Whereas, the designated authority vide notification number 15/11/2014-DGAD, dated the 13th June, 2014, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 13th June, 2014, has initiated review, in terms of
Finance Minister Asks Officers of Income Tax Department to Maximise the Use of Non Intrusive and Innovative Methods of Investigation; Calls for Training for Upgradation of Skills and Need for Capacity Building The Union Finance Minister, Shri Arun Jaitley exhorted the officers of the Income Tax Department to maximize the use of innovative and non-intrusive […]
It is clarified that those FPIs which had acquired debt limits in the auction held on July 22, 2014 may utilise the limit in terms of the SEBI circular CIR/IMD/FIIC/8/2014 dated April 07, 2014 i.e. the debt limits purchased in the said auction are grandfathered.
Assessing Officer has computed the taxable income of the assessee company under the normal provisions of the Act as well as under the special provisions of section 115JB of the Act. While computing the book profit u/s 115 JB, the Assessing Officer has not allowed the rebate on account
Rate Of Interest On Public Provident Fund Scheme Under Section 5 of the Public Provident Fund Act, 1968 (23 of 1968) On Subscriptions Made To The Fund On Or After 1-4-2014 And Balances At The Credit Of Subscriber Notification No. GSR 496(E) [F.NO.6-1/2011-NS-II (PT.II)], Dated 11-7-2014 In pursuance of section 5 of the Public Provident […]
Executive Summary Partnership Firms (Firms) along with Association of Persons (A0Ps) and Body of Individuals (B0Is) constitute one of the major businesses apart from the corporate sector in India. Firms are governed by India Partnership Act, 1932. The Income Tax Act, 1961 (Act) provides various exemptions and deductions to the Firms. Income Tax Department (ITD) […]
HighlIghts of CAG Report on Direct Taxes This Report discusses trends, composition and systemic issues in direct taxes using data from Finance Accounts, departmental accounts, departmental MIS and findings of compliance audit. Gross tax receipts (GTR) of Union Government in FY 2012-13 was RS. 10,36,460 crore which represented 10.25 per cent of the GDP. Share […]
CS Vinita Nair, Debolina Banerjee Background It was 1st August, 2011 which marked the introduction of Alternative Investment Funds (AIF) Regulations when Securities and Exchange Board of India (SEBI) issued a concept paper and draft regulations for AIF for public comments. The thought process after taking due consideration of the various stakeholders was notified on […]
Changes in Companies Act A little more than a half of the provisions of Companies Act, 2013 (Act) came into force from 1st April 2014. Following this, several communications were received in the Ministry of Corporate Affairs from bodies such as industry associations, chambers of commerce and professional institutes drawing attention to certain practical difficulties […]
Contributions to political parties are governed by Section 182 of the Companies Act, 2013. A company that is not a Government company and which is in existence for at least last three financial years may contribute up to 7.5% of its average net profits during the last three years to a political party/parties registered under […]
