/533 A.P. (DIR Series) Circular No.112 (25/03/2014)

The extant guidelines for Portfolio Investment Scheme for Foreign Institutional Investor (FII) and Qualified Foreign Investor (QFI) have since been reviewed and it has been decided to put in place a framework for investments under a new scheme called ‘Foreign Portfolio Investment’ scheme....

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Delhi VAT – Reg. VAT exemption/refund to High Commission of the Republic of Malawi

Notification No. F.5(54)/Policy/VAT/2013/PF (25/03/2014)

To grant facility of VAT exemption/refund to High Commission of the Republic of Malawi in favour of official purchases as well as personal purchases of its diplomats and Mahatma Gandhi Institute of Education for Peace and Sustainable Development (MGIEP) in New Delhi on purchase of goods...

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SEBI prescribes Format of Audit Report to be submitted with draft Scheme of amalgamation / merger / reconstruction, etc.

Circular No. CIR/CFD/DIL/1/2014-SEBI (25/03/2014)

Clause 24(i) of the Listing Agreement requires that the company, while filing for approval of any draft Scheme of amalgamation / merger / reconstruction, etc. with the stock exchange under Clause 24(f), shall also file an auditors’ certificate to the effect that the accounting treatment contained in the scheme is in compliance with all ...

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