"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...

Read More
Posted Under: Company Law |

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...

Read More
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...

Read More

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)....

Read More
Posted Under: Company Law |

Tax Audit Report due date – Things to keep in mind

टैक्स ऑडिट की अंतिम तिथी 30/11/2014 कर दी गई है लेकिन आयकर रिटर्न की अंतिम तिथी अभी भी 30/09/2014 ही है एवं यह एक दुर्भाग्यपूर्ण स्तिथी है . दिनां...

Read More
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 […]...

Read More
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....

Read More

Procedure for Increase in Authorise Capital under Companies Act, 2013

As per my understanding procedure for Increase in Authorize share Capital is one of the most frequently searched topics by professionals. An attempt has been made from my side to unlock the provisions of Companies Act, 2013 related to Increase in Authorize share Capital along with requisite secretarial practice w.r.t. to sample Board and ...

Read More

Notification No. 73/14-Customs (N.T.) Dated: 29/08/2014

Notification No. 73/14-Customs (N.T.) (29/08/2014)

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the ...

Read More

SC explains scope of revisional power of High Courts

Hindustan Petroleum Corporation Ltd. Vs Dilbahar Singh (Supreme Court of India)

Even the wider language of Section 20 of the Kerala Rent Control Act does not enable the High Court to act as a first or a second court of appeal. We are in full agreement with the view of the 3-Judge Bench in Rukmini Amma Saradamma v. Kallyani Sulochana and others; [(1993) 1 SCC 499]...

Read More

AO not authorized to make any estimate U/s. 142(2A) of Income tax Act, 1961

CIT Vs Rachna Agarwal (Delhi High Court)

In the present case, there was no basis for the AO to determine that the true value of the property was Rs. 1.25 crores, by adopting the return on capital method. The AO was under a duty first to ascertain what was according to him the true cost of the property....

Read More

Notification No. 41/2014-Income Tax ,Dated : 29.08.2014

Notification No. 41/2014 (29/08/2014)

Government of India Ministry Of Finance Department Of revenue Central Bord Of Direct Taxes Notification No. 41/2014 Dated : 29.08.2014 Download Full Text of The Notification Read Notification Below  ...

Read More

Amendment to Schedule II of Companies Act 2013 related to useful life, residual value & component accounting

G.S.R. 627(E) (29/08/2014)

MCA has further amended Schedule II of the Companies Act 2013 with regards to useful life, residual value and component accounting. With regards useful life and residual value the revised requirements are; The useful life of an asset shall not ordinarily be different from the useful life specified in Part C and the residual value of an as...

Read More

Section 153C – Mere use or mention of word “satisfaction” or the words “I am satisfied” in order or note is not sufficient

Asstt. CIT Vs Pepsi Foods Pvt. Ltd. (Delhi High Court)

On a plain reading of Section 153C, it is evident that the Assessing Officer of the searched person must be “satisfied” that inter alia any document seized or requisitioned “belongs to” a person other than the searched person....

Read More

Notification No. 40/2014-Income Tax ,Dated : 29.08.2014

Notification No. 40/2014 (29/08/2014)

Government of India Ministry Of Finance Department Of revenue Central Bord Of Direct Taxes Notification No. 40/2014 Dated : 29.08.2014 Download Full Text of The Notification Read Notification Below...

Read More

Notification No. 39/2014-Income Tax , Dated : 29.08.2014

Notification No. 39/2014 (29/08/2014)

Government of India Ministry Of Finance Department Of revenue Central Bord Of Direct Taxes Notification No. 39/2014 Download Full Text of The Notification Read Notification Below...

Read More

Notification No. 38/2014-Income Tax , Dated : 29.08.2014

Notification No. 38/2014 (29/08/2014)

Government of India Ministry Of Finance Department Of revenue Central Bord Of Direct Taxes Notification No. 38/2014 Download Full Text Of The Notification Read Notification Below...

Read More

Notification No. 37/2014-Income Tax , Dated : 29.08.2014

Notification No. 37/2014 (29/08/2014)

Government of India Ministry Of Finance Department Of revenue Central Bord Of Direct Taxes Notification No. 37/2014 Download Full Text Of The Notification  Read Full Notification below...

Read More

Section 37- Redemption fine paid under Customs Act, 1962 is allowable expenditure    

CIT Vs M/s Vikas Chemicals (Delhi High Court)

The respondent-assessee, a partnership firm, was engaged at the relevant time in manufacture of organic chemicals. Under an agreement dated 9th June, 1987 with M/s India Craft, the respondent-assessee purchased 630 metric tonnes Isobutanol by sale on high-sea basis....

