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Archive: 01 May 2016

Posts in 01 May 2016

Implementation of Ind AS & its impact on calculation of MAT

May 1, 2016 9100 Views 0 comment Print

From the FY 2016-17 Ind AS will be in place and have a big impact on the Financial Statement i.e. Net Profit of the company. Calculation of MAT depends upon the Net Profit as per the Books of Accounts after certain adjustments as defined in Section 115JB. So it can be derived that the adoption of Ind AS, the MAT liability of a company can go undergo a complete change.

Small MVAT Changes but A Big Effect on Small Dealers

May 1, 2016 6238 Views 0 comment Print

Krishna, this year from April 2016 onwards the Maharashtra Sales Tax Departments has brought various small amendments in the VAT system. Because of these changes the small dealers covered under the composition scheme have great responsibility and such changes have a great impact. So what is the impact of such changes?

All about National Company Law Tribunal

May 1, 2016 20098 Views 1 comment Print

It has been more than 15 years that we first heard about National Company Law Tribunal [NCLT] & National Company Law Appellate Tribunal [NCLAT]. Way back in 2001. Why did it take so long for a body like this to be a reality? Why did it not see any light of the day so far? What caused the delay?

Income Tax dues v/s Rights of Secured Creditors

May 1, 2016 9151 Views 0 comment Print

Present welcome judgment of the Supreme Court in the case of V.S. Kandalgaonkar sets at rest the ongoing controversy and clearly holds that there is priority of rights of secured creditors over the rights of income tax department while recovering dues. This will go a long way and help those secured creditors who are facing difficulties in this regard at no fault of theirs.

Some Facts Related To COFEPOSA, 1974

May 1, 2016 31255 Views 0 comment Print

Foreign Exchange is important for every country for payment of import of essential goods and services. Foreign exchange will be collected from various ways, such as export of goods and services, remittances by NRIs, Persons Resident Abroad, Foreign Direct Investments etc.,

One Person Company under Companies Act, 2013

May 1, 2016 9274 Views 0 comment Print

What is One Person Company? Section 2 (62) of Companies Act 2013 defines ONE PERSON COMPANY- Means a Company which has only one person as a Member.

Transactions having contingent impact on profit/ losses are not international transactions

May 1, 2016 1642 Views 0 comment Print

The ITAT bench of Mumbai in the above cited case law held that any contingent impact on profit/loss would not take the transaction to fall within the purview of international transaction. In the present case

Who Are the Real Builders Of A Nation?

May 1, 2016 2530 Views 0 comment Print

No, Not the planners, financiers, engineers, architects, managers. They are one of the inputs in the production process. These groups sit in their posh air-conditioned offices and strain their brain to do their work. Their job involves mental strain only.

One Employee, One EPF Account- Integration of Multiple Accounts

May 1, 2016 14839 Views 1 comment Print

The Hon’ble Prime Minister of India launched the Universal Account Number (UAN) for EPF members in October 2014 with a view to enable members to have continuity in their PF membership on every change in job and/or location. UAN has been issued to all members in respect of whom at least one contribution has been received since January 2014.

Income Tax Return Statistics Assessment Year 2012-13

May 1, 2016 2746 Views 0 comment Print

The objective of publishing this statistics is to encourage wider use and analysis of Income-tax data by Departmental personnel and academicians. The statistics relating to sources of income have been prepared on the basis of values mentioned in e-filed returns and values captured from paper returns and the same may contain data entry errors on the part of the taxpayers/ return filers. Therefore, the accuracy of the statistics is limited by the accuracy of returns.

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