"May, 2015" Archive - Page 30

“Guru Dakshina” – The Best Way A Student Can Express His Gratitude

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 [&hell...

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Posted Under: CA, CS, CMA |

Applicability of MGT-14 under Companies Act, 2013

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 da...

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Posted Under: CA, CS, CMA |

Voluntary Winding Up of Companies under Companies Act 2013

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...

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Posted Under: CA, CS, CMA |

Guidance note on Accounting for Derivative Contracts

GN(A) 33 (Issued 2015) Guidance Note on Accounting for Derivative Contracts The ICAI has hosted on its website guidance note on Accounting for Derivative Contracts. This Guidance Note becomes applicable for accounting periods beginning on or after 1 April 2016; its earlier application is encouraged....

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Posted Under: CA, CS, CMA |

GST – Good Savings in Tax

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!...

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Posted Under: CA, CS, CMA |

Tax Management Under the Income Tax Act, 1961

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, t...

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Posted Under: CA, CS, CMA |

Excise exemption available to Indian manufacturers has to be extended to CVD payable by importers

AIDEK Tourism Services (P.) Ltd Vs. Commissioner of Customs

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 ...

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Posted Under: CA, CS, CMA |

Notification No. 40/2014-Customs (N.T.) Dated: 12/05/2014

Notification No. 40/2014-Customs (N.T.) (12/05/2014)

The Contracting Parties shall meet as and when necessary in order to consider the operation of the present Agreement and in particular in order to consider measures to secure uniformity in the interpretation and application of the present Agreement....

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Consolidated FDI Policy (Effective from May 12, 2015)

D/o IPP F. No. 5(1)/2015-FC-1 (12/05/2015)

Government of India Ministry of Commerce & Industry Department of Industrial Policy & Promotion Consolidated FDI Policy Circular of 2015 Subject: Consolidated FDI Policy The ‘Consolidated FDI Policy’ is attached. 2. This Circular will take effect from May 12, 2015. (Atul Chaturvedi) Joint Secretary to the Government of...

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Road Accident: SOP for hospitals, police etc. for Good Samaritans protection

No. 25035/101/2014-RS (12/05/2015)

(1) A bystander or good Samaritan including an eyewitness of a road accident may take an injured person to the nearest hospital, and the bystander or good Samaritan should be allowed to leave immediately except after furnishing address by the eyewitness only and no question shall be asked to such bystander or good Samaritan....

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