"02 July 2014" Archive

Companies Act 2013- Meetings Of The Board & Committees

ACS Divesh Goyal MEETINGS OF THE BOARD 1.   Frequency of Meeting: –         First Meeting:First Meeting of Board of Directors within 30 (Thirty) days from the date of Incorporation of company. – –  Subsequent Meetings: One person Company, Small company and Dormant company: At least one meeting of Board of dire...

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Posted Under: Company Law |

Deductor to be deemed as assesee in deafult only in respect of actual tax liability of Non-Resident

CBDT in its Instruction No. 2/2014 [F No. 500/33/2013-FTD-l], Dated 26-02-2014 issued in view of the judicial develpments in the cases of GE India Technology P Ltd. vs CIT [2010] 7 taxmann.com and Transmission corporation of AP Ltd v. CIT [1999] 105 Taxmann 742 decided by Supreme Court, has stated that a person who fails […]...

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Posted Under: Company Law |

CMA President's Communique for July 2014

Do not spoil what you have by desiring what you have not; remember that what you now have was once among the things you only hoped for. –Epicurus A life spent making mistakes is not only more honorable, but more useful than a life spent doing nothing.  –George Bernard Shaw My Dear Professional Colleagues, It is […]...

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Posted Under: Company Law |

Frequently Asked Questions On Companies Act, 2013

1. Section 2(49) defines the term ‘interested directors’ whereas at various sections reference to section 184 is drawn to mean/define interested director. Section 2(49) is wider than Section 184 leading to confusion – which definition should be applied? Ans. Section 2(49) of the Companies Act, 2013 defines interested director as a d...

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New Government, new hopes: Excise & Service tax law needs to be MODIfied

Whole country witnessed historic win of BJP lead NDA in recently concluded general elections. New government in the leadership of Mr. Narendra Modi is all set to prove its mettle of governance. With oath taking ceremony on 26.05.2014 and announcement of cabinet ministries, now Citizens of India have huge expectation on this newly formed G...

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Posted Under: Company Law |

UP VAT- CS, CMA included in definition of Accountant

The Uttar Pradesh (UP) Government vide Section 21 of The Uttar Pradesh Value Added Tax Act 2008 and Rule 42 thereof has already recognized Cost Accountants  for the purpose of Auditing of Books of every taxable dealers under the Act. Now The UP  Government has issued an amendment to Rules vide Government Notification no. Ka.Ni.-2-684/XI...

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Posted Under: Company Law |

CBEC seeks adherence to judicial discipline in the matter of refunds

The Central Board of Excise & Customs (the CBEC) has issued Instruction F. No. 201/01/2014-CX.6 dated June 26, 2014 (the Instruction) for all the Commissioners to follow judicial discipline in the matters relating to refund. ...

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Posted Under: Company Law |

Service Tax – How free is the free issue?

Taxability of free Issue Material has been a very controversial issue especially in the service tax regime. Earlier under the erstwhile positive list era of service tax, where the construction sector enjoyed the benefit of 67:33 rule (Notification No. 15/2004), the service providers started planning the transactions in a way that the majo...

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Posted Under: Company Law |

Onion Export MEP increased from US$ 300 per MT to US$ 500 per MT

Notification No. 86 (RE-2013)/2009-2014 (02/07/2013)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992), as amended read with Para 1.3 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendment, with immediate effect, in Notification No. 82 (RE- 2013)/2009-14 dated 17.06.2014 read ...

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Deciphering DPT-3 and DPT-4

Applicability of Form DPT-3: A read through the provisions of Section 73 of the Companies Act, 2013 clearly states that the Companies can accept deposit from members and/or public on or after the commencement of the said Act i.e on or after 1st April, 2014, in accordance with provisions of Chapter V....

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