Read More

Assessee can maintain two separate portfolios, one for investment & other for business of dealing in shares

M/s. Smaa Trade Invest P. Ltd. Vs CIT (ITAT Mumbai)

The ld. Counsel for the assessee has furnished before us the details of transactions in shares made by the assessee in the year under consideration as well as in the immediately preceding year i.e. A.Y. 2006-07 to show that the nature of transactions including their frequency...

Read More

Draft Board resolutions to be passed in first board meeting

If you are required to file DPT4 , a resolution should be passed authorizing a director to file DPT4. Such approval can be in either First Board meeting or in subsequent board meeting. Similar requirement is for the granting or borrow of Loan or investment. ...

Read More
Posted Under: Company Law |

EPF Limit increased to Rs. 15000 from Rs. 6500

Notification No. G.S.R. 608 (E) (29/08/2014)

Vide notification dated 22.08.2014 Ministry of Labour and Employment has increased Employee Provident Fund (EPF) Limit to Rs. 15000 from existing Rs. 6500 wef 01.09.2014....

Read More

Non Resident Indian- How to incorporate a company in India?

With over 20 million in population and with investment size of over US$4000 million in last 10 years, NRI plays an important role in Indian Growth history. NRI are those individuals who are the citizen of India but are resident outside India. We often overlook the term NR with NRI. However, both the terms are very much different and India...

Read More
Posted Under: Company Law |

Online Updation of details of Peer Reviewers Empaneled with ICAI

The Peer Review Board (PRB) with an aim to improving the quality of review has designed a web – format to simplify the system of uploading and updating the details of reviewers online and the same has already been uploaded on the Institute’s website. Data fed in that form will help the Peer Review Board […]...

Read More
Posted Under: Company Law |

Not necessary for assessee to own Plant and Machinery to Claim deduction U/s. 80IB

The Commissioner of Income Tax Vs Shri Jyoti Prakash Dutta (Bombay High Court)

This is one more instance of the Revenue urging before this Court that firstly a film production unit or a Company is not an industrial undertaking within the meaning of section 80IB of the Income Tax Act 1961 (for short the said Act)....

Read More

Strategy to crack CA Final Exam in First Attempt

Hello friends, I am CA Manoj Bothra; secured All India Rank 44 in CA Final May 2014 Exam. I am here to share a strategy to crack CA Final Exam in First Attempt and study plan. 1. First thing first, you should have at least a period of 6 month to prepare.  2. During this […]...

Read More
Posted Under: Company Law |

Criminalisation of politics is an anathema to the sacredness of democracy : SC

Manoj Narula Vs Union of India (Supreme Court of India)

Criminalisation of politics is an anathema to the sacredness of democracy. Commenting on criminalization of politics, the Court, in Dinesh Trivedi, M.P. and others v. Union of India and others (1997) 4 SCC 306, lamented the faults and imperfections which have impeded the country in reaching the expectations which heralded its conception....

Read More

Revenue cannot recover demand to the extent of TDS deducted despite non payment by deductor

Smt. Anusuya Alva Vs Deputy Commissioner Of Income Tax (Karnataka High Court)

HC held that Revenue is to be definitely restrained in terms of Section 205 of the Act from enforcing any demand on the assessee-petitioner insofar as the demand with reference to the amount of tax which had been deducted by the tenant of the assessee in the present case, and assuming that the tenant had not remitted the amount to the Cen...

Read More

Assessee cannot be held liable for non payment of TDS by deductor

ACIT Vs Om Prakash Gattani (Guwahati High Court)

It would not be possible to proceed to recover the amount of tax from the assessee. The assessee cannot be doubly saddled with the tax liability. Deduction of tax at source is only one of the modes. Once this mode is adopted and by virtue of the statutory provisions the person responsible ...

Read More

Assessee not required to pay tax to the extent to which it has been deducted from relevant income

Commissioner Of Income Tax Vs Ranoli Investment Pvt. Ltd. & Ors. (Gujarat High Court)

As provided by s. 205 of the Act, where tax is deductible at source, the assessee shall not be called upon to pay the tax himself to the extent to which it has been deducted from the relevant income. Thus, from the aforesaid provisions it emerges that as soon as the tax is actually deducted...

Read More

Does the Date of Filing of ITR really Extended?

