We receive gifts in cash, ornaments, land, car, gadgets, vouchers and many more on various occasions like on birthday, marriage, achievements and even sometimes out of gratitude too. Feel special and happy on its receipt, right?
The Finance Act, 2015 (20 of 2015) has Inserted a new section 192A regarding the payment of accumulated provident fund balance due to an employee. The Provision Shall Take effect from 01st June 2015. Income Tax should be deducted at source (TDS) at the following rates if at the time of payment of the accumulated PF balance is more than or equal to Rs. 30,000/-, with service than 5 years:-
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-wealth. The levy of wealth-tax wasthoroughly […]
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.
`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 whole-time directors, […]
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 registrations in case […]
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 loans in their metal account. Banks/other dealers would also be able to monetise this gold.
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 Government company.
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.
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.
