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Archive: 23 June 2015

Posts in 23 June 2015

Checklist on Meeting Of Board Through Video Conferencing Or Other Audio Visual Means under Companies Act, 2013

June 23, 2015 6612 Views 0 comment Print

1. The company has made necessary arrangements to avoid failure of video or audio visual connection. 2. Sufficient security and identification procedures were ensured to safeguard the integrity of the meeting by the Company Secretary/ Chairman

Checklist For Private Placement Under Section 42

June 23, 2015 15251 Views 0 comment Print

1. To ensure that person to whom offer has been made does not exceed 200 in a financial year for each kind of security. It is to be noted that any offer or investigation made to qualified institutional buyers or to employees of the company under scheme of employee stock option shall not be considered while calculating the limit of two hundred people.

Income mistakenly offered to tax in return of income when assessed amounts to incorrect assessment of taxes

June 23, 2015 6695 Views 0 comment Print

In the assessment proceedings, the Assessee submitted before the Assessing Officer (hereinafter referred to as the AO) that an amount of Rs. 14,50,000/- received on surrender of transferable development rights (TDR) from the builder through the co-operative society was wrongly declared as income from capital gains as the same was exempt in the hands of the Assessee.

Marketing & liasoning services can’t be equated with advisory services for ALP adjustment

June 23, 2015 487 Views 0 comment Print

The Tribunal, in assessment year 2006-07, in the assessee’s own case and on identical facts/ circumstances, has given a clear finding that the fee received by the assessee for providing marketing and liasioning services cannot be equated with the advisory services given to an investment manager.

SION for new product 'Golf Gloves' made of Knitted/Crocheted/Woven/Non-woven fabrics under Textiles Product Group

June 23, 2015 868 Views 0 comment Print

SION for (Golf Gloves made of Knitted/Crocheted/Woven/Non-woven fabrics) in the Textiles Product (Product Code: J) is being notified. Before this there was no SION for this export product.

Format of Bank Guarantee, to be executed with DGFT, for recognition as Pre-Shipment Inspection Agency

June 23, 2015 2740 Views 0 comment Print

In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy, 2015-20, the Director General of Foreign Trade hereby inserts Appendix 2N-1 in the Appendices and Aayat Niryat Forms of the Handbook of Procedures, 2015-20, as annexed to this Public Notice, prescribing a new Bank Guarantee Format, to be executed with DGFT, for recognition as Pre-Shipment Inspection Agency.

FAQs While Calculating Depreciation as Per CA, 2013 & Calculator

June 23, 2015 136071 Views 37 comments Print

Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount of an asset is the cost of an asset or other amount substituted for cost, less its residual value. The useful life of an asset is the period over which an asset is expected to be available for use by an entity.

Inadvertent Claims in ITR – Whether a Hard Nut To Crack

June 23, 2015 3963 Views 0 comment Print

Income Tax law provides an exhaustive, encyclopedic and compendious machinery to deal with the issues of what can be conceived and what can be believed with regard to the jurisprudence of taxing the subject as a whole. In this profitable and solvent venture of taxing the subject through the route of his due filings with the respective authorities and agencies designated and deputed by the government

Your Income Tax Account Online so difficulties Offline

June 23, 2015 2025 Views 0 comment Print

Every taxpayer should check his account with Income tax department. In this account he should check his previous and current year’s status, and thereafter take appropriate decision. Also one should note that the income tax department’s website is updated continuously, therefore one should recheck status on timely basis.

Audit Under Banking Environment

June 23, 2015 4051 Views 0 comment Print

Banking sector: The IT saga in Indian banking commenced from the mid-eighties of the twentieth century when the RESERVE BANK took itself the task of promoting automation in banking to improve customer service, book keeping, MIS and productivity.

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