The Council of the Institute of Company Secretaries of India at its 230th meeting held on 17th June, 2015 approved the following Guidelines for Use of Individual Logo by Company Secretaries in Practice.
In this article we have summarised the status of Writ Petition filed against non extension of Due date of Tax Audit and Income Tax Return (ITR) filing for cases covered under Tax Audit Provisions, filed in various High Courts All over India. Till Date as per our information Writs been filed in Gujarat, Delhi, Jodhpur, Karnataka, Orrisa, Mumbai, Calcutta, Madras, Andhra Pradesh & Telangana and in Punjab & Haryana High Court.
Recently, the Reserve Bank of India released the list of 11 companies permitting them to set up Payment Banks. Airtel, Vodafone, Mukesh Ambani led Reliance, Tech Mahindra, India Post and Paytm were among the 11 companies.
Starting a new business from scratch isn’t easy. There are many legal aspects to be taken care of while forming a new company. A franchise business thus paves the way for achieving your goals through the help of an established business.
The concept of a franchise Business in India has now caught on in full swing with most large brands being represented by franchisees across the country. With the big daddy’s of the business like McDonalds, Pizza Hut and KFC proving the scope and potential of the franchise phenomenon, desi brands are now following suit and growing from strength to strength in both quality and brand image.
Nowadays the very question arises is of the social networking sites and the news and the knowledge shared by them is the fastest among all. But from the professional point of view what we have to think is all about the incomes and expenses of this particular type of industry in which our country has achieved the fastest growth ever in the history.
The Article 265 of The Constitution of India is as follows- Article 265. Taxes not to be imposed save by authority of law – No tax shell be levied or collected except by authority of law. Article 265 requires that- -there must be a law, -the law must authorize the tax, and -the tax must be levied and collected according to law.
DCIT vs. M/s Garware Polyester Ltd. (ITAT Mumbai) The Assessing Officer does not have the power to tinker with such accounts prepared as per Schedule VI and certified by the Auditors except for the adjustments permissible by Explanation to Sec 115JB to arrive at book profits
The Hon’ble Supreme Court in the case of M/s Goodyear South Asia Tyres held that in order to brand two persons as relatives on the basis of mutuality of interest it is necessary to show that such interest is from both sides in the business of one another.
The ITAT Bangalore in the case of M/ s Sigma Aldrich Chemicals P. Ltd. held that when short landing of goods is common having regard to the nature of goods and such loss is negligible , then it has to be allowed deduction as business expenditure.
