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 system was fairly weak at the time. […]
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 implementation of […]
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.
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?
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 […]
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.
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.
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.
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
DGFT denied the benefit of SFIS, as framed under the FTPto the Petitioners and separate communications were sent to the Petitioners withdrawing/recalling the said benefits on the ground that they were subsidiaries of foreign companies
