"19 June 2015" Archive

Section 234B interest not applicable under Block Assessment

ACIT Vs Sh. Akhil Jain (ITAT Delhi)

No interest under the provisions of section 234A, 234B or 234C or penalty under the provisions of clause (c) of sub-section (1) of Section 271 or section 271A or section 271B shall be levied or imposed upon the assessee in respect of the undisclosed income determined in the block assessments...

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Concept of Business Trust in India

Hon’ble Finance Minister Shri Arun Jaitley introduced the concept of Business Trust by Finance Act, 2014. In India, Business Trust would operate as Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). Real Estate Investment Trusts (REITS) have been successfully used as instruments for pooling of  investm...

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Posted Under: Income Tax |

Hurry to Register a Company? Go for FAST TRACK REGISTRATION

India is moving towards “ease of doing business’ regime and wants to improve its current rank (134 out of 185 as per World Bank) in starting a business vis-à-vis global standards. To put a step forward in this Direction the Ministry of Corporate Affairs had come out with a Fast Track Incorporation option which shall be available for ...

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Posted Under: Income Tax |

Transfers/ Postings Of ADIT/JCIT in International Tax &Transfer Pricing

89 of 2015 (19/06/2015)

The CBDT has vide Order No. 89 of 2015 dated 19.06.2015 ordered the transfer and posting of 59 officers in the grade of Additional and Joint Commissioners of Income Tax in the Directorates/ International Taxation & Transfer Pricing and CBDT with immediate ...

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Checklist On Call On Shares Or Debentures and For Charges Under Companies Act, 2013

Call on shares/debentures was made by the Board of Directors by means of resolutions passed at the Board meeting. Call on shares/debentures complied with the stipulations contained in Articles of Association. The Board of directors approved the rate of interest payable on delayed payment of calls in conformity with the provisions containe...

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Posted Under: Income Tax |

Checklist for Preferential Allotment and ESOP of Unlisted Companies

Suyog S Kabra Checklist for Prefrential Allotment under section 62 Of Companies Act, 2013 1     Existing equity shares in proportion to the paid up capital held by them 2  Procedure to be followed a. Letter of offer to be sent to existing equity shareholders as notice by registered post /speed post/electronic mode at least 3 [&hellip...

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Posted Under: Income Tax |

Checklist for Alteration of MOA and AOA

Suyog S Kabra CHECKLIST FOR ALTERATION OF MEMORANDUM OF ASSOCIATION 1.    The company has passed the Special resolution and filed MGT-14 as per companies Rules,2014 2.    The company has altered its Name with the approval of Central Government 3.    The company has obtained fresh Certificate of Incorporation from the Registrar in Fo...

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Posted Under: Income Tax |

Checklist For Buyback Of Shares- Unlisted Public Companies

Suyog S Kabra 1. The offer for buy back is not made within 1 year of closure of preceding offer buy back. 2. The Articles of association authorize buy back of securities. If not , a special resolution for amending the articles of association under section 14 of Companies Act 2013 has been passed by […]...

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Posted Under: Income Tax |

Checklist for Bonus Issue Under Companies Act, 2013

1. Check whether it is authorized by Articles 2. Whether it has, on the recommendation of Board, been authorized in general meeting of the company 3. Whether the company has defaulted in payment of interest or principal in respect of fixed deposits or debt securities issued by it. 4. Whether it had defaulted in respect of payment of stat...

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Posted Under: Income Tax |

Service tax Cenvat credit on manpower supply services for hiring trained persons to provide first-aid to workers admissible

Jaypee Sidhi Cement Plant Vs Commissioner of Central Excise (CESTAT Delhi)

Providing of first-aid facilities to the workers, whether in the factory or in mines is the requirement of the Factories Act, 1948 and also the Mines Act, 1952 and if a manufacturer wants to carry on manufacturing activities, he has to comply with the provisions of the Factories Act and the Mines Act....

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