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Archive: 06 August 2015

Posts in 06 August 2015

Implementation of GST by 1st April 2016 may Fail

August 6, 2015 880 Views 0 comment Print

Advocate Anandaday Misshra Looking to the ongoing protests and non co-operation movements in the Parliament , the Implementation of Goods & Service Tax (GST) regime in India from 1st April 2016 is in doldrums . Since the factum is that once the GST Bill is passed from Rajya Sabha, it will again take good time to be […]

Effects of Ineligible Persons Gaining The Powers of Authority

August 6, 2015 649 Views 0 comment Print

Competence makes the difference between the success and failure. It performs even in adverse circumstances by making adaptation and taking advantage from the hindrances. This is what emphasized by the Darwin’s theory of ‘Natural selection and the survival of the fittest.’

CBDT Signs Advance Pricing Agreements (APAs) to Usher in Certainity in Taxation

August 6, 2015 525 Views 0 comment Print

Unilateral APAs are agreed between Indian taxpayers and the CBDT, without involvement of the tax authorities of the country where the associated enterprise is based. Bilateral APAs include agreements between the tax authorities of the two countries.

What is LLP – A Firm or Company or better?

August 6, 2015 31821 Views 0 comment Print

Limited Liability Partnership is a partnership where some or all partners have limited liabilities which may depend on the jurisdiction. It is basically the combination of advantageous features of both partnership and company form of organisation. LLP has introduced in India via Limited Liability Partnership Act, 2008.

Alteration of Memorandum of Association of a Company

August 6, 2015 147104 Views 0 comment Print

A company desiring to change its name may do so in accordance with the provisions of Section 13 read with Section 4 of the Act by passing Special Resolution and the name approved by the Ministry of Corporate Affairs (MCA) on prescribed application. The power of the Central Government under Section 13(2) to approve change in name has been delegated to Registrar of Companies (ROC).

In absence of any evidence to contradict Value in valuation report of registered valuer is to be taken as fair market value as on 01.04.1981

August 6, 2015 2401 Views 0 comment Print

In the case of Shri Barjinder Singh Bhatti vs. ITO ITAT has held that in absence of not having any evidence or material before him to contradict the report of the Registered Valuer, AO cannot reject valuation report of Registered Valuer.

Analysis of CBDT’s Explanatory Circular on Provisions of Black Money Act, 2015

August 6, 2015 1589 Views 0 comment Print

THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015 (referred to here as ‘the Act’) as passed by the Parliament received the assent of the President on the 26th of May 2015. It levies tax on undisclosed assets held abroad by a person who is a resident in India at the rate of 30 percent of the value of such assets, provides for a penalty equal to 90 percent of the value of such asset, and also provides for rigorous imprisonment of three to ten years for wilful attempt to evade tax in relation to a undisclosed foreign income or asset.

SEBI : Monthly Report For Clearing Corporations

August 6, 2015 487 Views 0 comment Print

Information sought from the Clearing Corporation, in the prescribed format at Annexure A, may henceforth be discontinued from the Stock Exchange Monthly Development Report.

SERVICE TAX – Class Legislation vis-à-vis construction of Educational Societies registered U/s. 12AA of Income Tax Act

August 6, 2015 2414 Views 0 comment Print

The service tax is leviable on construction of a Public/charitable Educational Society registered under Societies Registration Act (XXI of 1860) where the main object is to provide education to the general public, at large and status of charitable institution under Section 12AA of Income tax Act, 1961 has been granted. –           A letter F. No. […]

MODEL Vigil Mechanism/ Whistle Blower Policy For Directors & Employees of Listed Company under Companies Act 2013 & SEBI Regulations

August 6, 2015 2737 Views 1 comment Print

In order to promote and maintain sound standards of business Conduct and Corporate Governance, the Board has laid down, and from time to time circulated, the “Code of Conduct” { the Code} of the Company for directors and senior management, compliance of which is an obligation. In terms of the Code, the Board expects the employees to bring to their attention or to that of Senior Management any breach or suspected breach of the Code.

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August 2015