CA Rekha Dhamankar We all know that the CBDT unexpectedly changed the formats of the tax audit report U/S 44AB of Income-tax Act by its Notification No.33 dated 25/07/2014 and to everyone’s surprise these new formats were made applicable from Financial Year 2013-14, for which the date of filing tax audit reports is 30/09/2014. Few ques...

Read More
Posted Under: Company Law |

TDS intimations cannot be in the form of Demand U/s. 156

Page Industries Ltd. Vs UOI (Karnataka High Court)

From a reading of the Centralised Processing of Statements of Tax Deducted at Source Scheme, 2013 it becomes clear that the Department has sought to achieve a comprehensive processing of statements filed under sub-section (3) of Section 200 of the Act, including rectification of a mistake in the said statement under Section-154 of the Act...

Read More

Service Tax on Advertisement & Exchange Rate for Valuation

D.O.F. No. 334/15/2014-TRU (25/08/2014)

D.O.F. No. 334/15/2014-TRU Dated: August 25, 2014 Subject: Union Budget 2014-15: enactment of the Finance (No.2) Bill -reg. The Finance (No.2) Bill, 2014 received the assent of the President of India on 6th August, 2014 and has been enacted as the Finance (No.2) Act, 2014 [Act No.25 of 2014] [hereinafter referred to as the said […]...

Read More

A Financial Conditions Index for India

Financial market variables contain information about the future state of the economy. Changes in financial variables often translate into changes in the real economy. Very often financial variables send contradictory signals to economic agents. Further, acute information asymmetry exists in financial markets especially around trigger even...

Read More
Posted Under: Company Law |

Purchase and sale of securities other than shares or convertible debentures of an Indian company by a person resident outside India

RBI/2014-15/197 A.P. (DIR Series) Circular No.22 (28/08/2014)

With a view to providing flexibility in regard to the manner in which government securities can be acquired by eligible investors, it has now been decided to remove any stipulation as to the manner of acquisition from the said Regulations. Consequently, the eligible investors can acquire such securities in any manner as per the prevalent/...

Read More

CESTAT Circular on Pre-Deposit of Duty and Service Tax

F.No.15/CESTAT/General/2013-14 (28/08/2014)

As there is confusion of adjustment of Cenvat Credit against mandatory penalty, clarifications have been sought from Competent authority. In absence of any classificatory Circular on the issue, all the DRs/ARs/TOs are directed that the appeals received on or after 06.08.2014 may be registered in following cases: ...

Read More

Business loss can be set off against addition u/s. 68 or undisclosed income

M/s. K.R. Automobiles Vs ACIT (ITAT Ahemdabad)

Once loss is determined, the same should be set off against the income determined under any other head of income including undisclosed income. Hon'ble ITAT Ahemdabad Bench in the case of M/s. K.R. Automobiles v/s ACIT in ITA No.1972/Ahd/2012 has held that business loss can be set off against the addition u/s.68 of the Act by observing as...

Read More

CENVAT Credit: Certificate by Indian Railways an eligible document

CA Sumit Grover Analysis of Notification No. 26/2014 – Central Excise (N.T.) Dated- 27th August, 2014 Service tax on transportation of goods was effectively levied w.e.f. 1st Oct’12(though levied from 1st July’12, but was deferred till 30th Sep’12). However, abatement of 70% was allowed vide N/N 26/2012-ST, hence effective rate of...

Read More
Posted Under: Company Law |

Capital Gain Tax – Income Tax Provisions with latest changes

Capital Gain as defined u/s 45 Any profit or gain on transfer of a capital asset effected in the previous year (1) Receipt of insurance amount for capital assets in the year of receipt damage due to flood, riot, accident fire and action by enemy (1A) Any gain on transfer of capital assets by way of conversion in to stoc...

Read More

Seeks to levy provisional safeguard duty on imports of Saturated Fatty Alcohols

Notification No. 03/2014-Customs (SG) (28/08/2014)

The safeguard duty imposed under this notification shall be effective for a period of two hundred days (unless revoked, superseded or amended earlier) from the date of publication of this notification in the Official Gazette....

Read More

EPF Notification enhancing statutory wage ceiling to ₹ 15,000/-

No. Co-ord/3(6)2011 (28/08/2014)

Ministry of Labour & Employment issued notifications enhancing statutory wage ceiling from existing Rs. 6,500/- to ₹ 15,000/-, fixing minimum pension of ₹ 1000/- per month and 20% additional relief on the amount of assurance benefit admissible under EDLI Scheme, 1976....

