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First of all we have to understand what is non profit making Company: A Non Profit making Company is a Company which: Has in its objects, the promotion of Commerce, art, science, sports, education, research, social welfare, religion, charity, and protection of environment or any other such objects. Intends to apply its profits or any other income in promoting its objects. Intends to prohibit the payment of any dividend to its members.
Recently the Company Law Board, Delhi Bench while dealing with a matter involving resignation of a director under the Companies Act, 1956, has passed an order in the case of Manav Kumar Agarwal V. Discovery Enterprises Pvt. Ltd & Others[1] that, the resignation given by any Director from the post of Director shall not be construed as the resignation until the Board of Directors approve such resignation by passing a resolution in this regard. In this article we will analyze the aspects of resignation of director by considering the recent judgement made by Company Law Board, and whether it has any impact on the legal position stipulated under the Companies Act, 2013 (hereinafter referred to as ‘2013 Act’)
According to the report of the Task Force on GST, 13th Finance Commission (2009), it had recommended that adoption of the IGST Model for implementation with the caveat that a ‘strong IT infrastructure and complete information of the interstate transactions is a precondition and essential prerequisite for considering the IGST model. Without addressing these fundamental concerns of IT infrastructure and information support systems, the adoption of IGST model which is still at a conceptual stage is far from realistic at this stage in adoption of GST in the course of interstate transaction in goods and GST for the nation’.
Current business scenario, the related party relationship are normal feature of any business, It may be through subsidiaries, joint ventures and associates, these kind of business arrangements generally affect the business transactions, financial & operating policies of the investee or investor entity through the presence of control, join venture or significant influence. Ultimately this will affect the profit & loss a/c and financial position of an entity.
In order to be eligible to the concessional rate of duty of 1%, the articles of jewellery shall be manufactured from inputs or capital goods on which appropriate duty of excise leviable has been paid. Appropriate duty includes nil duty also. On failing to prove it, the duty at tariff rate i.e. 12.5% shall apply.
Arbitrary criteria exist for the allotment of audit of public sector units. Every department made their own different rules and conditions for appointment though there is existence of ICAI Multipurpose empanelment form (MEF). There is something which is hidden and not transparent.
The assessee submitted that at that time she was having pregnancy of 5 months and due to immense work pressure in the office she could not devote time to see the content of ITR filed by the said ‘Taxspanner’ as she did not understand the form also, hence she just signed the ITR-V and sent it to the Bangalore CPC of Income Tax Department.
Mohan Thulasingam Life is full of challenges right from the day of birth till the departure from the face of the earth. That too, in the modern world, it becomes very tough and highly competitive due to various factors like scarcity of resources, population growth, greed, polity, religion, etc. In the olden days, people used […]
The Central Government has , by Circular No. 1026/14/2016-CX dated 23rd April, 2016, extended the time limit for taking Central Excise registration of an establishment by a jeweller up to 01.07.2016. However, the liability for payment of Central Excise duty is with effect from 1st March, 2016. The assessee jewellers may make the payment of Excise Duty for the months of March, 2016, April, 2016 and May, 2016 along with the payment of Excise Duty for the month of June, 2016.
Online Upload of e-TDS/TCS statement(s) and AIR functionality will be discontinued from May 1, 2016 at NSDL e-Gov end. The users who are desirous to file e-TDS/TCS statements/AIR are hereby requested to visit our TIN-FC agents. To know the nearest TIN-FC, please visit at the TIN website at https://www.tin-nsdl.com/tin-facilities.php For online upload of quarterly TDS/TCS […]
