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Notification No. 39/2015 – Income Tax CBDT has vide Notification No. 39/2015 increased Transport allowance exemption limit for employees from Rs. 800 to Rs. 1,600 per month. In case the employee is blind or orthopaedically handicapped with disability of lower extremities the limit is increased from Rs. 1600 to Rs. 3200/- per Month.
The Government today notified the National Judicial Appointments Commission Act, 2014 and the Constitution (Ninety-ninth Amendment) Act, 2014 for bringing in a change in the existing system for appointment of Judges in Supreme Court and High Courts. Two Bills titled ‘The Constitution (One Hundred and Twenty First Amendment) Bill, 2014’ and ‘The National Judicial Appointments […]
Procedure for tendering and settlement of shares through Stock Exchange -ACQUISITION WINDOW- a. The facility for acquisition of shares through Stock Exchange mechanism pursuant to offer shall be available on the Stock Exchanges having nationwide trading terminals in the form of a separate window (the Acquisition Window).
An Advisory Committee constituted under Section 29B(2C) of the Industries (Development & Regulation) Act, 1951 on de-reservation periodically evaluates products /items reserved for exclusive production by Micro and Small Enterprises. India has opened up its economy since 1991 through a forward looking Policy which led to de-licensing of items. Over the years list of items […]
Application Guide on the provisions of Schedule II to the Companies Act 2013 by Corporate Laws & Corporate Governance Committee – (10-04-2015) Keeping in view the changing economic environment as well as the growth of our economy, the Companies Act, 2013 was enacted to improve corporate governance and to further strengthen regulations for the companies. […]
CIRCULAR NO. 13/2015- Cus., Dated: April 13, 2015 The Government has in recent times taken a number of measures to create an environment for ease of doing business and trade facilitation. The measures include the simplification of Customs procedures, reduction of documents, message exchange between Government agencies engaged in Customs clearance, and use of digital signature for electronic submission of Customs process documents.
The first ray of sunrise of the Ist April 2015 is not as usual to the auditing industry. With the dusk of first financial year under companies act 2013 , we are subject to the uncountable penalties and prosecutions . The Government moved to tightening of the grip on the auditors after satyam scam has taken its final step of implementation.
2. Penalties – Violation of the provisions of the proposed new legislation will entail stringent penalties. 2.1) Penalty for Non-Disclosure: The penalty for non-disclosure of income or an asset located outside India will be equal to three times the amount of tax payable thereon, i.e., 90 percent of the undisclosed income or the value of the undisclosed asset. This is in addition to tax payable at 30%.
1. Reimbursement of Technical Expenses to Head office: Bureau Veritas-Indian Division vs. ADIT : The Assessee was a French company which operated in India through its Indian Division.
