"17 July 2014" Archive

Disposal of Forms submitted prior to Commencement of Companies Rules 2014

Any application or form filed with the Central Government or Regional Director or Registrar (hereinafter referred to as `the authority') prior to the commencement of these rules but not disposed of by such authority for want of any information or document shall, on its submission, to the satisfaction of the authority, be disposed of in ac...

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Posted Under: Company Law |

MCA excludes Independent Directors from the definition of Related Party

Notification No. G.S.R. 507(E) (17/07/2014)

The principal rules were published in the gazette of India, Extraordinary, Part II, Section 3, sub-section (i) vide number G.S.R. 238(E), dated the 31st March, 2014....

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Further Amendment in Exemption from Service Tax/Refund of Tax Paid by SEZ –Developers/Units after Final Budget 2014-15

Before discussing Notification No. 7/2014 –Service Tax dated 11-07-2014 came in response to Budget Speech of Shri Arun Jaitley, finance minster under Prime minister ship of   Shri Narendra Modiiji. I would like to bring to your attention previous position for exemption from Service Tax/Refund of tax paid by Special Economic Zones – ...

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Posted Under: Company Law |

Budget 2014 – Extension of tax benefits U/s. 80CCD to private sector employees

Under the existing provisions contained in sub-section (1) of section 80CCD of the Act, if an individual, employed by the Central Government or any other employer on or after 1st January, 2004, has paid or deposited any amount in a previous year in his account under a notified pension scheme, a deduction of such amount […]...

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Posted Under: Company Law |

Budget 2014 – Assessment of income of a person other than the person who has been searched

Section 153C of the Act relates to assessment of income of any other person. The existing provisions contained in sub-section (1) of the said section 153C provide that notwithstanding anything contained in section 139, section 147, section 148, section 149, section 151 and section 153, where the Assessing Officer is satisfied that any mon...

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Posted Under: Company Law |

RBI eases FDI norms- permits investment in partly paid shares and warrants

An usher of tremendous promotion in Foreign Direct Investment was marked on 10th July, 2014 when our Finance Minister expressly stated the need and want to promote more Foreign Direct Investment in selective sectors where it helps the larger interest of Indian Economy. This was marked by a proposed change in the composite cap of FDI in De...

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Posted Under: Company Law |

Govt. may notify Income Computation & Disclosure Standards

In order to clarify that the standards notified under section 145(2) of the Act are to be followed for computation of income and disclosure of information by any class of assessees or for any class of income, it is proposed to provide that the Central Government may notify in the Official Gazette from time to time income computation and d...

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Posted Under: Company Law |

Applicability to earlier years of registration granted to a trust or institution

The existing provisions of section 12A of the Act provide that a trust or an institution can claim exemption under sections 11 and 12 only after registration under section 12AA has been granted. In case of trusts or institutions which apply for registration after 1st June, 2007, the registration shall be effective only prospectively....

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Posted Under: Company Law |

Levy of Penalty U/s. 271G by Transfer Pricing Officers

The existing provisions of section 271 G of the Act provide that if any person who has entered into an international transaction or specified domestic transaction fails to furnish any such document or information as required by sub-section (3) of section 92D, then such person shall be liable to a penalty which may be levied […]...

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Posted Under: Company Law |

Budget 2014- Rationalisation of Definition of International Transaction

The existing provisions of section 92B of the Act define ‘International transaction’ as a transaction in the nature of purchase, sale, lease, provision of services, etc. between two or more associated enterprises, either or both of whom are non-residents. Sub-section (2) of the said section extends the scope of the definition ...

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Posted Under: Company Law |
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