"21 June 2014" Archive

Provisions related to filing DPT-3 & DPT-4 – Return of Deposits

Where loan/deposits were falling in the definition of Deposits under Companies (Acceptance of Deposits) Rules, 1975 on 31.03.2014 and now the loan/deposits also falls in the definition of deposits under Companies (Acceptance of Deposits) Rules, 2014....

Maharashtra Budget: Relief in MVAT up to Rs. 10 Lakh but No relief for refund & LBT

Arjuna (Fictional Character): Krishna, on 5th June 2014, Deputy Chief Minister and Finance Minister of Maharashtra State presented the finance budget for the year 2014-15. Taxpayers had many expectations from the budget due to all round changes and upcoming elections. ...

Posted Under: Company Law |

File Return of Deposits in Form DPT-4 before 30th June 2014

As per Section 74(1) of Companies Act, 2013 every Company is required to file Return of Deposits in Form DPT -4 along with Auditor’s Certificate thereon within three months from the commencement of Companies Act, 2013 i.e. on or before 30th June 2014....

Posted Under: Company Law |

File Form MBP 14 within 30 days of First Board Meeting – Disclosure of interest by directors

As per Section 184 of the Companies Act, 2013, and Rule 8 and 9 of the Companies (Meetings of Board & its Powers) Rules, 2014, every director shall at the first meeting of the Board of every year, has to give disclosure of his interest/concern in form MBP 1....

Posted Under: Company Law |

Govt accepts report on rationalising FDI, FII

In order to remove the ambiguity that prevails on what is Foreign Direct Investment (FDI) and what is Foreign Institutional Investment (FII), I propose to follow the international practice and lay down a broad principle that, where an investor has a stake of 10 percent or less in a company, it will be treated as FII and, where an investor...

Posted Under: Company Law |

Clear guidelines on foreign tax credit should be introduced – ICAI

Clause 207 relates to foreign tax credit allowable to an assessee, being a resident in India in any financial year on income which is taxed in India as well as outside India. The said clause further provides that where the assessee is required to pay Indian incometax in respect of an income which has been […]...

Posted Under: Company Law |

ICAI suggestions on Applicability of SA -700 on form of audit reports

The ICAI had pursuant to the issuance of the Revised SA 700, Forming an Opinion and Reporting on Financial Statements, prescribed a revised format of the auditor’s report on financial statements. As per SA 700 an auditor shall modify the opinion in the audit report when: ...

Posted Under: Company Law |

Up Govt abolishes system of furnishing Affidavit on Stamp Paper

NA 21/06/2014

The Uttar Pradesh Government has decided to abolish various affidavits which were required to be notarized for various schemes in departments of State Government. Self declaration/Self attestation by the applicant will suffice the purpose....

Illegal Mobile Towers In Housing Societies

MOBILE TOWERS INSTALLATIONS IN SOCIETIES: 1. Mobile Tower’s Electro Magnetic Radiation (EMR), as a Health-Risk, is accepted in few Housing Societies, who have prudently & persistently refused to install Mobile Towers atop their Society building, UNLIKE some other Money-Greedy Housing Societies, who have allowed installation of M...

Posted Under: Company Law |

CBI arrests Custom Superintendent for demanding & accepting bribe

CBI ARRESTS A SUPERINTENDENT OF CUSTOMS FOR ACCEPTING A BRIBE OF RS.18000/- The Central Bureau of Investigation has arrested a Superintendent of Customs, IGI Airports, New Delhi for demanding & accepting a bribe of Rs.18,000/- from the Complainant. A case was registered against a Superintendent, working as Jewellery Appraiser in the o...

Posted Under: Company Law |

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