"12 June 2015" Archive

Accrual of Interest on hypothetical income outstanding in books cannot be taxed

The Liquidator Polymerland India P. Ltd. Vs DCIT (Delhi High Court)

While setting aside the order passed by ITAT Hon’ble HC held that tax can be levied on real income not on hypothetical income. Realization of some entries is doubted and such entries can not constitute a valid levy of tax....

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Remuneration to partners cannot be disallowed due to non-filing of reconstituted partnership deed

CIT Vs M/s SR Batliboi & Associate (Calcutta High Court)

The only issue before Hon’ble Court is that whether assessee can claim deduction on account to remuneration paid to partners when certified copy of instrument of change of partnership deed is not filed along with the return....

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Exemptions and Relaxations to Private Companies from Few Provisions of CA, 2013

The Ministry of corporate Affairs has released the much awaited exemptions for Private Companies, Government Companies, Nidhi Companies and Companies registered under Section 8 of the Companies Act, 2013 (Act). Since the introduction of the Companies Act, 2013 in September 2013, these companies were reeling under the pressure of the rigor...

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Posted Under: Income Tax |

Recent Changes In Voting Methodology under Companies Act, 2013 and Listing Agreement

CS S. Dhanapal Rise Of The Era Of Shareholder Primacy (Covering Evoting – Poll – Postal Ballot under the Companies Act, 2013 and Listing Agreement) E-VOTING Companies Act, 2013 for the first time had mandated electronic voting for all listed companies and other unlisted public companies having not less than 1000 shareholders and t...

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Posted Under: Income Tax |

FM ask banks to reduce interest rate on Bank Loans

Finance Minister Shri Arun Jaitley Reviews the Annual Financial Performance of Public Sector Banks and Financial Institutions for Fy 2014-15; asks the Chief Executive Officers (CEOs) of both the Public Sector Banks (PSBs) and Private Sector Banks to Effect a Corresponding Rate cut of 75 Basis Points in Response to RBI’s rate cut of same...

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Posted Under: Income Tax |

Extension of time for filing of Notice of appointment of Cost Auditor

General Circular No. 08/2015 (12/06/2015)

Extension of time for filing of Notice of appointment of the Cost Auditor for the F.Y. 2015-16 in Form CRA-2 and filing of cost audit report to the Central Government for the F.Y. 2014-15 in form CRA-4. General Circular No. 08/2015 Dated: 12th June, 2015...

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Clarification regarding clearance of goods after expiry of Nominated Agency Certificate

Policy Circular No. 02/2015-20 (12/06/2015)

References have been received in this Directorate enquiring whether or not import consignments which started by ship during validity of the Nominated Agency Certificate (NAC) in March, 2015 can be allowed clearance, irrespective of the fact that the consignments arrived in India after 1.04.2015, when the NAC was no longer valid....

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Interest Rate Futures (Reserve Bank) (Amendment) Directions, 2015

RBI/2014-15/640 FMRD.DIRD.10/14.03.01/2014-15 (12/06/2015)

The Reserve Bank of India having considered it necessary in public interest and to regulate the financial system of the country to its advantage, in exercise of the powers conferred by section 45W of the Reserve Bank of India Act, 1934 and of all the powers enabling it in this behalf, hereby amends the Interest Rate Futures (Reserve Bank)...

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ICAI invites suggestions on CSR activities that can be undertaken by CAs/CA Firms

Corporate Social Responsibility (CSR) is very vital in the present context of businesses. It is viewed as one of the most essential drivers while laying down the business plans and most of the corporates are aligning their CSR activities with their mainstream agenda....

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Posted Under: Income Tax |

Exchange Traded Cash Settled Interest Rate Futures) on 6, 10 and 13 year Government of India Security

Circular No. CIR/MRD/DRMNP/11/2015 (12/06/2015)

In consultation with RBI, after taking into account feedback from market participants and Stock Exchanges, it has been decided to permit stock exchanges to introduce cash settled Interest Rate Futures on 6-Year and 13 year GoI Security....

