"06 June 2014" Archive

FAQs on Section 185 of Companies Act 2013 along with planning

Q1: What are the prohibitions on sec 185? Ans: No company can directly or indirectly advance loan to its directors or to other persons in whom directors are interested. No company can give any guarantee or provide any security in connection with any loan taken by him or such other person. Company can’t give loan represented by a book d...

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Posted Under: Income Tax | ,

ICAI – Increase Tax tax exemption limits & abolish surcharge

ICAI in its pre-budget memorandum on Direct Taxes recommended Abolition of Surcharge on Income Tax and Further suggested that Exemption Limit in Rate of Tax for Individual and HUF should be increased from 2 Lakh to 3 Lkah (Basic Exemption Limit)  from 5 Lakh to 10 Lakh (10% Tax)  and from 10 Lakh to 20 […]...

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Posted Under: Income Tax |

ICAI – Definition of Accountant do not require Changes

ICAI has in its Pre-Budget Memorandum Presented to Ministry of Finance suggested that porposed changes in Definition of the term accountant in the Direct Taxes Code, 2013 are not required and claimed that ICAI is a premier body formed by MCA only to train chartered accountants to gain expertise in accounting and auditing ICAI....

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Posted Under: Income Tax | ,

Companies Act Needs Comprehensive Review: CII President

CII has called for a comprehensive review of the Companies Act 2013 and Companies Rules, 2014 issued thereunder. “Due to the hurried pace in which the Companies Act, 2013 and the Companies Rules, 2014 were implemented, the industry barely got an opportunity to absorb and understand the provisions or their impact in their entirety. Many...

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Posted Under: Income Tax |

Key Highlights of Maharashtra State Additional Budget on Tax and Other Proposals

Minimum salary limit for Profession Tax increased from Rs. 5000 to Rs. 7500. Turnover limit for registration under VAT increased from Rs. 5 lakhs to Rs. 10 lakhs. Tax Rate on Cotton reduced from 5 percent to 2 percent. Sugarcane Purchase Tax exempted for 20 13-14. Turnover limit for filing audit report increased from Rs.60 lakhs to Rs.1 c...

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Posted Under: Income Tax | ,

SEBI Chairman urges Industry to understand intention behind new disclosure and governance norms

SEBI Chairman urges Industry to understand the intention behind new disclosure and governance norms / Its time Industry takes steps to strengthen Capital Markets: U K Sinha, Chairman, SEBI “Corporates should run their own Pension Funds for their non-EPFO category employees and invest funds in the equity market”, urged Mr U K Sinha, Ch...

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Posted Under: Income Tax |

CLB can allow further time to companies for repayment of deposits/interest in certain cases

Order No. S.O. 1460(E) (06/06/2014)

Until a date is notified by the Central Government under sub-section (1) of Section 434 of the Companies Act, 2013 (18 of 2013), the Company Law Board constituted in pursuance of sub-section (1) of Section 10E of the Companies Act, 1956 (1 of 1956) shall exercise the jurisdiction, powers, authority and functions of the Tribunal under sub-...

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Provisions of Sec 74(2) & 74(3) of Companies Act 2013 to come into force from 06.06.2014

Notification No. S.O. 1459(E) (06/06/2014)

In exercise of the powers conferred by sub-section (3) of Section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 6th day of June, 2014 as the date on which the provisions of sub-sections (2) and (3) of Section 74 of the said Act shall come into force....

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Companies may accept deposits without deposit insurance contract till 31.03.2015

Notification No. G.S.R. 386(E) (06/06/2014)

In view of the suggestions received from the stakeholders to give transitional period for complying with the deposit insurance requirements, the amendment in the relevant rule has been made allowing companies to accept deposits without deposit insurance for one year i.e. till 31.03.2015. ...

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CBDT notifies India-Liechtenstein Tax info exchange agreement wef 01.04.2013

Notification No. 30/2014-Income Tax (06/06/2014)

Notification No. 30/2014-Income Tax Whereas, an agreement (hereinafter referred to as the said agreement) between the Government of the Republic of India and the Government of the Principality of Liechtenstein, for the exchange of information on tax matters was signed at Berne, Switzerland on the 28th day of March, 2013...

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