As per current process, PAN holder who wants to update core field and address details of the PAN allotted to him/her can file request for update through service providers (NSDL/UTIITSL). Details received from SPs in this regard in text file format are now uploaded in the system automatically through central schedulers removing manual intervention of the RCC. Request for updation in respect of core field updation and address updation are received in separate files from PAN service providers NSDL and UTIITSL.
IND AS 2 – Inventories- Objective of the standard is to determine the cost of inventory and its subsequent recognition as an expense, including any writing down of value to its net realisable value. Standard applies to all inventories; except a) website cost, stripping cost; b) financial instruments and c) biological assets.
The memorandum of a company shall state—the objects for which the company is proposed to be incorporated and any matter considered necessary in furtherance; Section 4(1)(c) should be amended appropriately, to allow companies the additional option to have a generic object clause, i.e., to engage in any lawful act or activity or business as per the law for the time being in force in the MOA.
The Companies Law Committee (CLC) was set up on the 4th June, 2015 to make recommendations to the Government on the issues arising from the implementation of the Companies Act, 2013 as well as on the recommendations received from the Bankruptcy Law Reforms Committee, the High Level Committee on Corporate Social Responsibility (CSR), the Law Commission and other agencies.
One of the biggest tax saving bonanza by the Finance Act-2015 was insertion of sub-section 1B to section 80CCD in the Income Tax Act-1961 whereby an additional deduction of Rs. 50,000/- is offered to the taxpayer for contribution in the National Pension Scheme (NPS).
Following the mention of startup friendly measures in its Sixth Bi-monthly Monetary Policy for the year 2015-16, Reserve Bank of India has clarified that the relaxations available to other businesses are applicable to startups as well. Following are the clarifications brought about by the RBI pursuant to the said monetary policy.
It is open to a company to buy back its own shares by following the procedure prescribed under section 77A/Section 68 or by following the procedure prescribed under section 391 read with Sections 100 to 104 of the 1956, Act.
Taxes are an important source of revenue to any Government. The government devises mechanism aimed at detecting cases of revenue leakage. It has been witnessed over last few years that there is increased emphasis on making interaction with taxpayers and requiring them to submit various information/records through online or electronic mode. This assists in cross verification of information furnished by assessee before various departments.
Principles of natural justice are those rules which have been laid down by the Courts as being the minimum protection of the rights of the individual against the arbitrary procedure that may be adopted by a judicial, quasi-judicial and administrative authority while making an order affecting those rights.
The provision for appointment of additional directors is a special emergency power available to companies. The appointment lapses when the shareholders would normally assume control over the appointment of the directors at the general meeting. { Ref case: Topandas Mohanlal Advani v. Yeotmal Electric Supply Company {1940} 10 Com Cases 133 , 139: AIR 1940 Sind 87}
