"10 November 2014" Archive

Adoption Of MOA & AOA under Companies Act, 2013

 CS Divesh Goyal AMENDMENT IN MAIN OBJECTS, IF THE COMPANY IS CARRYING ANY BUSINESS COVERED UNDER OTHER OBJECTS IN THE MEMORANDUM OF ASSOCIATION. 1. PROVISIONS FOR OBJECT CLAUSE UNDER COMPANIES ACT – 1956 As per Section 13 of the Companies Act, 1956 the Object Clause of a company shall be divided into three categories:— 1.  [&he...

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Income-tax (11th Amendment) Rules, 2014 – Amendment in Rules 2C, 2CA, 11AA, Form 10A, Form 56 and Form 56D

Notification No. 61/2014-Income Tax (10/11/2014)

Notification No. 61/2014-Income Tax S.O. 2874 (E). – In exercise of the powers conferred by section 295 read with sub-clauses (iv), (v), (vi) and (via) of clause (23C) of section 10, clause (aa) of sub-section (1) of section 12A and clause (vi) of sub-section (5) of section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Board...

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Need for amending IT Rule 55 (Pertaining to Registration of Income Tax Practitioners)

Mere qualifying by just passing any accountancy examination recognized in this behalf by the Board [Vide Clause (v) of Section 288(2) of the Income Tax Act, 1961]; or acquiring such educational qualifica­tions as the Board may prescribe for this purpose [Vide Clause (vi) of Section 288(2) of the Income Tax Act, 1961] will entitle the can...

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Posted Under: Company Law |

Arye wah! Instructions to reduce hardship of taxpayer in Income Tax Scrutiny

CA Umesh Sharma Arjuna (Fictional Character): Krishna, recently on 7th November 2014, the Central Board of Direct Taxes has issued instructions for reducing hardship of taxpayers in Income tax scrutiny. But Krishna, what is this scrutiny? Krishna (Fictional Character): Arjuna, the taxpayer files his Income Tax Return. Income Tax Scrutiny ...

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DEVIL ARRIVES – Amendment in Cenvat Credit Rules’ 2004

1. Rule 4(1) of Cenvat Credit Rules’ 2004 amended with major impact (applicable e.f. 1st Sept’ 2014) This rule specifies condition for taking cenvat credit on Inputs. New proviso has been added in this rule which states as follows –...

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Corporate social responsibility (CSR)

The totality of CSR can be best understood by three words: ‘corporate’, ‘social’ and ‘responsibility’ in broad terms, CSR relates to responsibilities corporations have towards society within which they are based and within which they operate, not denying the fact that the purview of CSR goes much beyond this....

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Posted Under: Company Law |

Restrictions on International travel of Government officers

No. 7(1)/E.Coord/2014 (10/11/2014)

Guidelines/instructions on the subject of international travels have been issued by this Department from time to time. Latest instructions on the subject have been issued vide this Department’s G.M. of even number dated 29.10.2014 [Paragraph 2.4 refers]. In order to clarify the subject further, following instructions on international tr...

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Revision of assessment order solely at the behest of A. G. Audit objections not sustainable

In a recent decision dated 08.10.2014, rendered in the case of M/s. Mahavir Traders v/s the State of Gujarat, the Gujarat Value Added Tax Tribunal has held that revision of assessment order solely at the behest of A. G. Audit objections is not sustainable. While striking down the revision order, the Tribunal held as under :...

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Posted Under: Company Law |

Amendment in assessment under Punjab VAT Act, 2005

Now a days It is seen that the Excise and Taxation Department, Punjab has started issuing notices for amendment in assessment in many cases. These notices are being issued ussualy on the basis of audit objections received from State CAG or sometimes on the ground that some of the law points were  misinterpreted by the predecessor of [&...

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Posted Under: Company Law |

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