Read More

Clarification Accounting Standards (AS) 10 – Capitalization of Cost – regarding

General Circular No. 35/2014 (27/08/2014)

Ministry of Corporate Affairs has clarified the following issues with respect to the capitalisation of borrowing costs in power projects: 1) Borrowing costs incurred during extended delay in commencement of commercial production after the plant is otherwise ready, can not be capitalised by virtue of AS-10 & AS-16 issued by ICAI....

Read More

Service Tax – Point of taxation rules (POT)- At a glance

Point of taxation is determined on the basis of earlier of following events (Rule 3) :- a)  The time when the invoice for the service provided or to be provided is issued OR b)  Where the person providing the service, receives a payment Provided that the invoice has been issued within 30 (45 in case […]...

Read More
Posted Under: Company Law |

EPFO Declares 8.75% Rate of Interest for 2014-15

Shri Narendra Singh Tomer Chairs the Meeting of Central Board of Trustees, EPF The Union Minister for Labour and Employment, Steel and Mines, Shri Narendra Singh Tomar has chaired the meeting of Central Board of Trustees (CBT), Employees’ Provident Fund (EPF) here in New Delhi today. The Minister of State for Labour & Employment, St...

Read More
Posted Under: Company Law |

Power of CBDT to Extend due date of Tax Audit Report, without ITR Due Date extension?

Whether CBDT have any power to extend due date Under section 44AB of the Income Tax Act,1961 without extending due date for filing return of income u/s 139(1)? ...

Read More
Posted Under: Company Law |

Reversal of ITC on closing stock of iron & steel goods not warranted under rule 21(8) of Punjab VAT Rules

Reversal of ITC on closing stock of iron & steel goods not warranted under rule 21(8) of Punjab VAT Rules...

Read More
Posted Under: Company Law |

6 Easy Steps to Opening a Bank A/c & Opening of A/c without 'proof of identity'

1. How can I open a bank account? It is very simple. To open a bank account you need to give a ‘proof of identity and address’ alongwith a recent photograph. 2. What are the documents to be given as ‘proof of identity’ and ‘proof of address’ by me? Any one of the documents such […]...

Read More

Service Tax amendments applicable from 1st October, 2014

Hence, to broaden the tax base in Service tax, Sale of space or time for advertisements in broadcast media, namely radio or television, extended to cover such sales on other segments like online and mobile advertising, etc. Sale of space for advertisements in print media however would remain excluded from Service tax....

Read More

Changes in Negative List & Service Tax Rules wef 01.10.2014

SERVICES PROVIDED BY RADIO TAXIS: Earlier, radio taxis were excluded from the purview of service tax by virtue of section 66D(o)(vi) of Finance Act,1994; However, in the Finance (No.2) Act, 2014, enacted on 6th August, 2014, the said section was amended & the radio taxis got deleted, resulting in levy of service tax thereupon. How...

Read More
Posted Under: Company Law |

Issue of securities by a private company – Rights & Bonus issue

Bonus issue- Issue of bonus shares is regulated by the provisions of section 63 of the Companies Act, 2013. A company can issue bonus shares to its existing equity shareholders in a proportion as may be determined by the Board of Directors of the company based on the availability of adequate resources. ...

Read More
Posted Under: Company Law |

Comparative analysis of Revised Tax Audit Report

We are attaching detailed comparative analysis of Revised Tax Audit Report in the excel format with updated table formats as per the schema of the Forms 3CA/3CB-3CD on the Income Tax website. The file also contains the Screenshots of the updated schema for the clauses where the changes in table formats took place....

Read More
Posted Under: Company Law |

Policy for Private Investment in Rail Infrastructure through Domestic and Foreign Direct Investment

Press Note No. 8 (2014 Series) (27/08/2014)

The Government of India, vide Notification No. S.O. 2113(E), dated 22 August 2014, has reviewed its policy for private investment in rail infrastructure and amended the list of industries reserved for public sector under item No. 8 of Schedule I of the Notification No.S.O.477(E) dated 25 July 1991. Accordingly it has been decided to perm...

Read More

Refinancing of ECB at lower all-in-cost – Simplification of procedure

RBI/2014-15/196 A.P. (DIR Series) Circular No.21 (27/08/2014)

On a review, it has been decided to simplify the procedure by delegating powers to the AD Category – I banks to approve even those cases where the AMP of the fresh ECB is exceeding the residual maturity of the existing ECB under the automatic route subject to the following conditions:...

