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Archive: February, 2015

Posts in February, 2015

SC Nullifies Bombay HC Verdict on full & true disclosure of material facts

February 23, 2015 1214 Views 0 comment Print

Learned counsel for the assessee seeks permission to withdraw this Special Leave Petition in view of the fact that assessee’s appeal, bearing No. IT No.63/2012-2013 is pending before Commissioner of Income-tax (Appeals) against the Order of re-assessment dated 29th May, 2012.

National Pension System Trust launches new website

February 23, 2015 1604 Views 0 comment Print

New Website of National Pension System Trust Launched; To Provide Proper and Effective Information Dissemination to the Stakeholders and Provide Ease of Access to Various Beneficiaries Under NPS The National Pension System Trust has been set-up and constituted by Pension Fund Regulatory Development Authority (PFRDA) for taking care of the assets and funds under the […]

Exposure Draft: Classification of Liabilities (Proposed amendments to IAS 1)

February 23, 2015 880 Views 0 comment Print

Exposure Draft published by the International Accounting Standards Board (IASB) for comment only. Comments on the Exposure Draft need to be received by May 10, 2015. The International Accounting Standards Board (IASB) has published this Exposure Draft of proposed amendments to IAS 1 Presentation of Financial Statements to address:

Who’s Budget First? Personal or Union

February 23, 2015 1453 Views 0 comment Print

CA Umesh Sharma Arjuna (Fictional Character): Krishna, Honorable Finance Minister Mr. Arun Jetley will be declaring the Finance Budget of 2015-16 on 28th February in the Loksabha. Everyone is excited for the Budget. But Krishna, it is said that everyone must live within their own budget, why so? Krishna (Fictional Character): Arjuna, in simple language, […]

Personal Accounts and Balance Sheet A Must For Everyone

February 23, 2015 66325 Views 11 comments Print

Can you answer these questions easily? What is your net worth? How much you have invested in Immovable Property? What is your share holding? What is your loan outstanding? How much have you advanced to your friends and relatives?

Guide to Grant of Refund under MVAT Act

February 23, 2015 73670 Views 2 comments Print

After introduction of VAT, a large quantum of refund application have been filled. The Department under going transition due to which business process have undergone many changes. As result, a number of circular were issued from time to time to lay down the procedure for the granting of refund. As a further step towards E-Governance, the refund applications are now taken electronically and Mahavikas module for refund is now operational.

Director’s service to Company or Body Corporate

February 22, 2015 30824 Views 7 comments Print

Understand the implications of directors service to a company or body corporate. Learn about the service tax requirements and exclusions for non-executive, nominee, and independent directors.

Understanding Related Party Transactions

February 22, 2015 28044 Views 2 comments Print

Related Party Transactions (RPTs) refer to transactions between a company and its related entities such as subsidiaries, associates, joint ventures, substantial shareholders, directors, key managerial personnel and their relatives, or entities owned or controlled by them.

Premeditated Orders passed on the same day of hearing to be set aside

February 22, 2015 2345 Views 0 comment Print

Find out why premeditated orders passed on the same day of hearing should be set aside. Discover the impact on natural justice and the violation of basic principles.

Business model of Indian Premier League

February 22, 2015 13341 Views 1 comment Print

Buzzing cricket news after World Cup 2015 is that Yuvraj Singh has been sold to Delhi Daredevils for whopping Rs 16 Crores in Indian Premier League (IPL). Not only this time, but he was the most expensive buy at auctions last year as well for Royal Challengers Bangalore where Mr. Mallya spent Rs 14 Crores […]

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