"25 April 2015" Archive

Explanation to Sec. 80-IB(9) inserted by FA 2009 w.e.f. 1.4.2000 is ultra vires to Article 14 of Constitution of India

Niko Resources Limited Vs UOI (Gujarat High Court)

Issue- Whether the insertion of sub clause (iv) in Section 80-IB(9) of the Income Tax Act, 1961, by Finance (No.2) Act, 2009 conferring the benefit of the deduction under this Section to undertakings engaged in commercial production of natural gas in blocks licensed under VIIIth round of bidding provided...

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Empanelment with Dena Bank of CA Firms for Concurrent Audit for July 2015 to June 2016

Applications for selection of CA Firms as Concurrent Auditors for the period July 2015 to June 2016 in Dena Bank Request For Registration For Selection Of Concurrent Auditors In Dena Bank–Download RFR Download List of Likely Vacant Centre Please click on below link for online registration:- http://webserver1.denabank.co.in:2017/ For...

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Posted Under: Income Tax |

Conversion of Private Limited Company Into Public Limited Company

This brief write up an attempt has been made to unlock the technicalities related to Conversion of Private Company into Public Company prescribed under Companies Act, 2013. I believe that the procedure for Conversion of Private Limited Company into Public Company along with sample resolutions discussed through this article would be of som...

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Posted Under: Income Tax |

Notes on Secretarial Standard-1 Meetings of Board of Directors

The Secretarial Standard 1 seeks to prescribe a set of principles for convening and conduct of Board Meetings. The principles enunciated in this Standard are equally applicable to the meetings of Committees, unless otherwise stated herein or in the Act. The Directors owe a duty to the shareholders and should exercise care, skill and dilig...

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Posted Under: Income Tax |

Last Date Extended for Declaration of Assets and Liabilities by public servants

F.No.407/12/2014-AVD-IV(B) (25/04/2015)

Declaration of Assets and Liabilities by public servants under section 44 of the Lokpal and Lokayuktas Act, 2013 - extension of last date for filing of revised returns by public servants who have filed property returns under the existing service rules - reg....

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Key Changes / Clarification / new requirements under Secretarial Standard 1 & 2

Sending Notice, Agenda, Resolution by Circulation and Minutes of Board Meeting under SS-1-Secretarial Standard on Meetings of Board of Directors ♣ NOTICE – The Notice shall specify the serial number, day, date, time and full address of the venue of the Meeting. ♣  AGENDA- To send Agenda to the Directors at least seven days befo...

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Posted Under: Income Tax |

Steps to Form a Company Under New Companies Act, 2013

Incorporation of Company- Under Section 7 Of Companies Act 2013 read with the Companies (Incorporation ) Rules 2014. For incorporation of a company following steps is required to be followed:-...

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Posted Under: Income Tax |

Notified Secretarial Standards introduce new rules of Board room governance

The Secretarial Standards have been notified by the Institute of Company Secretaries of India in the Official Gazette and will take effect from July 1, 2015. Prior to the promulgation of the Companies Act, 2013, the secretarial standards were recommendatory in nature....

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Posted Under: Income Tax |

Cenvat Credit Can Now Be Claimed Within One Year

The provisions of Cenvat Credit Rules, 2004 were amended whereby a manufacturer or a service provider shall not take Cenvat credit of inputs, input services after a period of six months from the date of issue of invoice, bill or challan as the case may be. It may be noted that Cenvat credit with respect to invoices / challans / bills whic...

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Posted Under: Income Tax |

Analysis of Secretarial Standard on General Meetings – SS2

Secretarial Standard on General Meeting issued by the Council of the ICSI and approved by Central Government is to be mandatorily adhered by all Companies as per the Provision of Section 118 (10) of Companies Act, 2013....

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Posted Under: Income Tax |