"28 May 2014" Archive

No disallowance U/s. 14A relating to expenditure attributable to dividend and tax-free interest, etc.

As regards disallowance under section 14A of the Income-Tax Act, 1961 (the Act), it is well-known that in respect of correct interpretation of the same, divergent views have been expressed by various judicial fora. In this context, please refer to the Article authored by me under the title “Disallowance under section 14A, in the light o...

Posted Under: Income Tax |

Revised TDS returns to be accepted without Original Provisional receipts wef 01.06.2014

Circular No: NSDL/TIN/2014/024 28/05/2014

Attention of all TIN Facilitation Centers (TIN-PCs) is invited to the procedure of acceptance of e-TDS/TCS correction statements and upload of scanned images as provided in chapter 6 and 7 of the TIN-PC Operating Manual (TOM). As per approval from Income Tax Department, the procedure for acceptance of e-TDS/TCS correction statement sta...

CBDT to share wealth tax return detail of loan defaulters with Public Sector Banks

F. No. 328/10/2014-WT 28/05/2014

During a review meeting on the performance of Public Sector Banks (PSBs) taken by Finance Minister on 5.3.2014, the PSBs raised concern that the details of assets as available in the Wealth Tax Returns of loan defaulters are not being shared by Income Tax Department with the Banks despite repeated requests....

FAQ on One Person Company (OPC)

1. How to incorporate an OPC? Name reservation: Form INC-1 shall be filed for name availability. Incorporate OPC: After name approval, form INC-2 shall be filed for incorporation of the OPC within 60 days of filing form INC-1. Form DIR-12 shall be filed along with (linked) form INC-2 except when promoter is the sole director […]...

Posted Under: Income Tax |

Crystallization of Inoperative Foreign Currency Deposits

RBI/2013-14/616 A.P. (DIR Series) Circular No.136 28/05/2014

In case a foreign currency denominated deposit with a fixed maturity date remains inoperative for a period of three years from the date of maturity of the deposit, at the end of the third year, the authorised bank shall convert the balances lying in the foreign currency denominated deposit into Indian Rupee at the exchange rate prevailing...

FAQs on e-voting under Companies Act, 2013 & Rules

As per rule 20 of Companies (Management and Administration) Rules, 2014, ‘voting by electronic means’ or ‘‘electronic voting system’’ means a ‘secured system’ based process of display of electronic ballots, recording of votes of the members and the number of votes polled in favour or against, such that the entire voting ex...

Posted Under: Income Tax |

Types of Companies under Companies Act, 2013

There are totally 15 types of companies can be formed under the Companies Act, 2013. 1. Public Company limited by shares 2. Public Company limited by Guarantee having share capital 3. Public Company limited by Guarantee and having no share capital 4. Public unlimited Company having share capital ...

Posted Under: Income Tax |

MFN Clause in Double Taxation Avoidance Conventions – To be partial or not to be

The Authority for Advance Rulings in the case of Steria (India) Limited: AAR No. 1055/2011, while concluding the fact as to whether payment made by Steria (India) Ltd. to Groupe Steria, France for management services constitutes fees for technical services exigible to withholding of tax under section 195 of the Income-tax, Act, 1961...

Posted Under: Income Tax |

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