Read More

CENVAT credit benefit based on STTG Certificate issued by the Indian Railways -Reg

Notification No. 26/2014–Central Excise (N.T.) (27/08/2014)

Notification No. 26/2014–Central Excise (N.T.) Dated- 27th August, 2014 (1) These rules may be called the CENVAT Credit (Eighth Amendment) Rules, 2014. (2) They shall come into force from the date of their publication in the Official Gazette....

Read More

SEBI issues Circular on Core Settlement Guarantee Fund, Default Waterfall and Stress Testing

Circular No. CIR/MRD/DRMNP/25/2014 (27/08/2014)

Norms for contribution to Core SGF as well as default waterfall have been specified with a view that all the stakeholders (CC, SE and CMs) are incentivised to adequately monitor the risks brought into the system....

Read More

KYC Document for opening a Bank Account & RBI Measures for simplification

RBI Press Release : 2014-2015/410 (26/08/2014)

1. Single document for proof of identity and proof of address- There is now no requirement of submitting two separate documents for proof of identity and proof of address. If the officially valid document submitted for opening a bank account has both, identity and address of the person, there is no need for submitting any other documentar...

Read More

Section 42- Issue of Shares / securities by a private company – Private placement

As per section 23(2) of Companies Act, 2013 (‘the Act’), a private company can issue securities in either of the following manners- - by way o f a private placement (section 42); or - by way of a rights/ bonus issue. In order to allot securities by way of a private placement offer, a company has to comply with the regulations as presc...

Read More
Posted Under: Company Law |

Income Tax Changes for A.Y. 2015-16

Budget 2014 (Finance Bill, 2014) has been enacted on 6th August, 2014 with the President of India giving his assent and the Act been gazetted. Most of the tax provisions (Income Tax) shall come into force from first day of April, 2014, i.e., for the current financial year 2014-15 which is the relevant year for the assessment year 2015-16 ...

Read More
Posted Under: Company Law |

International Taxation – What Happens To India-Canada DTAA, If a Person Is Non Resident in Both the States

Assessee is an employee of a Canadian Company. He went to Canada on 1st March, 2013 and he came back to India on 2nd October, 2013. Then on 17th November, 2013 he again went to Canada and came back on 22nd November, 2013. Assessee was paid salary outside India and that was also in a Bank Account which is also operated outside India. It al...

Read More
Posted Under: Company Law |

CBI Arrests Registrar of Companies in Bribery Case of Rs. 10 Lakhs

The Central Bureau of Investigation has arrested a Registrar of Companies, Ministry of Corporate Affairs, Chennai in a bribery case of Rs.10 lakhs. A case was registered against Registrar of Companies, Chennai and Chairman of Group of Companies based at Tamil Nadu U/s120-B of IPC and 7, 12 & 13(2) r/w 13(1)(d) of PC Act […]...

Read More
Posted Under: Company Law |

Review of policy on FDI in Defence sector, amendment to Consolidated FDI Policy Circular 2014

Press Note No. 7 (2014 Series) (26/08/2014)

In the I& B and Defence sectors where the sectoral cap is less than 49%, the company would need to be 'owned and controlled' by resident Indian citizens and Indian companies, which are owned and controlled by resident Indian citizens....

Read More

Service Tax- Rate of exchange for determination of value of taxable service wef 01.10.2014

Notification No. 19/2014-Service Tax (25/08/2014)

11. Determination of rate of exchange.– The rate of exchange for determination of value of taxable service shall be the applicable rate of exchange as per the generally accepted accounting principles on the date when point of taxation arises in terms of the Point of Taxation Rules, 2011....

Read More

Notification – Service Tax on Advertisement & Rate of exchange for valuation of services

Notification No. 18/2014-Service Tax (25/08/2014)

Clause A & B of Finance Act, 2014 for Services of radio taxi and services of advertisement other than selling of space for advertisements in print media, such services should be taxable from 1st October, 2014 and Clause C of finance Act, 2014 relating to substitution of explanation to section 67A for meaning of rate of exchange, such su...

Read More

Coal blocks allocated since 1993 is illegal: SC

Manohar Lal Sharma Vs The Principal Secretary & Ors. (Supreme Court of India)

In the case of Manohar Lal Sharma Vs. The Principal Secretary & Ors., Honourable SC has held that entire allocation of coal block as per recommendations made by the Screening Committee from 14.07.1993 in 36 meetings and the allocation through the Government dispensation route ...

Read More

SEBI : Formats for disclosure under Regulation 30 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (Regulations).

