"20 May 2015" Archive

Abolition of levy of wealth-tax under Wealth-tax Act, 1957

History of Wealth Tax Act Wealth-tax Act was introduced w.e.f. 01.04.1957 on the recommendation of Prof. Nicholas Kaldor forachieving twin major objectives of reducing inequalities and helping the enforcement of Income-tax Act through cross checks. Accordingly, all the assets of the assessees were taken into account for computation of net...

Read More
Posted Under: Income Tax |

Foreign Direct Investment in India

Foreign direct investment refers to investment in a foreign country where the investor retains control over the investment. India has been experiencing anaemic growth since the economic crisis in 2008. Introducing foreign investments is therefore the only way to reach its economic growth targets. ...

Read More
Posted Under: Income Tax |

ESOPs & Insider Trading – Provision as per SEBI (POIT) Regulations, 2015

`ESOPs’ (Employee Stock Option Scheme) now are covered by the SEBI (Prohibition of Insider Trading) Regulations, 2015. Remuneration by allotment of shares  can be paid to directors, officers, employees of companies in the form of ESOPs. S 2(37) of the Companies Act, 2013 defines `Employees Stock Option Scheme’ as the option given to ...

Read More
Posted Under: Income Tax |

Opening a BPO?, OSP registration is what you require among others….

In order to open a BPO and commence the respective operations, one is required to get registered as Other Service Provider (OSP) with Department of Telecommunications. This registration is location specific i.e. a change in location of your BPO might require an alteration in the original registration. Plus you will require separate regist...

Read More
Posted Under: Income Tax |

Draft Gold Monetization Scheme

Seeking to mobilise idle gold worth up to Rs 60 lakh crore held by households and institutions within country, government proposed a new scheme offering tax-free interest on depositing the yellow metal (Gold) with banks. This scheme will allow the depositors of gold to earn interest in their metal accounts and the jewellers to obtain loan...

Read More
Posted Under: Income Tax | ,

Not Required To Be Filled the Form ADT-1

The First Auditor shall be appointed in the company by Board of Director under section 139(6) or 139(7) of the Companies Act, 2013( in Short, 'CA,2013)1. Now Section 139(6) of CA, 2013 stated for appointment of first auditor of company other than Government Company and Section 139(7)of CA,2013 states for appointment of First auditor for G...

Read More
Posted Under: Income Tax |

Arms Length Price – TNMM PLI Data only regard AE not Whole

What is TNMM Method – TNMM mean Transactional Net Margin Method. It simply state that net profit realized by enterprise from the international transaction with AE should not be less than comparable party having similar transaction. For Example Company a in India having subsidiary at Dubai Company B. ...

Read More
Posted Under: Income Tax |

Analysis of Secretarial Standard on Meetings of the Board of Directors

The Ministry of Corporate Affair (MCA) has issued circular Dated: 10th April, 2015 vide Letter No. 1/E/2014/CA/I and same has been notified in official Gazette on 23rd April, 2015. Secretarial standard are applicable on Companies from 1st July, 2015....

Read More
Posted Under: Income Tax |

Brief about One Person Company

WHAT IS ONE PERSON COMPANY (OPC)? The concept of One Person Company [OPC] is a new vehicle/form of business, introduced by The Companies Act, 2013 [No.18 of 2013], thereby enabling Entrepreneur(s) carrying on the business in the Sole-Proprietor form of business to enter into a Corporate Framework. One Person Company is a hybrid of Sole-Pr...

Read More
Posted Under: Income Tax |

Opening an account under Capital Gain Scheme 1988

You’ve had a Long Term Capital Gain under the respective Section(s) of the Income Tax Act. Now, you must be wondering as to how you will save yourself from the Tax liability arising as a result of Capital Gain. Well, in order to save tax on Capital Gains, you might be required to do the […]...

Read More
Posted Under: Income Tax |