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Archive: 23 April 2015

Posts in 23 April 2015

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7227 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Financial Statements-Schedule-III – Companies Act, 2013

April 23, 2015 1544569 Views 21 comments Print

What are provisions relating to financial statements under the New companies act 2013 1. Section 129 of companies act 2013, provides for preparation of financial statements. 2. 2(40) to include balance sheet, profit and loss account/income and expenditure account, cash flow statement, statement of changes in equity and any explanatory note annexed to the above. […]

Quick Revision of Schedule II of companies Act, 2013 – Changes in Depreciation

April 23, 2015 37427 Views 0 comment Print

With the introduction of the revamped Company Law, changes have been brought about in quite a few areas of interest. We’re focusing on the changes in depreciation in this article. Schedule XIV of the erstwhile Companies Act prescribed minimum SLM (straight line method) and WDV (written down value) rates for depreciation. The Companies could charge higher depreciation, if the useful life of an asset was shorter than that envisaged under Schedule XIV.

AO not empowered to refer matter to DVO without rejecting books of accounts: HC

April 23, 2015 1096 Views 0 comment Print

Punjab & Haryana High Court held In the case of CIT vs. M/s Freedom Board & Paper Mills that it is not open to the AO to refer the case to DVO without rejecting books of accounts on the basis of rejection of the books of account on some legal or justified basis.

Provision for doubtful debts not required to be add back to arrive at book profit u/s 115JA

April 23, 2015 7215 Views 0 comment Print

In the case of The Commissioner of Income Tax vs. M/s. Salgaonkar Mining Industries Pvt. Ltd High Court of Goa has held that provision for doubtful debt is not required to add back while arriving book profit u/s 115JA.

Action against 112 Companies for issue of Shares without compliance of law

April 23, 2015 2869 Views 0 comment Print

Some unlisted companies are luring retail investors by issuing securities including non convertible debentures/ non convertible preference shares in the garb of private placement, without complying with the provisions of Companies Act, 1956 read with the Companies Act, 2013, SEBI (Issue and Listing of Debt Securities), Regulations, 2008 and SEBI (Issue and Listing of Non Convertible Redeemable Preference Shares),Regulations, 2013.

Single Online Common Return under 8 Central Labour Acts / Rules

April 23, 2015 2408 Views 0 comment Print

Facility for Filing Online Single Return to be Launched Tomorrow The facility for filing Single Online Common Return under 8 Central Labour Acts / Rules on the ShramSuvidha Portal will be launched tomorrow. This service will reduce the transaction costs of business and make it easy and convenient to meet their obligations.

Requirement of TDS in case of corporations whose income is exempted U/s. 10(26BBB)

April 23, 2015 13632 Views 0 comment Print

CIRCULAR No. 07/2015 Date- April, 23, 2015 The Central Board of Direct Taxes (the Board) had earlier issued Circular No. 4/2002 dated 16.07.2002 which laid down that in case of such entities, whose income is unconditionally exempted under Section 10 of the Income-tax Act (the Act) and who are statutorily not required to file return of income as per Section 139 of the Act, there would be no requirement for tax deduction at source (TDS) from the payments made to them since their income is anyway exempted under the Act.

Assessee cannot be compelled to claim depreciation as Exp. 5 to Sec 32(1)(ii) is not retrospective

April 23, 2015 2276 Views 0 comment Print

Himachal Pradesh High Court in the case of CIT vs. M/s Shree Triveni Foods held that the claim of depreciation for assessment years under dispute was not mandatory and therefore, the assessee could not be compelled to exercise the option as an obligation.

Service Tax Abatement Rate Chart from 01.04.2015

April 23, 2015 896115 Views 92 comments Print

CA Sandeep Kanoi Abatement in Service Tax was First Introduced Vide Principal Notification No. 26/2012-Service Tax, dated 20th June 2012 and subsequently been amended vide Notification No. 2/2013 – Service Tax, dated the 1st March, 2013, Notification No. 9/2013 – Service Tax, Dated: May 8, 2013, Notification No. 08/2014 – Service Tax Dated-11th July, 2014 […]

Establishment of Tribunal under Company Secretaries (Election Tribunal) Rules, 2006

April 23, 2015 696 Views 0 comment Print

Central Government hereby establishes a Tribunal Consisting of the following persons to decide the disputes arising under Section 10 A of the Act in the matter of election to the Council of the institute of Company Secretaries of India held in December,2014, namely

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