"11 October 2016" Archive

Information which is otherwise available in public domain cannot be considered as confidential

M/s. Stellar Information Technology Private Ltd Vs. Mr Rakesh Kumar & Ors (Delhi High Court)

Delhi HC in the above cited case held that an employee cannot be restrained from competing with its former employer provided he/she is not using the confidential information of employer....

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Contribution to PF on salary exceeding Rs. 15000 p.m. WEF 01.09.2014

Letter No. Pension-1/12/33/EPS Amendment/96/18592 (07/10/2016)

The existing members as on the 1st day of September, 2014, who at the option of the employer and employee, had been contributing on salary exceeding six thousand and five hundred rupees per month, may on a fresh option to be exercised jointly by the employer and employee continue to contribute on salary exceeding fifteen thousand rupees p...

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ICDS Not Applicable for November, 2016 CA Exams

Students appearing in November, 2016 examination may note that Income Computation and Disclosure Standards (ICDS) shall not be applicable. ICDS need not be applied for computation of income or for answering application based or knowledge based questions...

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Posted Under: Corporate Law |

ICAI Request members to improve annual ROC filing compliance

This is to mention here that to promote high standard of integrity and professionalism it is an essential part of the Professional duty of the Chartered Accountants to ensure compliance of various statutory and other regulatory requirements with regard to the relevant provisions of the Acts which regulate the functioning of Companies and ...

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Posted Under: Corporate Law |

ICAI Clarification in respect of MEF Empanelment 2016

Following applicants are rendered Ineligible due to the clause of exclusivity: Applying as Proprietary Concern and also having Sole Practice (Individual) registered in Institute's records; Applying as Individual (either sole/individual practice registered or not in Institute's records) and also having Proprietary Concern. Applying as Pro...

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Posted Under: Corporate Law |

CBDT restricts acceptance of contributions by electoral trust

Notification No. 92/2016-Income Tax (07/10/2016)

CBDT amends Rule 17C to provide that  The electoral trust shall not accept contributions— (a)  from an individual who is not a citizen of India or from any foreign entity whether incorporated or not; (b)  from any other electoral trust which has been registered as a company under section 25 of the Companies Act, 1956 […]...

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Yield To Maturity (YTM) — An Important Investment Tool

The Yield To Maturity or Redemption Yield of the bonds (such as Corporate Bond or T- Bills) is the internal rate of return which investor is going to earn assuming that investor purchase the bond paying price equal to market price and hold the bond until maturity and issuer paid the principal and interest on the bond as per schedule....

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Posted Under: Corporate Law |

A layman’s guide to GST– A thrilling Tale of Economic Revolution!

Mr. Subodh, a businessman dealing in manufacturing of plastic bottles, was sitting in his chamber, his head bowed low over a booklet called ‘FAQ on Goods and Service Tax’ and looking thoroughly disappointed and twirling his moustache impatiently. The more he read, the more confused he seemed to get. Unable to take it anymore, he [&hel...

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Time of supply of goods as per Model GST Law with Examples!

Meaning and Relevance: Time of supply of goods determines time, when the tax (GST) will be levied. GST is levied on supply (i.e. for ex: when the goods are sold, transferred to branch, etc). Now, let us take example of sale of goods. In a sale transaction various events are involved i.e. invoice issuance, payment […]...

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Posted Under: Corporate Law |

Section 54E not makes distinction between Depreciable & Non-Depreciable Asset

CIT vs. V.S. Dempo Company Ltd. (Supreme Court)

Section 54E of Income Tax Act,1961 does Not Make Any Distinction Between Depreciable Asset And Non-Depreciable Asset And, Therefore, The Exemption Available to the Depreciable Asset Under Section 54E Cannot Be Denied By Referring to the Fiction Created Under Section 50...

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