"03 April 2014" Archive

Loan to Directors and Other Entities under the Companies Act 2013

Restriction on granting of loan to its directors by a company and other entities in which directors are interested has been one of the most touching issues in the Companies Act, 2013, since 12th September 2013, when Ministry of Corporate Affairs notified 98 Sections of the Companies Act, 2013 to become effective and applicable from that d...

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Posted Under: Company Law |

Highlights on CSR Provisions Notified On 27.02.2014

Effective Date for CSR Applicability – Section 135 of the Companies Act 2013, Schedule VII and the relevant rules, namely Companies (Corporate Social Responsibility Policy) Rules, 2014 have been notified to become effective from 01st April 2014 vide MCA notification dated 27.02.2014....

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Posted Under: Company Law |

Income Tax refund – how to ensure a timely receipt

Income Tax refunds – only few of us get on time, while most of us wait for a long time. There could be several reasons for delay in getting your tax refunds: mismatch in the tax paid details, error in bank account details, technical problems at the department, growing number of tax payers, change in […]...

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Posted Under: Company Law |

Fast track quick revision of Income from Salaries

Revise entire Income from Salaries in less than 40 minutes. Very useful for CA, CMA, CS, B. Com students for last time revision. We have used memory techniques so that students are also able to memorise. Topics covered are :...

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Posted Under: Company Law |

Companies Acceptance of Deposit (Section 73 to 76 of Companies Act 2013)

283 sections of the Companies Act 2013 have been made effective now. Private Companies have also been brought under the purview of the compliances of Companies Act 2013. Earlier private companies were allowed to take loans from relatives and shareholders which were the major sources of funds for most of the private companies apart from ba...

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Posted Under: Company Law |

Recent Exemptions in Service Tax related to Rice & Health Care Service

In Service Tax, exemption has been granted to 'rice' treating it as agricultural produce. Thus, storage, warehousing, packing, loading, unloading etc for rice would be exempt from Service Tax. Earlier only paddy was exempt. Similarly, blood banks would also be exempt treating them as part of health care services which were already exempt....

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Posted Under: Company Law |

Political Parties to File ITR-7 electronically under digital signature wef A.Y. 2014-15

CA Sandeep Kanoi CBDT has vide Notification No. 24/2014 dated 01.04.2014 amended rule 12 of Income Tax Rules 1962. Prior to amendment of Rule 12 and upto A.Y. 2013-14 All Political Parties were allowed to Furnish ITR 7 in any of the following mode :- (i)           furnishing the return in a paper form; […]...

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Trusts to give notice for accumulation of Income (From 10) electronically from A.Y. 2014-15

CA Sandeep Kanoi CBDT has vide notification NOTIFICATION NO. 24/2014, Dated: April 1, 2014 amended the rule 12 of Income Tax Rules, 1962 and provided that notice under clause (a) of sub-section (2) of section 11 of the Act, shall be furnished  electronically in form No. 10 w.e.f. Assessment year 2014-15 before expiry of time […]...

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All Partnership Firms to file ITR 5 Form Electronically w.e.f. A.Y. 2014-15

CA Sandeep Kanoi Up to A.Y. 2013-14 Partnership Firms to whom provisions of section 44AB  (i.e. those Under Tax Audit) were required to furnish the return for assessment year 2011-12 and subsequent assessment years electronically under digital signature but the Partnership  firms to whom Provisions of section 44AB were not applicable th...

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Proposed DTC allows tax Audit by CS and Cost Accountants also

Tax Audit under the Income Tax Act is currently allowed to be conducted only by the Chartered Accountant but Proposed Direct Tax Code 2013 allows Tax Audit not only by Chartered Accountant but also by Company Secretaries and Cost Accountants. ...

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