"14 June 2015" Archive

Securities Exchange Board of India (SEBI), The Securities Market Regulator

SEBI has been formed under SEBI Act, 1992. SEBI Act, 1992 has come into force with effect from 30th January, 1992. SEBI is a body corporate having perpetual succession and common seal. Further, being a body corporate, it has its separate property, contractual rights, right to sue and be sued....

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Posted Under: SEBI |

SS-1 Secretarial Standard on Meetings of the Board of Directors

1. Applicable to all Companies Board Meetings and Committees Meetings except One Person Company [OPC]. 2. Convene of the Meeting- · Any one of the Director /Company Secretary / other person authorised by the Board of Directors. · Every Meeting shall have serial number...

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Posted Under: SEBI |

SS-2 Secretarial Standard on General Meetings of Companies

1. Convening a Meeting- · A General Meeting shall be convened by or on the authority of the Board. · Notice in writing of every Meeting shall be given to every Member of the company. Such Notice shall also be given to the Directors and Auditors of the company, to the Secretarial Auditor, to Debenture Trustees, if any,...

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Posted Under: SEBI |

Salient Features of Constitutional Amendment Bill for GST

The Union Government in third week of December, 2014 (19 December, 2014) introduced Constitution (122nd Amendment) Bill, 2014 in Parliament which when passed shall pave the way for introduction of proposed Goods and Service Tax (GST) in India. This is an improvised version of lapsed 115th Amendment Bill of 2011. ...

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Posted Under: SEBI |

Some Recent Case Decisions on Important Issues in Income Tax

Stay on demand should be granted till the disposal of appeal where assessment was framed ex­parte u/s 144 of the Act. Whose fault was, for passing ex-parte order is immaterial for the proceedings of stay. ACIT vs. Anirban Transport Services (ITAT Kolkata)ITA No.821/Kol/2013....

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Posted Under: SEBI |

DSC issuance process to get stringent from 1st July 2015

You are requested to plan your Digital signatures before 30th June for those DSC expiring in new future as the issuance process would be more stringent and cumbersome post 1st July, 2015. The rates may also undergo change as a part of implementation cost of new guidelines as is being said by the Certifying Authorities. Please find outline...

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Posted Under: SEBI |

Taxability of Gift U/s 56(2)(Vii)

Gift is usually used to convert black money into white money. To stop practice of converting black money into white money a section 56(2)(Vii) introduced by Finance Act , 2009 and amended by Finance act , 2010. This section deals with law of taxation of gift....

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Posted Under: SEBI |

SC upholds plea of revenue neutrality in case of captive consumption to set aside invocation of extended period

Nirlon Ltd. Vs. Commissioner of Central Excise, Mumbai [(2015) 58 taxmann.com 28 (SC)]

The Hon’ble Apex Court held that even though the goods were found to be different, payment of duty taking comparative value was done with bona fide belief. When entire exercise was revenue neutral (i.e. credit of duty paid on captive consumption was available to the Appellant itself), the Appellant could not have achieved any purpose to...

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Posted Under: SEBI |

Works Contract- VAT Obligations & VAT on Builders In Rajasthan

'works contract' means a contract for carrying out any work which includes assembling, construction, building, altering, manufacturing, processing, fabricating, erection, installation, fitting out, improvement, repair or commissioning of any movable or immovable property. ...

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Posted Under: SEBI |

OLA – Success Story, Business Model And Future

Very many businesses have found glorious success with E-Commerce in today's world of rapid technological advancements and changing customer needs. E-Commerce refers to the trading of goods or services using computer network. ...

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Posted Under: SEBI |