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Archive: 27 July 2016

Posts in 27 July 2016

Companies Act,2013: MCA notifies Special Court for speedy trial of punishable offences

July 27, 2016 18982 Views 0 comment Print

In exercise of the powers conferred by sub-section (1) of section 435 of the Companies Act, 2013 (18 of 2013), the Central Government hereby, with the concurrence of the Chief Justice of the High Court of Delhi, designates the following Court as Special Court for the purposes of providing speedy trial of offences punishable under the Companies Act, 2013 with imprisonment of two years or more under the Companies Act, 2013

Companies (Incorporation) Third Amendment Rules, 2016

July 27, 2016 30219 Views 2 comments Print

A natural person shall not be member of more than a One Person Company at any point of time and the said person shall not be a nominee of more than a One Person Company.

Reg. e-mail based communication for Paperless Assessment

July 27, 2016 20861 Views 0 comment Print

As you are aware, the assessment proceedings in all cases selected under scrutiny are now to be conducted through e-mail based communications unless the taxpayer concerned himself desires to opts out of the Paperless Assessment Scheme. The assessing officer also can decide to switch over to the manual mode of assessment, after recording reasons in this regards, if he faces practical difficulties like voluminous nature of submissions etc.

Clarification on attaining Age of 60 /80 years for Income Tax

July 27, 2016 26599 Views 3 comments Print

CBDT clarifies that a person born on 1st April would be considered to have attained a particular age on 31st March, the day preceding the anniversary of his birthday. In particular, the question of attainment of age of eligibility for being considered a senior/very senior citizen would therefore be decided on the basis of above criteria.

Companies (Accounts) Amendment Rules, 2016

July 27, 2016 44983 Views 0 comment Print

Provided further that nothing in this rule shall apply in respect of preparation of consolidated financial statements by a company if it meets the following conditions:- it is a wholly-owned subsidiary, or is a partially-owned subsidiary of another company and all its other members, including those not otherwise entitled to vote, having been intimated in writing and for which the proof of delivery of such intimation is available with the company, do not object to the company not presenting consolidated financial statements;

Attachment of property without any opportunity / SCN not valid

July 27, 2016 22068 Views 0 comment Print

Recently, in a case of an assessee whose bank accounts were ordered to he attached without giving any opportunity to them, the Hon’ble Allahabad High Court after a detailed analysis of the legal provisions, observed, inter- alia, that the order directing attachment of the property without waiting for a reply to the show cause notice, and without giving any opportunity and without giving any notice, was in gross violation of Rule 3 of the Rules of 2008 read with paragraph 2 (iii) of the Circular dated 1st July, 2008.

6 Financial mistakes couples should avoid committing

July 27, 2016 23137 Views 0 comment Print

Money management in itself is a task hard enough, and inclusion of your partner in the equation makes it even more complicated. Therefore, rather than being emotional or reactive on money related matters, couples should be clever, calculated and decisive.

Mere Non Completion / Registration cannot be the reason for denying benefit U/s 54F

July 27, 2016 20148 Views 0 comment Print

The only issue is that when the assessee is not able to get the title of the flat registered in his name or unable to get the possession of the flat, which is under construction, due to fault of the Builder, the assessee cannot be denied deduction u/s 54F of the Act.

Cabinet increases limit for foreign investment in Stock Exchanges to 15%

July 27, 2016 19877 Views 0 comment Print

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for raising foreign shareholding limit from 5% to 15% in Indian Stock Exchanges for a stock exchange, a depository, a banking company, an insurance company, a commodity derivative exchange.

Import policy of Unmanned Aircraft System/ Aerial Vehicle /Remotely Piloted Aircraft /drones

July 27, 2016 20360 Views 0 comment Print

Import of Unmanbed Aircraft System (UAS)/Unmanned Aerial Vehicle (UAVs)/Remotely Piloted Aircraft (RPAs)/drones is `Restricted’; it would require prior clearance of Directorate General of Civil Aviation (DGCA) and import licence from DGFT.

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