CIR/CFD/POLICYCELL/5/2014 (25/08/2014)

The format for the reports/disclosures to be filed under Regulation 30 of the Regulations has been prescribed by SEBI vide circular No. SEBI/CFD/DCR/SAST/ 1/2011/09/23 dated September 23, 2011....

Read More

Purchases cannot be bogus for mere listing of supplier as hawala dealer

Shri Rajeev G. Kalathil Vs DCIT (ITAT Mumbai)

ITAT Mumbai has in the case of Shri Rajeev G. Kalathil Vs. DCIT held that Purchases can not be termed as bogus by the AO merely because the supplier was listed as a hawala dealer by the Vat authorities....

Read More

Tax Audit Report – CBDT – Please Extend Date of Filing of ITR

CA Sudhir Halakhandi The central Board of Direct taxes has extended the date of obtaining and furnishing the Tax Audit report u/s 44AB to 30/11/2014 through an order issued under section 119 of the Income Tax Act, 1961 on 20/08/2014 but the order is silent about the date of filing of Income tax returns u/s […]...

Read More
Posted Under: Company Law |

TDS – Online Corrections facility currently live only with Digital Signatures

Attention Deductors: The Online Corrections facility is currently live only with Digital Signatures and the facility without the same will be available in a week. Attention Government Deductors: Please quote the Accounts Office Identification Number (AIN) in your TDS Statements Source – http://contents.tdscpc.gov.in/...

Read More
Posted Under: Company Law |

Office/Clinic Of Professionals are Not Commercial Establishment – HC

Dr. Kavita Pravin Tilwani Vs The State of Maharashtra & Others (Bombay High Court)

he Division Bench held that a legal practitioner having an office cannot be said to be carrying on commercial activity and would not fall within the definition of the expression commercial establishment....

Read More

Issue of Capital & Disclosure Requirements (2nd Amendment) Regulations, 2014

Notification No. LAD-NRO/GN/20 14-15/06/1372-SEBI (25/08/2014)

Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009. These regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2014....

Read More

Impact on Your Brand – Employing Differently Abled People

Recently I came to know about KFC’s venture to employ Hearing-impaired employees to run a restaurant in Pakistan. I just happened to see the video and I was touched to the core of my heart. What a profound idea. Then I searched on internet about related news and found two such news items as follows. […]...

Read More
Posted Under: Company Law |

Power point presentation on New Tax Audit forms

Practical Difficulties - Where audit is already completed but report is not uploaded, report will be required to be prepared under new format. E.g. Listed Companies, PSUs, Banks, Insurance companies etc....

Read More
Posted Under: Company Law |

Why is Maharashtra States Businessmen’s mood OFF? It’s due to issues of MVAT SETOFF.

Businessmen of Maharashtra State are facing a question, whether they should purchase goods from Maharashtra or not? It seems that due to provisions of MVAT Setoff carrying out business in Maharashtra has become difficult....

Read More
Posted Under: Company Law |

Notification No. 25/2014-Central Excise (N.T.) – Dated- 25th August, 2014

Notification No. 25/2014-Central Excise (N.T.) (25/08/2014)

In the CENVAT Credit Rules, 2004, in rule 12AAA, after the words “first stage and second stage dealer”, the words “provider of taxable service” shall be inserted....

Read More

RBI amends norms for lending against shares by Systemically Important NBFCs

Reserve Bank of India (RBI) vide its notification dated August 21, 2014[1] has come up with amendment in norms for regulating lending against shares by (NBFC-SI), i.e. (NBFCs having a net worth of 100 crores or more) effective from Thursday, the 21st of August, 2014. ...

Read More
Posted Under: Company Law |

NEW Format of Audit Report U/s 44AB Changes

Form 3CA & 3CB 1. Period of P&L a/c / Income and Expenditure Account 2.  the particulars given in the said Form No. 3CD and the Annexure  thereto are   true and correct subject to the following observations/qualifications, if any: Form 3 CD 1.  Clause – 4 N Particulars Of Registration Excise , Service tax , Sales […...

Read More
Posted Under: Company Law |

Sec.138 of N.I.Act – Prosecution to be launched in Jurisdiction of court where cheque was dishonored- SC

Dashrath Rupsingh Rathod Vs State of Maharashtra & Anr. (Supreme Court of India)

Honourable Supreme Court has held in the case of Dashrath Rupsingh Rathod Vs. State of Maharashtra & Anr. that all the pending cases of cheque bouncing under Negotiable Instrument Act to be transferred to the place from the cheque is issued....

