"18 March 2015" Archive

Companies (Meetings of Board and its Powers) Amendment Rules, 2015

Notification No. G.S.R. 206(E) (18/03/2015)

In exercise of the powers conferred under sections 173, 175, 177, 178, 179, 184, 185, 186, 187, 188, 189 and section 191 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Meetings of Board and its Powers) Rules, 2014, namely:-- 1. ...

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Companies (Share Capital and Debentures) Amendment Rules, 2015

Notification No. G.S.R. 210 (E) (18/03/2015)

We hereby nominate the following person in place of as nominee in respect of the below mentioned securities in whom shall vest all rights in respect of such securities in the event of my/our death....

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PAN mandatory for service tax registration

Henceforth, registration shall mandatorily require that the PAN number of the proprietor or the legal entity being registered be quoted with the exception of the Government Departments for whom this requirement shall be non-mandatory. Applicants, who are not Government Department, shall not be granted registration in the absence of PAN nu...

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Posted Under: Company Law |

Budget 2015 – Key Anomalies in Service Tax and CENVAT

The much awaited Budget 2015 has introduced numerous amendments in Service Tax and CENVAT Credit Rules, 2004 (CCR). Few amendments (such as rate increase in service tax, subsuming cess etc) have been made in order to align the existing laws with proposed GST. In this article, we will discuss key issues and anomaly in the Budget 2015 provi...

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Processing of Online Income Tax returns filed during F.Y. 2013-14

LETTER [DGIT(S)/DIT(S)-3/AST/TMS/17/2015-16 (18/03/2015)

2.. In view of difficulties reported vide above referred letter, in the processing of returns in AST of foreign technicians filed by representative assessees, the CBDT has approved 'Online TMS(category 2)' for processing of such returns. Therefore, an online 'Online TMS(category 2)' functionality has been provided in ITD-AST application u...

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SC: Mere surplus by educational institution does not mean that it ceases to exist solely for educational purposes

Queens Educational Society Vs CIT (Supreme Court of India)

Where an educational institution carries on the activity of education primarily for educating persons, the fact that it makes a surplus does not lead to the conclusion that it ceases to exist solely for educational purposes and becomes an institution for the purpose of making profit....

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Maharashtra Budget- Major Tax Highlights- LBT Scrapped wef 01.08.2015

Local Body Tax to be abolished from 1st August 2015. Compensation of Revenue by enhancing VAT tax rate. Women drawing salary upto to Rs. 10000 per month exempted from Profession Tax . Tax rate on ladies Hand Bags and Purses reduced from 12.5 per cent to 5 per cent. Work Book, Graph Book, Drawing Book and Laboratory Book for student's tax ...

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Expenditure incurred on legal fees to defend criminal proceedings not allowable

Praveen Saxena Vs JCIT (ITAT Delhi)

The factual matrix of the present case is that there was a criminal case against the assessee with an allegation of custom duty evasion and he incurred impugned expenditure of legal fees for hiring lawyers to represent his criminal case before the Hon’ble High Court and Lower Courts to get the bail order....

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Projected terrace area i.e. open to sky is not to be included in calculation of 'built-up area' for Sec. 80IB(10)(c)

Naresh T. Wadhwani Vs DCIT (ITAT Pune)

The first and foremost issue to be decided is as to whether the area of projected terrace (open to sky) is liable to be included within the meaning of expression built-up area contained in clause (c) of section 80IB(10) of the Act....

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If net consideration for transfer of capital asset of a charitable trust is utilized for acquiring new capital asset, then whole of capital gain is exempt

ACIT Vs Shri. Dwarikadhish Temple Trust (ITAT Lucknow)

Tribunal has held that in case the income is to be computed as per sub-section (1A) of section 11 of the Act, if the net consideration for transfer of capital asset of a charitable trust is utilized for acquiring new capital asset, then the whole of the capital gain is exempt....

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