"11 June 2015" Archive

Statutory Auditors to Attend AGM Compulsorily?

The Company jurisprudence in India enshrines statutory auditors who audit the accounts of a company as representatives of the shareholders who appoint them at every Annual General meeting {AGM} to look after the interest of the shareholders. ...

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Posted Under: Company Law |

Focus Areas in Vat Assessment

Let us understand the words VAT assessment on individual basis. When I say assessment it means to check something of it's correctness or verification by other person. Similarly VAT as stands for value added tax can be understood as tax on value addition. So can we say that VAT assessment is nothing but verification of tax paid on the valu...

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Posted Under: Company Law |

Return Filing under Service Tax

The Person who is liable to pay Service Tax has to submit half yearly return i.e. 1st April to 30th September and 1st October to 31st March of Financial Year in Form-ST-3 within 25 days of the end of the Half Year. Note: Input Service Distributor is also required to file half yearly returns, even if he is not liable to pay service tax....

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Posted Under: Company Law |

Chart on Penalties under Companies Act 2013

Company and every officer of the company who is in default or such other person shall be punishable with fine which may extend to ten thousand rupees and where the contravention is continuing one with a further fine which may extend to one thousand rupees for every day after the first during which the contravention continues....

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Posted Under: Company Law |

FAQs on Limited Liability Partnership

LLP is defined as partnership formed and registered under Limited Liability Partnership Act is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. The LLP can continue its existence irrespective of changes in partners....

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Posted Under: Company Law |

Reg. Refund of Wealth Tax Paid on Urban Agricultural Land Used for Agriculture

Circular No. 11/2015-Income Tax (11/06/2015)

CIRCULAR NO. 11/2015 Prior to amendment by Finance Act 2013, sub clause (b) of Explanation 1 to clause (ea) of section 2 of the Wealth-tax Act 1957 (Act) provided that an urban land shall be chargeable to wealth-tax. This inter alia included land situated in any area which is comprised within the jurisdiction of a municipality or a canton...

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GST : A Tool to Reduce Tax Leakage

Goods and Services Tax (GST) is a very simple indirect tax structure, wherein tax paid on goods or services procured by any entity (manufactures, trader or service provider) at first level can be availed as input tax credit while passing on the goods or service to the second level....

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Posted Under: Company Law |

Disallowance u/s 40(a)(ia) for not deducting TDS u/s 195 in the absence of PE and business connection in India not justified

JCIT Vs M/s. Tirupati Plywood Industries (ITAT KOLKATA)

The assessee is engaged in manufacturing of plywood where imported timber is being used. During the relevant previous year assessee has imported wood logs from outside India. Assessee has made payment of Rs.32,46,905/- to the exporter on its sale these woods to the assessee on F.O.R. basis....

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Mere acceptance by assessee of addition not entitles department to levy concealment penalty

IGL Gemstones Pvt. Ltd. Vs. DCIT (ITAT Mumbai)

Prima-facie, according to the provisions of section 194C r.w. definition given of "work" under the explanation to section 194C, the case of the assessee has to be accepted that assessee could be under bonafide belief for non-deduction of tax from the type of payments upon which it has been held that assessee is liable to deduct tax at sou...

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Indian Accounting Standards Converged with IFRS (Ind AS)-An Overview

The world is getting smaller and smaller, globalization has made it possible to accept the world as one market. For better understanding of the business reporting and consistency in accounting policies, there was an urgent need to align to one global accounting language. Application of a single set of accounting requirements would increas...

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Posted Under: Company Law |