"15 May 2015" Archive

Depreciation Calculator and Major Issues in Depreciation Calculation

Depreciation @ 100% on Assets having cost upto Rs. 5000 - Such provision has been deleted in Companies Act 2013. But as per Application Guide issued by ICAI, a company may have a policy to depreciation @ 100% some assets having immaterial cost. Therefore if a company follow a policy to depreciate @ 100% assets upto say Rs. 2000 or Rs. 500...

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Income Computation and Disclosure Standards

There always has been conflict between the Income as per Books and taxable income compute for income tax to overcome this issue the CBDT constituted a committee in 2010 to look the Accounting Standards for the computation of taxable income rather than just of accounting purpose named as TAS (Tax Accounting Standards) later is changed in t...

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Posted Under: Company Law |

Enactment of Finance Bill, 2015 and Changes in Service Tax

The Finance Bill, 2015 has been enacted as Finance Act, 2015 (Act No. 20 of 2015) on 14th May, 2015 after the assent of President of India. The provisions of Finance Act, 2015 shall therefore, become applicable w.e.f. 14.05.2015 save as otherwise provided in the Act. Such provisions shall be notified to be in force only from the notified ...

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Posted Under: Company Law |

Service Tax Amendments applicable w.e.f 14.05.2015

On 14-05-2015, Finance Bill 2015 has become Finance Act 2015 as it received assent from the president. Let us analyse certain provisions which become applicable on enactment of the Finance Bill 2015...

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Posted Under: Company Law |

Clarifications on Form INC-29

The integrated form for company incorporation, INC-29, has provoked much discussion in the media and among legal professionals and entrepreneurs. Expectedly, this has led to the dissemination of some rumours about the INC-29 that need to be clarified. Here is our attempt to clear up all the common misconceptions about the form....

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Posted Under: Company Law |

Payroll: What are your (Employer’s) responsibilities?

Salary structure of employees need to be defined with an aim of providing maximum tax benefits to the employees. Indian Income Tax Act provides for very less tax benefits making the major portion of the salary as taxable. This makes it all the more important for the employer to explore all possibilities for minimum tax and then decide the...

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Posted Under: Company Law |

Addition on account of ‘notional interest’ on loan given by assessee not justified

M/s Shivnandan Buildcon Pvt. Ltd. Vs CIT (Delhi High Court)

In the absence of any specific provision under which the so called notional income on advances, could be brought to tax, we do not see as to how the impugned orders passed by the Commissioner of Income Tax can be sustained....

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Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities

Section 135 of the Companies Act, 2013 (the Act), requires the Board of Directors of every company having a net worth of Rupees 500 crore or more, or turnover of Rupees 1,000 crore or more or a net profit of Rupees 5 crore or more, during any financial year, to ensure that the company spends in every financial year atleast 2% of the avera...

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Posted Under: Company Law |

Addition for notional interest in absence of actual receipt not justified

Highways Construction Co Pvt Ltd Vs CIT (Guwahati High Court)

There is no finding of fact to the effect that actually the loan had been granted to the managing director or any other person on interest, or that interest had actually been collected and the collection of the interest was not reflected in the accounts....

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FAQs on Secretarial Standards

1. What is the need of the Secretarial Standards? + Companies follow diverse secretarial practices. These practices have evolved over a period of time through vañed usages and as a response to differing business cultures. As an illustration, in Companies Act, 2013, there are no provisions with regard to time within which Agenda and Notes...

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Posted Under: Company Law |
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