"May, 2015" Archive - Page 5

Converting a Partnership firm into a Private Limited Company

Corporatisation is the need of the hour.  The entire world is gradually drifting towards one global market without any trade barriers between the countries. A small unincorporated organization led by few partners cannot think of growth on large scale without corporatizing itself. Corporatisation has its own advantages such as Limited Lia...

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Posted Under: Company Law |

Notes on Dividend Distribution under Companies Act, 2013

MEANING OF DIVIDEND ·         Portion of profits of the Company allocated to holders of shares in the Company ·         Return on investment to shareholders ·         S. 2 (35): Dividend includes any interim dividend MEANING OF PROFITS Maintaining the Capital intact and taking out the surplus of current period&#...

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Posted Under: Company Law |

Proposed Corporate Tax rate cut in Budget 2015 and its Impact on AS-22

Brief- Accounting Standard 22 -Accounting for taxes on Income – provides for recognition and disclosure of deferred tax assets/liabilities. In view of the proposed reduction in corporate tax rates as announced in Budget 2015, is there a change in the method to be adopted by the corporates for the purpose of calculation of deferred t...

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Posted Under: Company Law |

New entry tax law-The Punjab Development of Trade, Commerce and Industries Ordinance, 2015

The Punjab Government has introduced a new entry tax law by the name The Punjab Development of Trade, Commerce and Industries Ordinance, 2015. This ordinance is promuglated w.e.f 05.05.2015. Vide this ordinance the Punjab Government has got power to levy entry tax on any items with a new beginning as earlier entry tax Act i.e. […]...

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Posted Under: Company Law |

CBI arrests an ITO and 3 other Income Tax officials in a bribery case

The Central Bureau of Investigation has arrested an Income Tax Officer; Office Superintendent, Senior Tax Assistant and Tax Assistant, all working in the office of Commissioner of Income Tax(TDS), Kolkata in a bribery case of Rs.60,000/- ...

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Posted Under: Company Law |

All about Form 49C and its submission by liaison office

The last date for filing of Form 49C is almost there and it’s 30th May 2015 which was notified vide Notification No.5/2012 dated 6-2-2012 with effect from 1st April 2012. Form 49C is primarily required to be filed by Non-residents having Liaison office(s) in India. It is to be filed in pursuance of Section 285 […]...

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Posted Under: Company Law |

The concept and Tax effect of Switching in Mutual Funds

Hi, almost all of us are aware of investing in Mutual Funds and their respective Tax effects. However, some areas still remain Grey for some and one such area is Switching in Mutual Funds. What is Switching? It is withdrawal of money from one scheme of Mutual Fund and investing in the other scheme of […]...

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Posted Under: Company Law |

Notification No. 35/2015-Customs Dated-28th May, 2015

Notification No. 35/2015-Customs (28/05/2015)

Government of India, in the Ministry of Finance (Department of Revenue), No.12/2012-Customs, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 185(E), dated the 17th March, 2012, namely:- ...

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Notification No. 31/2015-Central Excise Dated 28th May, 2015

Notification No. 31/2015-Central Excise (28/05/2015)

In the Annexure to the said notification, in List 11, in item No. 48, for the letters STPP, the letters TPP shall be substituted. ...

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Export condition fulfilled even if payment is received in Indian Rupees

Sun-Area Real Estate Pvt. Ltd. Vs. Commissioner of Service Tax

Whether the conditions of export of services under the erstwhile Export of Service Rules, 2005 is satisfied when the payment was received in Indian Rupees through a Foreign Bank, who have issued Foreign Inward Remittance Certificate?...

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Posted Under: Company Law |