"26 May 2015" Archive - Page 2

Reopening of Financial Statement under Companies Act 2013

Under the 1956 Act, companies were generally not permitted to revise or restate financial information presented in their financial statements except in a case of Material misstatement due to Occurrence of fraud or error and are reported as a ‘prior period adjustment’ in the financial statements of the year / period in which such misst...

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Posted Under: Company Law |

Harsh Penalty for Property Transaction in Cash of Rs. 20,000 or more w.e.f. 1st June, 2015

According to section 269SS of Income Tax Act, while transacting Immovable Property, 100% penalty will be levied if seller has accepted an amount of Rs. 20,000 or more in cash from the buyer. e.g. if for selling an immovable property 'A' has received an amount of Rs.1 lakh in cash from 'B' then 'A' has to pay 100% penalty of Rs. 1 lakh....

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Posted Under: Company Law |

Nidhi Company- Companies Act- 2013

Section 406 of Companies Act 2013 and Companies (Nidhi Companies) Rules, 2014 governs The Law and Procedure for Nidhi Company. What is Nidhi Company ♠ Nidhi” means a company which has been incorporated as a Nidhi  with the object of -Cultivating the habit of thrift and savings amongst its members, – receiving deposits from, a...

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Posted Under: Company Law |

Redress Grievances of Tax Payers promptly – FM to Income Tax Department

Finance Minister Shri Arun Jaitley Exhorts the Senior Officers of Income Tax Department to be Prompt in Redressing the Grievances of the Tax Payers, Expand the Tax Base in a Non-Intrusive Manner while Striving to Achieve the Revenue Generation Targets; Inaugurates the 31st Annual Conference of Pr. Chief Commissioners /Pr. Directors Genera...

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Posted Under: Company Law |

Updation of Importer-Exporter Profile –regarding.

Trade Notice No. 02/2015 (26/05/2015)

The new Foreign Trade Policy 2015-20 has identified trade facilitation and enhancing the ease of doing business as it’s major focus areas and it is Government’s endeavour and commitment to move towards paperless processing. In this regard, a facility has been provided to importer/ exporter to upload his basic details and documents in ...

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Notification No. 16/2015-Central Excise (N.T.) Dated-26th May, 2015

Notification No. 16/2015-Central Excise (N.T.) (26/05/2015)

Addition of Mundra Port in para vii of Notification No. 44/2001-CE (NT) dated 26.06.2001 - In exercise of the powers conferred by sub-rule (3) read with sub-rule (2) of rule 19 of the Central Excise Rules, 2002, the Central Government hereby makes the following amendments in the notification of the Government of India in the Ministry of ...

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