"05 May 2015" Archive

Practical application of depreciation under Companies Act, 2013

The useful life of an asset shall not be longer than the useful life specified in Part ‘C’ and the residual value of an asset shall not be more than five percent of the original cost of the asset. Provided that where a company uses a useful life or residual value of the asset which is different from the above limits, justification for...

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International Transaction ALP – Some Issue

1. Loan given to subsidiary company by Holding Indian Company on Interest – it is covered under sec 92 for the purpose of transfer pricing adjustment. Interest should be charged at LIBOR i.e. London Inter Bank Offer Rate based CUP Method is bench marking in respect of loan given to its subsidiary/AE as decided in Case Laws. ...

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Posted Under: Company Law |

Authentication of Invoice etc by Digital Signature

(a) Any invoice, bill or challan issued under Rule 4A can be issued electronically. (b) Consignment note under Rule 4B can be issued electronically. (c) Such electronically issued invoices, consignment note etc shall have to be authenticated by means of a digital signature....

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Posted Under: Company Law |

Section 194C- Synopsis of TDS on Contracts

Poornima M. Persons responsible for making payment of income, covered by the scheme of Tax Deduction at Source (TDS), are responsible to deduct tax at source and deposit the same to the Government Treasury within the time stipulated. The recipient of the income (though s/he gets only the net amount after TDS) is liable to […]...

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Payment by cable operator to get licence of TV channels is covered u/s 194C

Kurukshetra Darpans (P) Ltd. Vs Commissioner Of Income Tax (Punjab Haryana High Court)

The assessee is a cable network operator through which it provides telecasting of programmes to the ultimate consumers/subscribers. The assessee in turn enters into a contract with the licensor of various TV channels. On the payment so made, Section 194C of the Act is attracted....

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Permission u/s 11(1)(c) for rendering help to victims of Nepal Earthquake

The Central Board of Direct Taxes has decided to fast track all applications made u/s 11(1)(c) of the Income Tax Act, 1961 seeking approval for rendering help to the victims of earthquake in Nepal. It will be the endeavor of the Department to process these applications within two working days of receiving the completed applications....

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Posted Under: Company Law |

Relaxation in Powers to be exercised by Board of Directors

The objective behind the amendment of Rule 8 of the Companies (Meetings of Board and its Powers) Rules, 2014 is to allow the Board to pass resolutions to take note of appointments or removal of one level below the Key Managerial Personnel, to take note of disclosure of director’s interest and shareholding, etc. as contained in sub-rule ...

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Posted Under: Company Law |

Clarification regarding Cenvat Credit in transit sale through dealer

Circular No. 1003/10/2015-CX (05/05/2015)

Circular No. 1003/10/2015-CX Dated 05.05.2015 Kind attention is invited to Notification No. 8/2015 – Central Excise (NT) dated 1-3-2015 amending Central Excise Rules, 2002 (CER). Representations have been received from trade regarding the scope and purpose of third and fourth proviso inserted in sub-rule (2) of rule 11 particularly wit...

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Measures taken to curb Generation of Black Money

Generation of Black Money in the Country The Government had commissioned a study, inter alia, on estimation of unaccounted income and wealth inside and outside the country, which was conducted by National Institute of Public Finance and Policy (NIPFP), National Council of Applied Economic Research (NCAER) and National Institute of Financi...

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Posted Under: Company Law |

Study on unaccounted income & wealth inside & outside the country,

The Government had commissioned a study, inter alia, on estimation of unaccounted income and wealth inside and outside the country, which was conducted by National Institute of Public Finance and Policy (NIPFP), National Council of Applied Economic Research (NCAER) and National Institute of Financial Management (NIFM)....

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Posted Under: Company Law |