Read More

International Transaction or Cross Border Transactions

An International Transaction or Cross Border Transaction can be defined as a transaction in an international trade between two or more entities beyond the territorial limits of a country or a transaction in a domestic trade in which at least one of the party is located outside the country of the transaction....

Read More
Posted Under: Company Law |

Procedure for Incorporation of a Company under CA, 2013

Again an attempt has been made from my side to share my experience regarding Incorporation of a Company under Companies Act, 2013 in the form of an Article. This Article contains the procedure for Incorporation of a Company under Companies Act, 2013 with detailed documentation required.I hopethis document would be of some help w.r.t. your...

Read More

HC Order allowing CA, CMA and CS to appear before VAT Authorities

Tax Lawyers Association Lko.Throu General Secy.& Anr. Vs State Of U.P. Thru. Prin. Secy.Tax & Registration U.P.Lko.& Ors (Allahabad High Court)

the writ petition, which has been admitted by an order passed the Division Bench on 6 August 2014, there is a challenge to the validity of Rule 73 of the U.P. Value Added Tax Rules, 2008 on the ground that they are ultra vires the provisions of the U.P. Value Added Tax Act, 2008 and the Advocates Act, 1961 insofar as it permits persons w...

Read More

ICSI Presidents Message – August 2014

As you know, section 149(4) of the Companies Act, 2013 requires every listed public company to have at least one-third of the total number of directors as independent directors and the Central Government may prescribe the minimum number of independent directors in case of any class or classes of public companies....

Read More
Posted Under: Company Law |

Disallowance U/s. 14A cannot exceed expenditure claimed as a deduction

ACIT Vs Iqbal M. Chagala (ITAT Mumbai)

We find from the audit report that the expenses in respect of exempt income was shown at Rs. Nil,that the assessee had debited direct expenses on account of dematerialisation and STT in the capital account and in the profit and loss account,that AO had presumed that the assessee had must ...

Read More

Dividend Taxable if Company from whom it received has not paid dividend distribution tax

District Cooperative Bank Limited Vs ACIT (ITAT Delhi)

Dividend is not exempt under Section 10(34) read with Section 115-O because the companies from whom the assessee received the dividend has not paid dividend distribution tax. His claim is that the dividend received by the assessee company is exempt on account of mutuality...

Read More

Penalty cannot be levied merely because an amount is not allowed or taxed as income

DCIT  Vs Crew Bos Products Pvt. Ltd. (ITAT Delhi)

Hon’ble Supreme Court in the case of M/s Hindustan Steel Ltd. vs State of Orissa (1972) 83 ITR 26(SC) and decision of Hon’ble High Court of Delhi in Escorts Finance Ltd. (2009) 226 CTR (Del) 105 wherein it was held that where facts are clearly disclosed in the return...

Read More

Reopening Reasons to believe must be based on new tangible materials

Madhukar Khosla Vs ACIT (Delhi High Court)

The assessee argues that the expression reasons to believe under Section 147 refers to objective circumstances. In the present case, the assessment was completed under Section 143 (3) after notice was issued under Section 142 (1) was issued and explanation sought in respect of all relevant matters. ...

Read More

Section 14A – Investment not resulting in any exempt income cannot be considered for of disallowance under Rule 8D(2)(i)

Bellwether Microfinance Fund Pvt. Ltd Vs ITO (ITAT Hyderabad)

Definition of ‘total income u/s 2(45) refers to section 5 which envisages ‘scope of total income’. On a reading of section 5 of the IT Act, it would be evident that as per this section ‘total income’ is of any previous year and which includes income from ...

Read More

Procedure for Appointment Of Directors – Companies Act, 2013

Directors of a company hold the most crucial position in the Company. With the new Companies Act, 2013 already in force, their position has become even more significant than ever before. They are now formally included within the definition of key managerial personnel or “KMP” under Section 2(51) of the New Act....

Read More

Procedure for Removal of Director Under Companies Act- 2013

Shareholders can remove any director before the expiry of his tenure, except any director appointed by Tribunal for prevention of oppression and mismanagement u/s 242 and a director appointed under principle of proportional representation u/s 163....

Read More
Posted Under: Company Law |

Procedure for Resignation of Director of Company & Compliance

DIRECTORS RESIGNATION UNDER COMPANIES ACT, 2013:-. 1. The Director intending to resign shall send notice in writing to the Company. The resignation of a director shall take effect from: The date on which the Notice Is Received by the company or The Date, If Any, Specified by The Director in the notice, whichever is later. ...

