The time for preparation of the first financial statements as per the Companies Act’2013 is here. One of the most important provisions of the Act for Companies as well as the auditors to consider is the new method of the calculating depreciation as per Schedule II Part C of the Companies Act’2013.
CA Umesh Sharma Arjuna (Fictional Character): Krishna, expenditure incurred in relation to exempt income is a controversial issue and matter of discussion in these days. But what is exempt income, deduction of expenditure incurred on exempt income. What should taxpayer learn at the time of calculating tax or filling of return from this?
CA Mahendra Jain Karnataka Commercial Tax Department” (Department) has issued Notification no. CCW/CR44/2013-14 dated 29th April 2014 making mandatory for every dealer, whose total turnover is rupees fifty lakh and above during tax periods of the year ending 31st March 2014 or whose cumulative total turnover is rupees fifty lakh and above in the tax […]
Recently I came across few students who got hold of pirated CDs of some reputed coaching teachers known for CA Final coaching. These students got the CDs that were made by these famous teachers after putting in their hard work, labour, knowledge and intellect. But it appears these students were extremely happy because they didn’t […]
Resolution or Agreement to be filed: Section 117(1) of Company Act, 2013 with Rule 24 of Companies (Management & Administration) Rule 2014 [w.e.f 01.04.2014]. A copy of every resolution or any agreement in mentioned section 117 (3) together with the explanatory statement under section 102 shall be filed with the Registrar within thirty days of the passing of resolution in Form No. MGT-14 along with Fee.
Winding up of a company may be required due to a number of reasons including closure of business, loss, bankruptcy, passing away of promoters, etc., The procedure for winding up of a company can be initiated voluntarily by the shareholders or creditors or by a Tribunal. In this article, we look at the procedure for winding up of a company voluntarily.
The present structure of Indirect Taxes is very complex in India. There are so many types of taxes that are levied by the Central and State Governments on Goods & Services. How nice will it be if there is only one unified tax rate instead of all these taxes? Yes , that’s what our Government of India has proposed through GST!
Ø Planning which leads to filing of various returns on time, compliance of the applicable provisions of law and avoiding of levy of interest and penalties can be termed as efficient tax management. Ø In short, it is an exercise by which defaults are avoided and legal compliance is secured. Through proper tax planning and management, the penalty of upto Rs. 100000 for delay in furnishing of tax audit reports u/s 44AB can be avoided.
The Exemption Notification exempted goods falling under Heading 87.03 of the Central Excise Tariff Act, 1985 and consequently, duty payable was 40%. However, proviso to the Exemption Notification gives exemption of duty of 10% to the manufacturer of particular goods, namely, saloon cars, if such saloon cars are used solely as taxis. This exemption was further subjected to the other conditions as was specified in the Exemption Notification.
ITAT held in CIT( Kolkatta) Vs Merlin Holding Private Limited that it was the question of the fact to decide between the share income as an investment income or as a business income. Mere Frequency of the transactions in the shares did not determine the transaction to be business transaction or investment transaction.
