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Archive: March, 2017

Posts in March, 2017

Govt. mandates Aadhaar for AC&ABC Scheme

March 23, 2017 1071 Views 0 comment Print

G.S.R. 278(E).—Whereas, the use of Aadhaar as identity document for delivery of services or benefits or subsidies simplifies the Government delivery processes, brings in transparency and efficiency, and enables beneficiaries to get their entitlements directly in a convenient and seamless manner and Aadhaar obviates the need for producing multiple documents to prove one’s identity

‘Relevant date’ for computing Price for issue of shares to a select group of shareholders

March 23, 2017 1305 Views 0 comment Print

Para 8 of the aforesaid circular provides that the pricing provisions of Chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 shall be followed in case of issuance of shares to a select group of shareholders or shareholders of unlisted companies pursuant to such schemes. It is now clarified that the ‘relevant date’ for the purpose of computing pricing shall be the date of Board meeting in which the scheme is approved.

See If A Short-term or A long-term FD Suits You Better

March 23, 2017 4443 Views 1 comment Print

The tenure of a Fixed Deposit scheme is dependent on current interest rates. You’ll also need to factor in the possible changes that may occur. Here’s how.

Designation of Special Court for Telangana & Andhra Pradesh under Companies Act, 2013

March 23, 2017 3507 Views 0 comment Print

Chief Justice of the High Court of Judicature at Hyderabad for the State of Telangana and the State of Andhra Pradesh hereby designates the following Courts mentioned in the Table below as Special Courts for the purposes of providing speedy trial of offences punishable with imprisonment of two years or more under the said Act, namely:-

Substitution of ICSI and ICAI nominee on NACAS

March 23, 2017 1350 Views 0 comment Print

In exercise of the powers conferred by sub-section (1) of section 210A of the Companies Act, 1956 (1 of 1956), hereinafter referred to as the said Act, the Central Government hereby makes the following further amendments in the notification of the Government of India

Bank Revenue Audit tip on Penal Interest

March 23, 2017 7695 Views 0 comment Print

In CBS environment , most of the times , Management response is usually as All charges calculation and charging is done by system , there’s no chance of under recovery.

Contingent Assets- “Different way of recognition by Ind-As”

March 23, 2017 6711 Views 4 comments Print

Current Indian Accounting has below provisions/ requirements related to the Contingent Assets – AS -29 Provisions, Contingent Liabilities and contingent assets Para -30- An enterprise should not recognise a contingent asset.

Exemption on Income arising out of Maintenance Money of ‘Minor’- Report

March 23, 2017 4773 Views 0 comment Print

Whether the provisions of section 64(1A) of the Income Tax Act, 1961 require an amendment to provide for exemption from clubbing of minor’s income accruing by way of interest on the amount deposited by one of the parents of the minor child as maintenance, at the hands of parent/guardian, under an order of the Court.

HC upheld Constitutionality of Service Tax on Lottery Ticket Sale activities

March 23, 2017 4767 Views 0 comment Print

Union-Parliament is conferred with the power and competence under Article 268A read with Entry 97, List I (Union List) to impose and levy service tax on related activities in distribution and sale of lottery tickets.

CBDT notifies third Protocol amending India – Singapore DTAA

March 23, 2017 2448 Views 0 comment Print

Third Protocol amending the Agreement between the Government of the Republic of India and the Government of the Republic of Singapore for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed at New Delhi on the 30th day of December, 2016 (hereinafter referred to as the Third Protocol);

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