"02 February 2017" Archive - Page 3

Calculation of profit for CSR and Managerial Remuneration

Section 198 lays down the manner of calculation of Net Profit of a company in any financial year for the purpose of both CSR and Managerial Remuneration. It is the duty of company secretaries to assist in these calculations and easy out the understand of section to the board and other professionals....

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Posted Under: Company Law |

Non-deduction of tax in case of exempt compensation under RFCTLAAR Act, 2013

The existing provision of section 1 94LA of the Act, inter-alia, provides that any person paying compensation shall deduct tax at source at the rate of ten per cent. on the compensation or enhanced compensation or consideration on account of compulsory acquisition of any immovable property (other than agricultural land) under any law for ...

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Posted Under: Company Law |

Union Budget 2017-18 – Direct Tax Changes

1) Capital Gain in respect of Land & Building - Periodicity for long term Capital Gain is 3 years ,now it is reduced to 2 years.- Base year shifted form 01.04.1981 to 01.04.2001 for all assets including Immovable property, this will surely reduce the Capital Gain tax....

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Posted Under: Company Law |

Budget 2017-18 : Moving toward Digitised Economy: Cash is not the King now

It is also proposed to insert new section 271DA in the Act to provide for levy of penalty on a person who receives a sum in contravention of the provisions of the proposed section 269ST. The penalty is proposed to be a sum equal to the amount of such receipt. The said penalty shall however not be levied if the person proves that there wer...

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Posted Under: Company Law |

Steps taken Central Govt to strengthen CBI

Central Government has taken various steps to strengthen Central Bureau of Investigation so as to reduce pendency of cases, which are as under:- (i) Approval for appointment of 66 Public Prosecutors has been conveyed to CBI....

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Posted Under: Company Law |

Custom Duty Notification to carry out Budgetary changes

Notification No. 06/2017-Customs (02/02/2017)

where the goods so imported are sought to be disposed of, the importer or the transferee, as the case may be, may pay the duty of customs which would have been payable but for the exemption contained herein, on the depreciated value of such goods subject to the condition that the importer or the transferee, as the case may be, produces b...

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Notification reducing custom duty on certain machinery

Notification No. 05/2017-Customs (02/02/2017)

the importer furnishes an undertaking to the Deputy Commissioner of Customs or the Assistant Commissioner of Customs, as the case may be, that such imported items shall be used for the purposes as specified above and, if the importer fails to comply with this condition, he shall be liable to pay, in respect of such items as is not proved ...

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SAD exemption on Catalyst for use in manufacture of cast components of WOEG

Notification No. 04/2017-Customs (02/02/2017)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Rev...

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Budget 2017 imposes 15% Export duty on ‘Other aluminium ores, including laterite’

Notification No. 03/2017-Customs (02/02/2017)

-In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Re...

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5 Budget 2017 Amendments you should know

This may affect very severely to jewelers, builders, purchase of agricultural produce. Unless, some categories are specifically exempted by Government by Notification. One important point being ‘one event or one occasion’ is covered. Thus, for marriage function, if payment is made in parts also to e.g. Caterer, exceeding Rs 3 lacs, it...

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Posted Under: Company Law |