"13 July 2016" Archive

Winding up of Company: an overview

Winding up is a process by means of which the affairs of a company are wound up in a manner to dissolve the company and put an end to the life of a Company. In the process of winding up, the company’s assets and properties are administered for the benefit of the members and creditors of the Company. The administrator, called liquidator,...

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Posted Under: Company Law |

Analysis of SEBI / MCA Circular on Financial Results & Ind-AS

Ministry of Corporate Affairs (MCA) vide notification no. G.S.R. 111(E) dated February 16, 2015 had issued the Companies (Indian Accounting Standards) Rules, 2015. Pursuant to this Rules, the Company and their Statutory Auditor(s) shall comply with the Indian Accounting Standards (Ind AS) in preparation of their Financial Statements an...

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Posted Under: Company Law |

5 credit tips if you are joining the entrepreneur bandwagon

Entrepreneurship is a dream that many young people in India harbour these days. Recognising the need to support the new wave of entrepreneurship there are many programmes, incubators and contests that serve as a launch pad for many a young entrepreneur who is offering a unique service or product. ...

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Posted Under: Company Law |

Stepwise procedure of e-filling of ITR, important updates & FAQs

Following are the advantage of E-Filling:- Faster Turn Around Time: By eliminating mailing, handling, and keying in of returns, they are now processed more quickly and retrieved rapidly....

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Posted Under: Company Law |

Depreciation cum Asset Management Utility/Calculator

Some Key Features of Depreciation cum Asset Management Utility in Excel Format are as follows:- Line wise SLM and WDV Depreciation, as per Companies Act 2013, Calculation of Depreciation under the Income Tax Act, Ready made Schedules for Balance Sheet and P&L, Calculates Depreciation for any number of Years in the f...

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Posted Under: Company Law |

Relaxation in instructions for UAN on PF claim forms

Circular No. No.Coord./40(24)2010/DPG Review Meeting/10215 (13/07/2016)

Instances of difficulties being faced by members on account of the instructions have been brought to notice particularly in respect of members who had ceased to be in employment before 01.2014 given the fact that initially UAN was allotted only to members who were subscribers during January, 2014 to June, 2014. There could also be other c...

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Tribunal cannot deal with merits of case in order passed in Miscellaneous Application

Safari Mercantile Private Limited vs. ITAT (Bombay High Court)

When prejudice results from an order attributable to the Tribunal's mistake, error or omission, then it is the duty of the Tribunal to set it right. Atonement to the wronged party by the Court or the Tribunal for the wrong committed by it has nothing to do with the concept of inherent power to review....

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Property purchase agreement merely creates a right to seek specific performance

Bindiya H. Malkani vs. CIT (Bombay High Court)

In the present facts we find that consequent to the vendor not honouring the agreement dated 18th May, 1980, all that the appellant had was a right to seek specific performance which he sought to enforce by filing the suit. The appellant did not have possession of the said land. It is only on the Consent Terms being filed in Court that t...

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4 Different stages of investing: Which stage are you in?

Let us think of the moment when we first began learning a car. What things come to mind thinking about first learning to drive a car, or any say any vehicle for that matter? Cautiously braking, keeping a close watch at the speedometer, very awkwardly raising your speed, and feeling anxious to merge into the freeway....

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Posted Under: Company Law |

Excise on jewellery: Govt accepts HLC recommendations

Government accepts the recommendations of Sub-Committee of the High Level Committee to interact with Trade & Industry on Tax Laws on issues relating to compliance procedure for the excise duty,records to be maintained and other relevant administrative issues....

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Posted Under: Company Law |
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