"06 February 2015" Archive

Private Placement Under Companies Act and Rules

Section 42 of the Companies Act,2013 and Rule 14 of Companies (Prospectus and Allotment of Securities) rules ,2014 deals with Private Placement. Private placement means any offer of securities or invitation to subscribe securities to a select group of persons by a company (other than by way of public offer) through issue of a private plac...

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Posted Under: Company Law |

Entertainment Tax Exemption Setting up of Modern Multiplexes is Capital Receipt

CIT Vs Bougainvillea Multiplex Entertainment Centre Pvt. Ltd. (Delhi High Court)

The UP Scheme under which the assessee claims exemption to the extent of entertainment tax subsidy, claiming it to be capital receipt, is clearly designed to promote the investors in the cinema industry encouraging establishment of new multiplexes....

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RBI Policy on eligibility, empanelment & selection of Statutory Auditors for 2014-15

/08.91.008/2014-15 06/02/2015

Department of Financial Services. Ministry of Finance. Government of India vide their letter NO'. F.No.1/14/2004-BOA dated November 25, 2014 has advised us that Government has decided that the work of selection and appointment of Statutory Central Auditors (SCAs) is delegated to individual Public Sector Banks (PSBs) for the year 2014-15 a...

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Employees suffering with disability -Need not take Voluntary Retirement

F.No.25012/01/2015-Estt (A.IV) 06/02/2015

It has been noticed that on many occasions persons suffering from physical/ mental disability seek voluntary retirement owing to their inability to attend duty, not being aware of the protection afforded by the Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995 (PWD Act):...

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Maharashtra govt. increases Death cum retirement gratuity limit to Rs. 7 lakhs

Notification No. Senive-2015/ CR 01/SER-4 06/02/2015

The Government is pleased to increase the maximum limit of Death cum retirement gratuity to Rs. 7 lakhs to all the eligible State Government pensioners/ family pensioners who retired /died on or after 1st January, 2006, pursuant to the decision of the Hon. Supreme Court dt. 30.01.2013 in Civil Appeal 908/2013 arising out of S.L.P.3700/201...

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Section 145- Rejection of Books of Account

Problem Faced by Business man as well as Professional :- Stock register as well as details of closing stock in quantitive and rate wise is a major hurdle for both of them. In some business i.e. Labour intensive Work, wholesale and Retail of construction goods releted business, readymade garment business and some other business...

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Posted Under: Company Law |

DGFT Prohibits Import of Shark fins

Notification No. 111/(RE-2013)/2009-2014 06/02/2015

In exercise of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.3 and 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendment to the Import Policy Conditions in Schedule - I of ITC (HS), 2012 EXIM code 0305 71 00, as under....

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Service tax applicability on Short notice recovery

An employee is expected to intimate the company with a formal resignation well in advance and shall serve a period of at least two to three months before quitting the job and shall continue to work in the same role till completion of such period and this period is called as ‘notice period’. ...

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Posted Under: Company Law |

Related Party Transaction Analysis- Section 188 of Companies Act 2013

Applicability of Section 188: Section 188 Related to related Party Transaction applies to Both Public Limited and Private Limited Companies. Related Party with reference to a Company, means – a director or his relative; a Key Managerial Personnel or his relative; a firm, in which a director , manager or his relative is a partner; ...

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Posted Under: Company Law |

CBDT Seek suggestions on Manual of Exchange of Information

F.No.500/20/2013-FT&TR-III 06/02/2015

A committee headed by Pr.CCIT(IT & TP), New Delhi, to revise the 'Manual on Exchange of Information', issued along with Instruction No.1 of 2013, (copy enclosed as Annexure) has been constituted with the approval of Chairperson, CBDT....

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