Record date: Meaning & Requirement: With the advent of demat trading, the whole concept of transfers have changed as transfers continue to happen seamlessly and momentarily. As a result, the list of shareholders keeps on changing continuously.
The Tribunal granted 100 percent stay of demand because (a) the assessed income was more than 10 times the returned income. (Instruction 96 of 1969 was relied upon) & (b) The stand taken by the AO was at variance with the stand taken by TPO.
The matter has been examined by the Board and it is observed that in reference to Serial No. 1 of the Notification No. 151/94-Cus dated 13.07.1994, exemption is not limited to the ‘Indian Airlines’ (now called as ‘National Aviation Company of India Limited’). It is available to any Indian airline, in other words, to all Indian airlines.
In the exclusive areas of practice of Chartered Accountants, like audit and attestation services i.e. those areas where the assignments can be performed only by Chartered Accountants or where only Chartered Accountants have been invited for audit assignments, members should not respond to such tenders
On March 16, 2016, a Bill to further amend the Companies Act, 2013 was introduced in the Lok Sabha (Upper House of the Parliament) to address the difficulties raised by various stakeholders and to improve the ease of doing business in India. This Bill proposes over 70 amendments. Some of the key amendments are listed below:
Before one analyases the provisions in the Companies Act 2013 relating to alternate director, { Sub section {2} of section 161 of the Companies Act 2013}, it is to be understood that appointment of alternate director in place of absentee original director is a business decision of the Board of Directors of a company. It is not madatory that alternate ditector has to be appointed. There can be many cases where in spite of one or more directors being absent for long periods, no alternate director/s is/are appointed.
THE INSTITUTION OF Company Secretaries of India IN PURSUIT OF PROFESSIONAL EXCELLENCE Statutory body under an Act of Parliament MCA: 2016 Dated: April 07, 2016 Mr. K.V.R. Murthy Joint Secretary Ministry of Corporate Affairs Shastri Bhawan New Delhi- 110001 Dear Sir, Sub: Difficulties in accessing the MCA Portal and filing of e-forms This is in […]
The Council of the Institute of Company Secretaries has recently reviewed the existing limits in respect of issuance of the issue of Secretarial Audit Reports and has decided as below: 10 Secretarial Audits per partner/ PCS, and an additional limit of 5 secretarial audits per partner/PCS in case the unit is peer reviewed. These limits […]
Supreme Court held that ‘technical services’ under Section 194J read with Explanation 2 to Section 9(1)(vii) of Income Tax Act, 1961 denote services to cater to the special needs of the consumer/user, rather not a facility / service offered to all.
ITAT Amritsar Bench in an interesting decision of Smt. Kailash Devi ITA 347/ASR/ 2015 pronounced on 05-04-2016 on conduct of survey had an occasion to ponder over the obligations cast upon Income Tax Authorities under the law. Often assessee and income tax authorities are at logger-heads for assessee not acting as “required” but before authorities allege the assessee for not doing his part of obligation, a line has to be drawn from where assesse’s part of obligations commence, because it is easy to tell a person how best to carry his pack until the burden is on one’s own back.
