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Archive: August, 2014

Posts in August, 2014

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

August 29, 2014 1283 Views 0 comment Print

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

Draft Board resolutions to be passed in first board meeting

August 29, 2014 30391 Views 0 comment Print

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.

EPF Limit increased to Rs. 15000 from Rs. 6500

August 29, 2014 495422 Views 136 comments Print

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.

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

August 29, 2014 17627 Views 0 comment Print

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 Indian legal system has different set of laws for both of them.

Online Updation of details of Peer Reviewers Empaneled with ICAI

August 29, 2014 3298 Views 0 comment Print

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 […]

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

August 28, 2014 5081 Views 0 comment Print

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).

Strategy to crack CA Final Exam in First Attempt

August 28, 2014 178623 Views 53 comments Print

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 […]

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

August 28, 2014 1294 Views 0 comment Print

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.

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

August 28, 2014 9649 Views 0 comment Print

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

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

August 28, 2014 1379 Views 0 comment Print

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

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