"January, 2015" Archive - Page 6

New Depository Receipts Regime 2014: Impact on FDI/ECB Regulations

The present scheme governing the issue of Depository Receipts (DRs) was designed in 1993 through RBI’s Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993. This was a time when India’s capital market was substantially closed to foreign market. In addition, the domestic financial s...

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Posted Under: Corporate Law |

Large Indian Companies moving to IFRS from FY 2016-2017

To harmonize the accounting norms with global Standards, the Finance Minister, Mr. Arun Jaitley, had announced in the Last Budget session for the implementation of Indian Accounting Standards (Ind AS) which are converged with the International Financial Reporting Standards (IFRS). On Jan 2, 2015 MCA came up with a Road Map for the impleme...

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Posted Under: Corporate Law |

Procedure for Formation of Private & Public Company in India

Step by Step procedure to Formation / Registration / Incorporation of Private and Public Company in India.Incorporation / Formation of company involve a number of steps. We have tried to simplify the procedure to the maximum extent possible. ...

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Personal Finance Strategies for Age Group of 25-30 (Men)

This paper is designed for the age group of 25-30 (Men) as this is the most exposed age group to accumulate one’s finance or totally wipe out even inherited wealth. Before going further we shall take a little break here and shall understand; what is Finance, financial management and personal finance?...

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Posted Under: Corporate Law |

All about Fixed Deposits (FD’s)

CA Kunal Singhal Introduction Although a very familiar term in everyday life, fixed deposits or “FD” as we call it, is one of the very crucial investments which almost every individual happen to make or open with their bankers. Definition Fixed deposits are high interest yielding term deposits offered by bank in India. It is […...

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Posted Under: Corporate Law |

Section 14A & Rule 8D disallowance cannot be made if there is no exempt income

CIT Vs Holcim India P. Ltd. (Delhi High Court)

On the issue whether the respondent-assessee could have earned dividend income and even if no dividend income was earned, yet Section 14A can be invoked and disallowance of expenditure can be made, there are three decisions of the different High Courts directly on the issue and against the appellant-Revenue....

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In absence of exempt income, Section 14A disallowance cannot be added to Section 115JB book profits

Minda Sai Limited Vs Income Tax Officer (ITAT Delhi)

Learned counsel for the assessee has invited our attention to Hon’ble Delhi High Court’s decision in the case of CIT Vs Holcim India Pvt Ltd [ 2014 TIOL 1586 HC DEL IT] wherein it is held that unless there is an exempt income, disallowance under section 14A cannot be invoked....

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Disallowance u/s 14A in cannot be made in respect of Audit Fees

ITO Vs Pioneer Radio Training Services Pvt. Ltd. (ITAT Delhi)

The auditor's remuneration and legal & professional charges incurred for maintenance of statutory books and its audit etc. were required to be incurred irrespective of whether the Company had any income or not and hence, there was absolutely no basis for considering a part of such expenditure towards earning of exempt income....

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S. 14A No disallowance towards exempt income earned on strategic investments

Interglobe Enterprises Ltd. Vs DCIT (ITAT Delhi)

The assessee had made significant investments in the shares of subsidiary companies which are definitely not for the purpose of earning exempt income. The Hon'ble Tribunal in I.T.A. No.3349/Del/2011 in the case of Promain Ltd., after relying upon a Kolkatta judgment of Tribunal in I.T.A. No.1331...

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FM Calls for Non Adversarial Tax Administration

FM: Investors Showing Huge Curiosity and Interest in India; We Can’t Afford to Miss this Opportunity; Ordinarily Everything is Going in our Favour Including Better Growth Prospects, Good Reserves, Fiscal Deficit and Cad Under Control; Calls for Non Adversarial Tax Administration ...

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Posted Under: Corporate Law |