Independent Director is authorised / responsible for efficient functioning of Company, and is supposed to look after important matters of Company in independent way
With the introduction of Corporate Social Responsibility provisions, many corporate consider this provision to be a burden on them.
An apprehension has been raised that increased turnover on account of use of digital means of payment may lead to demands for earlier period. It is hereby clarified that in indirect taxes, past assessments will not be reopened for this reason alone.
1. As you are aware that Goods and Services Tax (GST) is likely to be implemented with effect from April 1, 2017. 2. For the smooth transition from VAT regime to GST regime, GST migration process has been started by the State of Punjab.
The advent of banking reforms in India has brought the concept of NPA (Non Performing Asset) which has changed drastically the perception and approach of the bank and the customer when dealing with loans financed by the bank.
ITAT held that compensation received for loss of business activity is a capital receipt as it is injury to the profit making apparatus and not the loss of profits. Therefore, in the present case , non-supply of land by supplier which was to be used by the consortium was injury to profit making apparatus and hence capital receipt.
