Section 5 of Income Tax Act says resident global income ( both earned in India & foreign) is taxable in India however the Non- Resident’s only income which is received in India OR accrues or arises or deemed to accrue or arise in India is taxable.
The Auditing and Assurance Standards Board, under the authority of the Council, has already issued the illustrative formats of the auditor’s report on standalone financial statements of a company under the Companies Act 2013 in December 2014.
The independent auditor of Consolidated Financial Statements: Has issued a Qualified Opinion with respect to the true and fair view of the financial statements on account of misstatement of inventories and unaudited financial statements of a branch of a subsidiary. The misstatement is deemed to be material but not pervasive to the financial statements.
Certain components which have been audited by auditor/s other than the Principal Auditor and such component/s is/ are material to the consolidated financial statements of the Group. The auditors of such components which are Indian companies, there is no requirement to report on section 143(3)(i) of the Companies Act, 2013 and they did not have any matter to report under section 143(3)(f) of the Companies Act, 2013.
We know that education cess and Higher education cess has been withdrawn on excise duty (though the same continues with service tax, income tax and other applicable taxes) w.e.f 01.03.2015.
Forming a, Trust or a Society, or a Company Generally speaking, any organisation that devotes its funds for public welfare is a not-for-profit organisation (NPO). This includes schools, colleges, hospitals, religious organisations, etc. It also includes non-governmental organisations (NGOs). There are three common forms of not-for-profit organisations: Trusts, Societies and Sec. 8 Companies. Which one should you choose?
FM: Harder Days for those Involved in Illegal and Illicit Transfer of Money Across the Border; Various Steps Taken by the Present Government to Squeeze the Black Money Including Undisclosed Assets Within and Outside the Country
A High Level Committee (HLC) was constituted with the approval of the Finance Minister on 26th November, 2014 to interact with trade and industry on tax laws, headed by Dr. Ashok Lahiri, former Chief Economic Advisor (CEA), Ministry of Finance.
Where assessee surrendered unexplained income voluntarily even after receiving notice u/s 143(2) and the AO had not brought any evidence on record to prove that there was concealment of income, whether levy of penalty u/s 271(1)(c) is not justified.
Only amount which an assessee aggrieved by delayed payment can legitimately claim under the statute is interest and that no other interest on such statutory interest is payable. CIT Vs. Indian Farmer Fertilizer Co-operative (Delhi High Court)
