"09 July 2014" Archive

Companies (Removal of Difficulties) Fifth Order, 2014 – Amendment in Definition of term Related Party

S.O. 1820(E) (09/07/2014)

Clause (76) of section 2 of the said Act define the term 'related party" In sub-clause (v) of the said clause, the word ‘or’ has appeared inadvertently and therefore defeating the intention of that clause. And whereas difficulties have arisen regarding compliance with the provision....

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Steel and Steel Products (Quality Control) Order 2012-implementation – regarding

F. No. 450/71/2014-Cus IV (09/07/2014)

Attention is drawn to Steel and Steel Products (Quality Control) Order 2012 dated 12.03.2012 and Steel and Steel Products (Quality Control) Second (Amendment) Order 2014 dated 31.03.2014 which enforce quality control on all grade of CRGO steel sheets and strips....

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Video Tutorial on Transfer Pricing (Working Capital Adjustment)

Nilesh Patel – CPA (USA), IRS (Former) Under the Indian Transfer Pricing Regulations (Sec. 92 to Sec. 92F and Sec. 94A of the I.T. Act 1961; and Rules 10A to 10TG of the I.T. Rules 1962) the transactions of intra-group transfers of goods, services, assets, and capital – between related parties and associated enterprises –must [&...

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Posted Under: Company Law |

Moving Home? Consider QROPS to Save Tax on Your Pension

People leave their home countries for greener pastures and other reasons such as career growth, international exposure, lifestyle improvement etc. There are those who stay back in the host country and make it their home while others move back after a long stay. Nostalgia draws many such wanderers back to their people in their homeland. [&...

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Partial Reverse Charge Issues Suppressing Tourism

The tourism sector is booming at a rate that none other sector have thought of. Today maximum revenue for any country’s or even state’s government is earned from tourism sector, but where different states are trying to promote their tourism, the CENTRAL Government with the introduction of Partial Reverse Charge in Service Tax has rais...

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Posted Under: Company Law |

Introduction Of Inheritance Tax- Move Towards Reduction Of Fiscal Deficit

An inheritance tax or Estate tax or Death duty is a tax paid by a person who inherits the assets of the deceased. It is a tax on the assets which a person receives after the demise of the transferor. In international tax law, there is disparateness between an estate tax and an inheritance tax: an estate tax is levied on the assets of the ...

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Posted Under: Company Law |

Clarification on form MGT-14 through STP mode

General Circular No. 28/2014 (09/07/2014)

In order to simplify procedures and with a view to ensure timely disposal of E-Forms in the office of Registrars of Companies and keeping in view the penal provisions for false declaration as contained in section 448 read with section 447, the following E-Forms with the conditions mentioned along with will be processed and taken on record...

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Highlights of Economic Survey 2013-14

Chapter 1: State of the Economy and Prospects Economy to grow in the range of 5.4 – 5.9 per cent in 2014-15 overcoming sub-5 percent growth. Growth slowdown was broad based, affecting in particular the industry sector. Aided by favourable monsoons, agricultural and allied sector registered a growth of 4.7 per cent in 2013-14. Industry [...

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Posted Under: Company Law |

Income Tax Return and Certain Deductions

Mayank Jain Now its time to file the IT-Return. So assessee must be aware of which form is to be used and various important deductions of which he/she can take benefit out of it. For individual/HUF who are not covered under tax audit required to file their return by their 31st July. Filing online return […]...

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List of 58 New Trains to be Introduced; 11 Existing Trains to be Extended

Railways proposes to  introduce 58  new trans which includes five Jansadharan Trains, five  Premium Trains, six AC Express Trains, 27  Express Trains,  eight Passenger Trains, two  MEMU services and  five  DEMU services this year.  Announcing this in Parliament today while presenting the rail budget, the Minister of Railways Shri...

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Posted Under: Company Law |