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Archive: 12 January 2016

Posts in 12 January 2016

Agenda for First Board Meeting under Companies Act, 2013

January 12, 2016 82776 Views 6 comments Print

1. Leave of Absence, if any 2.To Elect the Chairman of the Meeting. 3. To take note of Certificate of Incorporation issued by the Registrar of Companies. 4. To Adopt the Common seal of the Company 5. To consider for applying Permanent Account Number for the Company 6. To take note of appointment of first directors. 7. Taking note of the printing of new stationery and painting of new name plates as per the requirement of Section 12(3) of Companies Act, 2013.

Delhi VAT : Related to Form GE-I and GE-II of Government Entity

January 12, 2016 4618 Views 0 comment Print

No. F.3(619)/Policy/VAT/2016/1291-1304 All Government Entities having their offices functioning within the National Capital Territory of Delhi, to furnish an online quarterly return of purchases made by them for the purpose of consumption or use by them (i.e. not for the purpose of making a sale as defined under clause (zc) of sub-section (1) of section 2 of the said Act) from the dealers registered under the said Act and having a valid TIN/Registration Number in the format ‘Form GE-II’ enclosed herewith.

SEBI (Delisting of Equity Shares) (Amendment) Regulations, 2016

January 12, 2016 2151 Views 1 comment Print

No. SEBI/LAD-NRO/GN/2015-16/30. -In exercise of the powers conferred by section 31 read with section 21A of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), section 30, sub-section (1) of section 11 and sub-section (2) of section 11A of the Securities and Exchange Board of India Act, 1992 (15 of 1992),the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009, namely:-

Section 14A: Consolidating latest Judicial Developments

January 12, 2016 10152 Views 0 comment Print

Ever since the advent of section 14A in the statute, it has evoked squall of controversy. While the purpose of the section was to compute taxable income by whisking away the expenses attributable to exempt income, the tax department always tried to use it for fetching some more fortunes. In this article attempt has been made to look into real objective of statutory provisions through latest judicial pronouncements.

Penalty cannot be levied unless evasion of duty alleged in SCN

January 12, 2016 1538 Views 0 comment Print

The CESTAT Mumbai held that when there is no allegation regarding fraud, willful misstatement, suppression of fact which are required as per Rule 15(2) read with Section 11AC of the Central Excise Act , then imposition of penalty by the department is wrong and illegal.

The Phasing out roadmap – lose to gain!

January 12, 2016 709 Views 0 comment Print

In the Union Budget 2015 speech, the Hon’ble Finance Minister, Mr Arun Jaitley, has announced the intention to reduce the corporate tax rate from 30% to 25% over the period of next four years, accompanied by the removal of tax incentives and deductions. Following this, in November 2015, CBDT released the first roadmap of the phasing out plan to simplify tax administration and bring transparency.

Amendment in import policy conditions of apples

January 12, 2016 348 Views 0 comment Print

(i) Import through both sea ports and airports in Kolkata, Chennai, Mumbai & Cochin; and land port & airport in Delhi. (ii) Import of apples is also allowed through India’s land borders.

Decoding GST (Part 2) – Step Towards GST

January 12, 2016 2809 Views 0 comment Print

The current article would be focusing on the historical background of Goods and Services Tax and how it has evolved over the period in India. In almost all the budget speeches since the year 2006-07, there has been a reference to the implementation of GST. All the steps have been discussed herewith to showcase the process and preparation for the implementation of GST by the Government of India.

Discontinuation of ranks in Common Proficiency Test (CPT)

January 12, 2016 2522 Views 0 comment Print

It is hereby informed that in terms of decision taken by the Examination Committee, declaration of ranks in respect of Common Proficiency Test(CPT), has been discontinued with effect from CPT held in December, 2015 onwards.

Whether Section 6(3) of RTI Act is a “BOON” or a “CURSE”?

January 12, 2016 17720 Views 0 comment Print

There is no doubt that the Subsection (3) of Section 6 of the RTI Act is a BOON to the Citizens/Applicants under the Act, so long the PIOs and FAAs at the Departments are functioning well by clearly understanding the spirit behind & specific purpose of this section. Otherwise, it is sure to be proved as a CURSE.

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