"03 August 2016" Archive

Corporate Social Responsibility

Since the Ministry of Corporate Affairs is keen to move its attitude towards social development, they inserted a welcome provision of “CORPORATE SOCIAL RESPONSIBILITY” wide section no. 135 in new companies act, 2013....

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Posted Under: Company Law |

Don’t Bargain Under These Circumstances

Bargain means a method to strike a deal or settlement through an interaction involving two or more persons. It's a negotiation made to arrive at a mutual answer or agreement. Bargain is very popular among the business communities for generating profits. However, it is very common in daily life....

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Posted Under: Company Law |

Draft Real states rules: Timely delivery is essence of Agreement

Timely completion of the project and timely delivery of the apartment or plot to the allottee by the promoter is the essence of the Agreement to be signed between the promoter and alottee under the Real Estate (Development & Regulation) Act, ...

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Posted Under: Company Law |

Compensatory Afforestation Fund Act, 2016

Notification No. 38 of 2016 (03/08/2016)

An Act to provide for the establishment of funds under the public accounts of India and the public accounts of each State and crediting thereto the monies received from the user agencies towards compensatory afforestation, additional compensatory afforestation, penal compensatory afforestation...

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7 less-known facts about financial planning

Money and math are the two very common concepts that most people will relate to the process of financial management. But managing money involves a lot more. Traditionally financial planning was all about securing one’s future, or saving for the retirement, but let us now observe a ...

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Posted Under: Company Law |

Reg. Issuance of rupee bonds to overseas investors by Indian companies

General Circular No: 09/2016 (03/08/2016)

The Ministry has received references from stakeholders seeking clarity on applicability of provisions of Chapter III of the Companies Act. 2013 (Act) and rule 18 of Companies (Share Capital and Debenture) Rules. 2014 to the issue of rupee bonds by Indian companies exclusively to persons resident outside India in accordance with applicable...

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Recognition of income on accrual basis to be considered from view point of a prudent assessee

CIT Vs. M.s Neon Solutions P. Ltd. (Bombay High Court), IT Appeal No. 2251 & 2360 of 2013, 05.04.2016

The Hon'ble Bombay High Court in the above cited case held that even in mercantile system of accounting an item would be regarded as accrued income only if there is certainty of receiving it and not when it has been waived. Earning of the income, whether actual or notional, has to be seen from the viewpoint of a prudent assessee....

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Goods and Services Tax – Overview of Model Law Released in June 2016

One subject which has been in the news in the last few years on the taxation front has been implementation of the Goods and Services Tax law. While the law should ideally have been introduced six years ago it has been pending implementation for various reasons with major ...

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Posted Under: Company Law |

14 FAQs on Goods and Services Tax (GST)

GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage....

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GST– Overview of Model Law Released in June 2016

In this article the author has sought to analyse the basic provisions of the proposed GST law based on the Model GST Law released in public domain in June 2016. Being a model law that is proposed, readers may note that the same would be ...

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Posted Under: Company Law |