"08 May 2016" Archive

Decoding concept of item code & item name under Delhi VAT

In a move towards GST the Delhi Govt. has issued DVAT amendment rules 2016 on 12-04-2016. These rules have been issued keeping in mind the compatibility which will be required at the time of implementation of GST with effect from a future date which will be known once the constitutional amendment bill is passed in Rajya Sabha...

Read More

Registration u/s 12AA cannot be denied questioning profit motive

MS. Sree Anjaneya Medical Trust Vs CIT (Kerala High Court)

HC held that while disposing off an application for registration u/s 12AA , the CIT is required only to verify the geniuses of the trust’s activity so as to ensure that the same matches with the objects stated in the trust deed....

Read More

Fundraising Stages for Startup

Every day we come across with at least one news about fundraising by startups… raising $2billion at a valuation of $18billion, fueled $8million in pre-series A funding, bridge round of $5million and so on. Emerging startup businesses have come up with a variety of innovative ideas but funding is the real challenge. Let us have an overvi...

Read More

All about Managing Director of Company- Section 196 of CA 2013

Provisions of section 196 of Companies Act 2013. ♣ A Company can appoint either a Managing Director or a Manager. Interpretation: No Company shall appoint or employ at the same time a Managing Director and a Manager. ♣ Appointment of a Managing Director shall be for a term which must be less than or equal to 5 years. Important Note: T...

Read More

Interim Stay order period is to be excluded for computing Limitation Period: SC

VLS Finance Ltd. & Anr. Vs Commissioner of Income Tax & Anr. (Supreme Court of India)

It is not in dispute that the period during which interim stay of the order passed by the court is in operation has to be excluded while computing the period of two years as limitation period prescribed for completing the block assessment. ...

Read More