"16 July 2014" Archive

A Case Study on Branding and Re-Branding your Business – Hero Moto Corp

I want to present a case study about Branding and Re-Branding businesses. A case of Hero-Honda partnership in India, before and after. When the brand was Hero-Honda, it was selling two wheelers in India like hot cakes.Now, after the demerger of Hero and Honda, both are having their own brand Hero MotoCorp and Honda respectively. […...

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Posted Under: CA, CS, CMA |

Budget 2014-15 and its Impact on Various Sectors

FM Arun Jaitley said that Modi govt budget for middle class is committed to lower taxes and lower taxes gave people money to spend which in turn helps in economic growth. FM Hikes Income Tax exemption limit in personal income tax from Rs 2 lakh to 2.5 lakh, tax exemptions limit in investments under 80C from Rs 1 lakh to Rs 1.5 lakh and i...

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Posted Under: CA, CS, CMA |

A.O should refrain from adopting double standards of accepting in remand proceedings yet challenging it at appellate forum

ACIT Vs Praveen Kumar (ITAT Agra)

In the case of ACIT v/s Praveen Kumar there was an addition made on account of unsecured loan and interest paid thereon. All the details were furnished before the A.O in form of account of the creditors along with acknowledgement of their income tax returns and bank statement .But summons issued to lenders were not responded . ...

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Acceptance Of Deposits By Companies Section (73-76) & Companies (Acceptance Of Deposit) Rules,2014

A company may, subject to the passing of a resolution in general meeting and subject to Companies (Acceptance of Deposit)rules,2014 in consultation with the Reserve Bank of India, accept deposits from its members on such terms and conditions, including the provision of security, if any, or for the repayment of such deposits with interest,...

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Posted Under: CA, CS, CMA |

10 Income Tax changes affecting your investments/personal finance strategy

Impact of Budget (Income Tax Amendments) on your investments/personal finance strategy: There were few changes (amendments) of Income tax in the current budget. Major highlighted were Change in Tax Slab (from Rs. 2Lakhs to Rs. 2.5Lakhs for Individuals) Increase of limit U/s. 80C (savings) – from Rs. 1Lakh to Rs. 1.5Lakh Increase in dedu...

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Budget 2014 – Mutual Funds, Securitisation Trusts and Venture Capital Companies or Venture Capital Funds to file return of income

The existing provisions contained in section 139 of the Act provide that every person being a company or a firm or being a person, other than a company or firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous […]...

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Posted Under: CA, CS, CMA |

Re-assessment proceedings based on mere bald statement that assessee has failed to make a full & true disclosure of material facts not sufficient

Bombay Stock Exchange Ltd. Vs DCIT (Bombay High Court)

It is true that the reasons for initiating re-assessment proceedings do in fact state that there was a failure on the part of the Petitioner to disclose fully and truly all material facts necessary for its assessment. ...

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Government may look at amending Companies Act if needed: Nirmala Sitharaman

Amendments in Companies Act Companies Act 2013 has been enacted only last year and so far a little more than half of its provisions have come into force. Matters arising from the operation of provisions already brought in force are getting attention of Government in the form of issue of circulars, suitable statutory orders and […]...

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Posted Under: CA, CS, CMA |

Mandatory Inclusion of Women in Board of Directors of Companies

Section 149 of the Companies Act, 2013 read with Rule 3 of the Companies (Appointment and Qualification of Directors) Rules, 2014 makes it mandatory for every listed company and every public company having paid-up share capital of not less than Rupees one hundred crore or turnover of Rupees three hundred crore or more to appoint […...

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Posted Under: CA, CS, CMA |

Section 234E – Odisha High Court Stays Recovery Proceeding

Partha Sarathi Das Vs UOI & Ors. (Orissa High Court)

Hon'ble Odisha High Court has granted stay on the recovery of Late fee charged Under Section 234E of the Income Tax Act,1961. In Separate cases Hon'ble Bombay, Rajashthan, Kerala and Karnataka High Court has already stayed the Recovery Proceeding U/s. 234E of the Income Tax Act,1961 till the final verdict in the case. ...

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