"11 February 2015" Archive

Requisite forms and compliance for intimation of Beneficial Interest of Shareholder to ROC

As per The Companies (Declaration of Beneficial Interest in Shares) Rules, 1975, following rules are to be followed:- 1. The declaration required to be made by a person whose name is entered in the Register of Members as a holder but he is not the beneficial owner within thirty days after his name is entered in the register of members of ...

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Posted Under: Company Law |

Budget 2015: Stepping Stone to Simplification?

As the budget session 2015 is approaching, the nation is garnering its own expectations. The assessees falling under the indirect tax net are no different. Struggling with the high end compliances and to cope up with the difficult rules to adhere, they too are in need for some relaxation and simplification. ...

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Posted Under: Company Law |

Companies Converting Illegal Cash into Legitimate Money to face IT investigation

Income Tax Department Initiates Investigation into Issuance of Cheques by Companies Which are Acting as Entry Operators to Convert Illegal Cash into Legitimate Money Income Tax Department, Ministry of Finance, Government of India had initiated investigation into issuance of cheques by companies which are acting as entry operators to conve...

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Posted Under: Company Law |

Practicing CS allowed to become designated / active partner of a LLP

The Council at its 227th Meeting held at New Delhi on January 18, 2015 while approving the formation of LLPs by PCS granted general permission to the members in practice to: (a) become designated / active partner of a limited liability partnership (LLP) the objects of which include carrying out attestation services which fall within the s...

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Posted Under: Company Law |

Further Issue of Share Capital U/s. 62 of Companies Act,2013-Part I

A company (including Private company) having a share capital can increase its subscribed capital by issue of further shares to persons who are holders of equity shares of the company in proportion to the paid up share capital on those shares, by sending a letter of offer....

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Posted Under: Company Law |

Credit insurance in a brief

Credit insurance protects both the insurer and the lender in the event of death, disability, unemployment. It pays the amount of debt due directly to the lender in the event of occurance of the stated circumstances. It is mainly sold in connection with specific loan. Cost of insurance (if any) is generally built into the loan amount....

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Posted Under: Company Law |

Check List of Compliance of Cenvat Credit Rules, 2004 in Internal Audit

CA V. Sathyanarayanan 1.  Whether credit claimed on capital goods falls within the definition of Rule 2(a) of Cenvat Credit Rules, 2004 (CCR). 2.  Whether credit claimed on inputs falls within the definition of Rule 2(k) of CCR 3. Whether credit claimed on input services falls within the definition of Rule 2(l) of CCR. 4. […]...

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Posted Under: Company Law |

Amendments to certain All Industry Rates of Duty Drawback – Reg

Circular No. 06/2015-Customs 11/02/2015

The Government considered representations and feedback related to the All Industry Rates (AIR) of Duty Drawback that were made effective from 22.11.2014 and has notified certain amendments effective from 13.02.2015 vide Notification Nos. 20/2015-Customs (N.T.) and 21/2015-Customs (N.T.), both dated 10.02.2015...

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Transfer Pricing And Customs Valuation 2015- ICC Policy Statement

International businesses face difficulties regarding the valuation of goods due to diverging customs and tax rules regulating transactions between related parties. ICC calls for more alignment and puts forward concrete proposals to secure harmonized tax and customs valuation of transactions between related parties in an international cont...

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Posted Under: Company Law |

Explanation 3C to section 43B will have retrospective effect for actual payments

CIT Vs Pennar Profiles Ltd. (Telangana and Andhra Pradesh High Court)

In the present facts of the Case the Hon’ble High Court held that Explanation 3C to section 43B is having retrospective effect from 01/04/1989. Therefore, conversion of interest amount into loan would not be actually deemed to be actual payment....

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