"August, 2014" Archive

Resolutions to be passed to reduce filing fees of MGT14

RESOLUTIONS TO BE PASSED TO REDUCE FILLING FEES OF MGT14 of small & medium size companies, if draft exemption is not passed in parliament 1) First board meetings of small & medium size companies should pass resolutions in respect of following (at least), to reduce  cost of filling Form MGT14: i) Pass resolution for disclosur...

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Posted Under: Company Law |

Tax Planning for those Earning Rental Income

Tax is a financial burden on any person. One cannot do financial planning without considering the tax liability. Every person devotes his time and energy to plan his tax liability but still he doesn’t able to save much as he like’s too. The main reason is because mostly financial planning is done conventionally....

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NIL TDS – File Declaration for Non-filing of TDS statement on TRACES

Your urgent attention is invited to relevant CBDT Circulars and provisions of the Income Tax Act, mandating filing of TDS Statements and Issuance of TDS Certificates downloaded from TRACES. But If you are not required to submit  TDS statement for FY 2013-14 and not  filed any TDS Statements in FY 2013-14 , than you are […]...

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Short Payment & Short deduction TDS defaults-Problems & solutions

These days TDS has become a nightmare both for the assessee as well as the tax professional with notices being issued by the CPC (TDS) immediately on filing of the Quarterly TDS Statements. This is an attempt to give a comprehensive list of problems and their solutions relating to short payment and short deduction defaults issued in the i...

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Start-Up’s Beware of Vodafone!

CA Paras Mehra Mr Ashish Ranjan, developer, started his business in Hong Kong. Since he was good at marketing, his business soon started generating profits. Ashish, through his Hong Kong Company expands his business in India and incorporates a company which is fully controlled by Hong Kong Company. Ashish, because his business was doing w...

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Posted Under: Company Law |

Deduction U/s 80IC can be claimed, despite no chemical change in composition of the raw material during manufacturing process

DCIT Vs Legancy Foods Pvt. Ltd. (ITAT Delhi)

assessee had set up a unit at Baddi in Himachal Pradesh for packaging of Horlics, Boost for Glaxo Smithkline Consumer Healthcare Ltd. The assessee filed its return of income claiming deduction u/s 80IC of Rs. 6,59,69,287/- @ 100% on the profits of the eligible business alleging...

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ICAI extends time period to complete ITT and Orientation Course

It has been brought to the notice of the Council that some students registered under Direct Entry Scheme between 01.08.2012 and 31.01.2013 for the Intermediate (Integrated Professional Competence) Course could not comply with regulatory requirements relating to Information Technology Training (ITT) and Orientation Course(OP)....

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Posted Under: Company Law |

Tax Audit Report due date – Things to keep in mind

सी.ए. सुधीर हालाखंडी प्रिय सी.ए. मित्रो नमस्कार , टैक्स ऑडिट की अंतिम तिथी 30/11/2014 कर दी गई है लेकिन आयकर रिटर्न की अंतिम तिथी अभी भी 30/09/2014 ...

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Posted Under: Company Law |

Extension by CBDT of TAR – Are you satisfied with it?

C.P. Chugh Dear All True but of no use. What we got is a big BABA JI KA TULLU (in the words of Kapil Sharma, standup comedian) CBDT circulars/notifications are often over riding the basic of law.  Law makers have thoughtfully provided sufficient time to furnish return, obtain and furnish TAR and keeping in mind […]...

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Posted Under: Company Law |

Intimation to ROC for Auditor appointment in Form ADT

As we all are aware that there is a provision in Company Law for intimation to Registrar of Companies regarding appointment of statutory auditor in the Annual General Meeting by shareholders. This intimation is an annual intimation and it was also there in erstwhile Companies Act, 1956 and continued in Companies Act, 2013....

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