"07 February 2016" Archive

Registered Valuer: A Helping Hand to the Company

A person who is registered as a Registered Valuer in pursuance of Section 247 of the Act with the Central Government and whose name appears in the register of Registered Valuers maintained by the Central Government or any authority, institution or agency, as may be notified by the Central Government only can act as a registered valuer....

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Recommendations of CLC for Small / Private Limited Companies

As we are aware that on 1st February 2016, Ministry of Corporate Affairs uploaded the report of Companies Law Committee (CLC) on its website. In this post, we will discuss recommendations of the committee related to Small Companies / Private Limited Companies. Committee recommended many more new relaxations for Small Private Companies fo...

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Posted Under: Company Law |

Manner of Signing of Certificates by Chartered Accountants

With a view to bring uniformity in the manner of signing of certificates, has decided to require the members of the ICAI to include (in addition to any other requirements in this regard prescribed by the relevant law or regulation under which the certificate is being issued) the following details in their “Signatures” on the certifica...

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Posted Under: Company Law | ,

Natsamrat’s Love, Gift and Income Tax

When it comes to Love, it is obvious that we carry out monetary transactions and even lending and borrowing of money is done, but we have to be careful, proper planning should be made; so that one should not suffer like Natsamrat. Natsamrat is famous Marathi movie of Nana Patekar. Wherein Father gifted all his assets to loved children’s...

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Posted Under: Company Law |

Introduction to Service Tax in Brief

Budget 2012 has ushered a new system of taxation of services, which is also popularly known as Negative list. The new changes are a paradigm shift from the existing system, where only services of specified descriptions were taxed. Old scheme (before 30.06.2012) levied tax on 119 prescribed services and every service has a unique code, but...

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Posted Under: Company Law |

License fee for use of application software with limited right to use, is revenue expenditure u/s 37

GE Capital Business Process Management Serves Pvt. Ltd. Vs ACIT (ITAT Delhi)

ITAT Delhi held In the case of GE Capital Business Process Management Serves Pvt. Ltd. vs. ACIT that M/s. GECC (USA), to whom payment has been made, itself has received the right to use the software internally including its group entities for its business and it does not have any right to commercially exploit the software. ...

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Allowance of interest on bank loan is case of Advance to subsidiary & Loans to directors out of reserves

Hero Cycles Private Limited Vs Commissioner Of Income Tax, Central (Supreme Court Of India)

The court also agreed with the view of Delhi HC in CIT vs Dalmia Cement Ltd [ 2002 (254) ITR 377], wherein the court held that once it is established that there is nexus between expenditure and purpose of business (which need not be necessarily be the business of the assessee itself), the Revenue cannot proceed to disallow the claim....

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Give CBDT Powers to Grant Immunity From Penalty U/S.271B

Suggestion For Union Budget 2016-17 For Amendment In Section 119(2)(A) To Give CBDT Specific Powers For Granting General Immunity From Penalty U/S.271B (As An Effective Alternative Remedy For Extension Of Due Date For Obtaining And Furnishing Of Tax Audit Reports)...

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Posted Under: Company Law |

Get ready for Email assessment

Impact on All- 1. It will bring transparency and speed in the assessment procedure. It will especially reduce the travelling time / meeting time / waiting time of both AOs and CAs increasing their efficiencies. 2. There will be permanent / reliable repository [ on cloud ] to store / retrieve the submissions. 3. The geographical location o...

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Demystifying Refund Process for Goods and Services Tax

In normal course of business, the registered dealer buys goods from the registered dealer and avails the input tax credit and utilizes the same for paying the output tax liability on sales. There will be certain cases where the inputs are taxed and the output is not taxed or inputs are taxed at higher rate and output is taxed at lower rat...

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Posted Under: Company Law |

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