"06 May 2015" Archive

‘AND’ & ‘OR’ a Mess in Companies Act, 2013

‘AND’ & ‘OR’ statements behave very differently. ‘AND’ signifies that both conditions are required to be satisfied while ‘OR’ signifies that only one condition must be met. Let us analyse how it has created big Confusion in Companies Act, 2013...

Read More

Tax Planning vs. Tax Evasion

1. The word ‘tax planning’ connotes the exercise carried out by the taxpayer to meet his tax obligations in proper, systematic and orderly manner availing all permissible exemptions, deductions and reliefs available under the statute as may be applicable to his case. ...

Read More
Posted Under: Company Law |

Certified Public Accountants (CPA) with H4 Visa

There are many people who went to U.S. as a dependent with their spouses and there are many who are highly educated professionals who follow their spouse to the United States for a better future for their family. Since they are not allowed to work with H4 visa, it would be nice to study for the CPA....

Read More
Posted Under: Company Law |

Adjustment of Central Excise Education CESS and Higher Education CESS as on 01.03.2015

The Hon’ble Finance Minister in the recent Union Budget 2015-16 announced in the floor of the Parliament that As part of the movement towards GST, I propose to subsume the Education Cess and the Secondary and Higher Education Cess in Central Excise duty....

Read More
Posted Under: Company Law |

Online registration under MVAT Act, 2002 and CST Act,1956

Trade Circular No. 5 T of 2015 (06/05/2015)

The applications for registration under the MVAT Act, 2002 and the CST Act, 1956 are required to be submitted online. Once the application is uploaded the applicant is required to attend before the registration authority for verification of required documents and photo signature....

Read More

Govt. approves revised DTAA with Korea

Revised Agreement between India and the Republic of Korea for the Avoidance of Double Taxation and Prevention of fiscal evasion taxes on income The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for revising the Double Taxation Avoidance Convention (DTAC) which was signed in 1985, between India and...

Read More
Posted Under: Company Law |

Punjab VAT-No assessment or provisional assessment without prior approval of ETC

Punjab Government has suitably amended Rule 47 of the Punjab VAT Rules, 2005 whereby no assessment or provisional assessment now can be framed without the prior approval of the Excise and Taxation Commissioner, Punjab....

Read More
Posted Under: Company Law |

SC on Taxability of income from letting of properties (House Property or Business Income)

Chennai Properties & Investments Ltd Vs CIT (Supreme Court of India)

The appellant-assessee is a company incorporated under the Indian Companies Act. Its main objective, as stated in the Memorandum of Association, is to acquire the properties in the city of Madras (now Chennai) and to let out those properties....

Read More

Transfers & Postings Of Pr. CCIT, CCIT and DGIT

60 OF 2015 (06/05/2015)

ORDER NO. 60 OF 2015 Dated 6th May, 2015 The following transfers / postings in the grade of Principal Chief Commissioner or imome Tax / Chief Commissioner of Income Tex / Director General of Income lax are, nereby, ordered with immediate effect and until further orders...

Read More

REITs approved as eligible financial instrument / structure under FEMA

Introduction of Real Estate Investment Trusts (REITs) as an eligible financial instrument / structure under Foreign Exchange Management Act (FEMA) 1999 The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to allow the Real Estate Investment Trusts (REITs) as an eligible financial instrument / structu...

Read More
Posted Under: Company Law |