"June, 2014" Archive

Company Law – Reg. Invitation / Offer for non-convertible debentures (NCD )

Notification No. G.S.R. 424(E) (30/06/2014)

Provided also that in case of an offer or invitation for non-convertible debentures referred to in the second proviso, made within a period of six months from the date of commencement of these rules, the special resolution referred to in the second proviso may be passed within the said period of six months from the date of commencement of...

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Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001

Notification No. 48/2014-Customs (N.T.) (30/06/2014)

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 ...

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Due Date for Filing DPT-4 extended to 31st August 2014

General Circular No. 27/2014 (30/06/2014)

After considering the reference, it has been decided to grant extension of time for the period of 2 months i.e. up to 31-08-2014 without any additional fee in terms of section 403 of the Act to enable the companies for filing of statement under Form DPT4 with the Registrar....

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RBI not to issue Fema notification on Tax Issues

RBI/2013-14/669 A.P. (DIR Series) Circular No.151 (30/06/2014)

Reserve Bank of India has reviewed the policy relating to issue of instructions under Foreign Exchange Management Act, 1999 (FEMA), clarifying tax issues. It has now been decided that Reserve Bank of India will not issue any instructions under the FEMA, in this regard. It shall be mandatory on the part of Authorised Dealers to comply wit...

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Why Tax Practitioners Bill Required For India?

Advocate B.S.K.RAO 1. Below are the accounting bodies of various country’s world over on date, In spite of this, they have separate bodies/legislation for regulation of Tax Professionals. Reason being, situation similar to that of latest Supreme Court verdict in the case of Bar Council of India Vs A.K.Balaji about Practice of Law by onl...

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Posted Under: Company Law |

Make acquisition of more than one house eligible for exemption u/s 54 – ICAI

Section 54- Investment in residential house Several disputes are in existence as to whether an assessee can buy more than one house under provisions of section 54 of the Income-tax Act, 1961. In the recent times High Courts and ITAT have taken a consistent view that in order to avail the exemption u/s 54 of […]...

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Posted Under: Company Law |

House Property Income – Increase Interest Limit to 3 Lakh, Allow deduction for unrealised rent and Lease Rent

In Its Pre-budget Memorandum on Direct Taxes Apex Accounting Institute ICAI has suggested that deduction in respect of interest on housing loan in case of self occupied property should be increased from Rs. 1.5 Lakhs to Rs. 3 Lakhs. ICAI further suggested that Assessee should be allowed deduction equal to 30% from unrealised rent and grou...

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Posted Under: Company Law |

Invisible capital – Cost Accounting SME segment – Part 4

In continuation to my previous articles on Invisible capital: For Cost Accountants in Practice – PART 3 its being found that many cost accountants are inclined to come and join practicing. I find that many cost accountants have come up with the question and that there is not much growth or prospects in the profession […]...

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Posted Under: Company Law |

Inter-Governmental Agreement with United States of America under Foreign Accounts Tax Compliance Act – Registration

Circular No. CIR/MIRSD/2/2014 (30/06/2014)

The Stock Exchanges and Depositories are advised to bring the contents of this Circular to the notice of the Stock Brokers, Depository Participants, as the case may be, and also disseminate the same on their websites....

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Govt. to set up additional 70 Aayakar Seva Kendras (ASK) all over the country during F.Y. 2014-15

F. No. 48/3/2014/ASK/P.V/DOMS/754 (30/06/2014)

In the Result Framework Document, 2014-15, the Board has resolved to augment the number of Aayakar Sewa Kendras from existing 189 already set up in the Income-tax department, by setting up additional 70 Aayakar Seva Kendras (ASK) all over the country in the current financial year i.e. 2014-15....

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