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Companies (Cost Records and Audit) Amendment Rules, 2015

Notification No. G.S.R. 486(E) (12/06/2015)

G.S.R. 486(E).- In exercise of the powers conferred by sub-sections (1) and (2) of section 469 and section 148 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (cost records and audit) Rules, 2014...

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Clarification on grant of registration as a Foreign Portfolio Investor to Registered Foreign Venture Capital Investors

Circular No. CIR/IMD/FIIC/05/2015 (12/06/2015)

The investment conditions and restrictions for an entity registered as FVCI under FVCI Regulations are different as compared to the investment conditions and restrictions as prescribed for an entity registered as FPI under the FPI Regulations. Thus, such an entity would be required to have a clear segregation of funds/ securities which ar...

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PHD Workshop Series: National Conference on Service Tax on 19th July 2015

NATIONAL CONFERENCE ON SERVICE TAX: NEGATIVE LIST, DECLARED SERVICES, EXEMPTION AND SERVICE TAX RULES, 1994 – ISSUES AND WAY FORWARD With the Government paving the way for Finance Act, 2015, the rate of Service Tax has been hiked from 12.36% to 14% w.e.f. 1st June 2015. The Government is also proposing to impose another two per [&helli...

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Posted Under: Income Tax |

Anti-dumping duty on imports of Nylon Tyre Cord Fabric

Notification No. 30/2015-Customs (ADD) (12/06/2015)

Notification No. 30/2015-Customs (ADD)- Dated: June 12, 2015 Seeks to levy definitive anti-dumping duty on imports of Nylon Tyre Cord Fabric, originating in or exported from the People's Republic of China for a period of five years....

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Application of Schedule-II of Companies Act, 2013 and Contradiction with AS-6

-With the introduction of the Companies Act, 2013, the method of charging depreciation on fixed assets has been changed. In the Companies Act, 1956, the depreciation had been charged with the percentage of rate prescribed under schedule-XIV thereof, but in new Companies Act, 2013, depreciation is going to be charged on the basis of useful...

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Posted Under: Income Tax |

Right Issue of Shares under Companies Act,2013

Background- As per Section 62(1) of the Companies act, 2013 if the Company decides to issue fresh shares, these should be offered to existing shareholders in proportion to existing persons who are holders of equity shares.‘Right Issue’ means offering shares to existing members in proportion to their existing share holding. The object ...

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Posted Under: Income Tax | ,

CBEC inviting bid from agencies to implement and develop proposed GST System

Directorate of Systems, Central Board of Excise and Customs is in the process of releasing an RFP for the appointment of an Implementation Agency for development and maintenance of an application for CBEC's proposed GST system; maintenance of the existing ACES application and Help Desk, and Training for the users....

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Posted Under: Income Tax |

Wholly Owned Subsidiary of Foreign Company under Companies Act, 2013

This article is intended for those companies or startups that have registered their companies outside India and want to operate in India as part of a foreign company. A company can be registered as private limited or public limited. A private limited company is a closely held company and enjoys the privileges given by the Companies Act, 2...

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Posted Under: Income Tax |

Foreign Company Establishment & Compliances – Companies Act 2013

As Per Section 2 (42) Foreign company is a company or body corporate incorporated outside India which (a) has a place of business in India whether by itself or through an agent, physically or through electronic mode; and (b) conduct any business activity in India in any other manner Simple definition give understanding that even […...

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Posted Under: Income Tax |

Procedure for Transmission of Shares

Shares are movable property. Its ownership can change hands. If ownership of shares goes from one person by voluntary act of parties, it is termed as Transfer of Shares. If the ownership of shares goes to another by operation of law. It is called transmission of shares. Transmission is involuntary transfer of ownership of shares […...

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Posted Under: Income Tax |

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