Read More

CBDT directs officials to Respect Taxpayer’s Time And not to Make Them Wait

Office Memorandum- F.No.Dir(Hqrs.) / Ch. (DT) /29/2013 (22/08/2014)

It has been brought to the notice of the Board that some of the officers are issuing notices to the taxpayers/witnesses/representatives etc. indicating a standard time of appointment. Thus, many persons called for hearing etc. on a day by an officer are given the same time for appearance. Naturally the persons are made to wait for their t...

Read More

Tax Audit Report – New Formats Should Be Deferred, Extension Is Not A Solution

CA Sudhir Halakhandi The date of obtaining and furnishing of tax audit report u/s 44AB has been extended from 30th Sept. 2014 to 30th Nov. 2014 and while issuing the orders under section 119 the Central Board of Direct Taxes has created one more confusion which is related to the extension of date of ITR....

Read More
Posted Under: Company Law |

Govt instruct its staff to use paper judiciously – Is it Austerity Measures or Eco-friendly measures?

No 25(6)/E.Coord-2014 (22/08/2014)

Policy instructions/guidelines issued through Orders, OMs, etc. may be uploaded on the official website of the Ministry/Department/Organization. Number of hard copies of such communications may be limited to the required minimum....

Read More

SC judge, ex-Sebi chief criticised Companies Act, 2013

Sitting SC judge Justice Arjan Kumar Sikri slams parliament over poor drafting of Companies Act, 2013 and warned that it may lead to Tsunami of Litigations. He Says that : Companies Act, 2013 been drafted in haste. There appears to be no thinking behind drafting of Cos Act Legislative authority of parliament has been delegated […]...

Read More
Posted Under: Company Law |

No absolute right of an Advocate to have appearance in any Court – Gujarat HC

Vasava Narpat Sin H(Advocate) & Anr Vs Registrar Gujarat High Court & Ors. (Gujarat High Court At Ahmedabad)

The High Court of Gujarat in a Writ Petition in the form of Public Interest Litigation between Vasava Narpat Sinh, Advocate v/s Registrar, Gujarat High Court & Ors has held that an Advocate has no absolute right to have appearance in any Court in India even after enforcement of Section 30 (Right of advocates to practice) of the Advocates ...

Read More

E-Flash on Amendment made by Finance Act (No. 2), 2014

Direct Taxes have remained unfazed with a recalibration of tax slabs and increase in deduction and allowing higher amounts of investments. Indirect Taxes side also has seen some important changes. Advance rulings have been made available for resident private limited companies. Basic rate of excise remains same with minor changes in rates ...

Read More
Posted Under: Company Law |

Toppers & Pass Percentage of CA IPC May / June 2014

The Institute of Chartered Accountants of India (ICAI) today announced the result of Chartered Accountants Intermediate (IPC) Examination held in May / June 2014. Announcing the result, CA.K.Raghu, President ICAI said, “I convey my heartiest congratulations to the top 3 rank holders and all other students who have  been able to cl...

Read More
Posted Under: Company Law |

Auto Income Tax calculator for F.Y. 2014-15 / A.Y. 2015-16

Download Auto Income Tax calculator for Financial Year 2014-15 / Assessment Year 2015-16 to automatically calculate your taxable income and tax on it. It all provides provide brief detail of all the information and rules for the Taxation,exemption,deduction, Section and Rules and Calculate your Tax in less than 5 Minutes. ...

Read More

Corporate Social Responsibility – Law & Interpretations

The concept of Corporate Social Responsibility has been introduced by Companies Act, 2013. Section 135 of the Companies Act, 2013 deals with provisions related to Corporate Social Responsibility. Ministry of Corporate Affairs (MCA) has, vide its notification dated February 27, 2014 notify the provisions of Corporate Social Responsibility ...

Read More
Posted Under: Company Law |

3 orders Transferring / Posting Additional / Joint / Deputy / Assistant CIT

Order No. 136 of 2014 (20/08/2014)

Transfer of Additional / Joint Commissioner of Income Tax - Transfer / posting of officer in the grade of Additional / Joint Commissioner of Income Tax vide ORDER NO. 136 OF 2014- dated the 20th August, 2014 Download CBDT Order No. 136 dated 20.08.2014 transferring Additional / Joint Commissioner of Income Tax Transfer / Posting O...

Read More

Search Posts by Date

December 2020
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031