"12 June 2014" Archive

ICAI to take action against CAs spreading Malicious information against Institute and/ or its members

The member(s) of ICAI should not host, display, upload, modify, publish, transmit, update, forward or share any information, in any form which is harmful, harassing, defamatory, indecent, immoral or invasive of another’s privacy, dignity or prestige or hateful, causing insult or injury or otherwise unlawful in any manner against the Ins...

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Posted Under: CA, CS, CMA |

General Circular No. 19/2014, dated 12/06/2014

General Circular No. 19/2014 (12/06/2014)

The matter has been examined in light of the relevant provisions of the Act, particularly sections 179 & 180 and regulation 71 of Table "F" of Schedule I and it is clarified that a committee of directors may exercise such powers, subject to any regulations imposed by the Board in this regard....

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Companies allowed to constitute Audit Committees, and Nomination and Remuneration Committees till 31st March, 2015

Notification No. G.S.R. 398(E) (12/06/2014)

Provided further that public companies covered under this rule shall constitute their Nomination and Remuneration Committee within one year from the commencement of these rules or appointment of independent directors by them, whichever is earlier...

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PVAT – Reversal of Input tax credit on sale of by-products amounts to double taxation

Reversal of Input tax credit on sale of by-products amounts to double taxation and also exceeds the outer limit of taxability prescribed under the Act Specially in Sheller Trade which is clear cut violation of Article 286 of the Constitution of India....

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Posted Under: CA, CS, CMA |

ICAI suggests TCS @1% on sale of all motor vehicles

ICAI in its -Budget Memorandum – 2014 on Direct Taxes suggested imposition of TCS @1% on sale of all motor vehicles to increase the tax base in India. Issue/Justification India was the sixth largest motor vehicle/car manufacturer in the world in 2012. The sales of motor vehicles have increased manifold times since 2009. In fact [&hellip...

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Posted Under: CA, CS, CMA |

ICAI suggests Verification of all income-tax returns by Professionals

Issue/Justification There are classes of persons who are filing income tax returns but are not declaring their income properly. Either the income is suppressed or various deductions are being claimed which are not legally permissible. With the increase in the work of the Department it is not practicable to scrutinize each and every return...

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Posted Under: CA, CS, CMA |

Raise Income Tax Deduction Limit U/s. 80C – Banks tell FM

About 72 lakh Self Help Groups(SHGs) of women promoted by NABARD be exempted from service tax for the services rendered by them to small farmers etc, tax benefit limit for health insurance be suitably raised, tax exemption under Section 80C of the Income Tax Act be raised...

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Posted Under: CA, CS, CMA |

Provisions applicable wef 1st April 2014 under Companies Act 2013

Appointment of Company Secretary is required the following type of Companies :- a. Listed Companies b. Public Limited Companies having paid up capital more than 10 Crores c. Companies having paid up share capital of five crore rupees or more...

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No dividend to be declared before set-off of carried forward losses and Short Depreciation of earlier years

Notification No. G.S.R. 397(E) (12/06/2014)

No company shall declare dividend unless carried over previous losses and depreciation not provided in previous year or years are set off against profit of the company of the current year...

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Companies Act, 2013 will create requirement of company secretaries – ICSI President

I once again reiterate that the Companies Act, 2013 would create a need based requirement of company secretaries in the light of its provisions such as registered valuers, interim administrators, enhanced penalties, enhanced disclosure requirements and so on, besides the mandates such as secretarial audit, certification of e-forms and oth...

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Posted Under: CA, CS, CMA |

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