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Archive: May, 2016

Posts in May, 2016

Special / Ordinary resolution under Companies Act, 2013

May 20, 2016 305197 Views 3 comments Print

What is a Ordinary Resolution? Act has been duly given and it is required to be passed by the votes cast, whether on a show of hands, or electronically or on a poll, as the case may be, in favour of the resolution, including the casting vote, if any, of the Chairman, by members who, being entitled so to do, vote in person, or where proxies are allowed, by proxy or by postal ballot, exceed the votes, if any, cast against the resolution by members, so entitled and voting.

All about the Legal Term ‘Pursis’

May 20, 2016 107770 Views 9 comments Print

Pursis is written statement /information given to the court pertaining to any matter pending before it which may include information/ facts/ joint statement/ compromise/ settlement/ no instruction from a party etc with the intent to put the same before the court for its consideration in any proceeding.

Waiver of loan taken for acquiring a capital asset is taxable

May 20, 2016 4762 Views 0 comment Print

The waiver of a portion of the loan would certainly tantamount to the value of a benefit. This benefit may not arise from the business of the assessee. But, it certainly arises from business. The absence of the prefix “the” to the word “business” makes a world of difference.

Delhi VAT: Extension of date for filing CR-II to 16/06/2016

May 19, 2016 1312 Views 0 comment Print

I, S.S. Yadav, Commissioner, Value Added Tax, Government of NCT of Delhi, do hereby direct that the returns in Form CR-II for all the four quarters of the financial year 2015-16 are required to be filed by 16th June, 2016.

Form DS-I for movement of all good from Delhi to Outside Delhi

May 19, 2016 4021 Views 0 comment Print

Details in respect of any commodities/goods to be moved from Delhi to any place outside the territory of Delhi on account of sale, stock transfer or due to whatsoever reason, shall be submitted online, in Form Delhi Sugam-1 (DS1), as annexed with this Notification, by all the registered dealers of Delhi before the actual movement of such goods occurs.

Additional Depreciation u/s 32(1)(iia) on printing & publishing

May 19, 2016 5650 Views 1 comment Print

In the case of Delhi Press Patra Prakashan Ltd., Delhi HC held that printing and publishing activity is a manufacturing activity and therefore, assessee is eligible for grant of additional depreciation u/s 32(1)(iia). CBDT accepts this position, Henceforth, appeals may not be filed on this ground by officers of the Department and those already filed, in Courts/Tribunals may be withdrawn / not pressed upon.

Notification No. 34/2016-Customs, dated 19th May, 2016

May 19, 2016 2830 Views 0 comment Print

i. entries against serial numbers 5 and 21, shall be omitted; ii. for the entry against serial number 24, the following entry shall be substituted

Notification No. 19/2016-Customs (ADD),dated 19th May, 2016

May 19, 2016 1705 Views 0 comment Print

Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 40/2012-Customs (ADD), dated the 30th August, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 657(E), dated the 30th August, 2012, namely:-

Credit Guarantee Scheme applies to Stand Up India Scheme wef 05.04.2016

May 19, 2016 1498 Views 0 comment Print

Central Government made the Credit Guarantee Scheme for Stand Up India (the Scheme) for the purpose of providing guarantees to loans extended by Scheduled Commercial Banks under the Stand Up India Scheme and the said Government has been empowered to issue notification in respect of enforcement of this Scheme;

CG notifies various dates under Income Declaration Scheme, 2016

May 19, 2016 4744 Views 0 comment Print

Central Government hereby appoints – (i) the 30th day of September, 2016 as the date on or before which a person may make a declaration under sub-section (1) of section 183; (ii) the 30th day of November, 2016 as the date on or before which the tax and surcharge is payable under section 184, and the penalty is payable under section 185 in respect of the undisclosed income;

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