It is not less than a nightmare for all those Directors who were recently trapped after being disqualified from their directorship. MCA, after releasing a list containing number of names of disqualifying directors, has actually changed the rule of game.
SEBI has directed stock exchanges to crack whip on companies that do not comply with minimum public shareholding requirements vide Circular dated 10th October, 2017.
Fixed deposit has remained the most favored investment option as it not only preserves your capital but also provides surety of returns that are going to be only profitable. Even though the trend is changing and investors are moving on to other preferred modes of investment the old world charm of a fixed deposit remains […]
The Ministry has struck off names of 2,17,239 companies from the records as on September 22 as these have not been carrying out business activities for a long period and have also defaulted on compulsory filings while more such companies are likely to face action. It has been informed that as on September 22, a total of 3,19,637 directors have been identified and flagged as disqualified under Section 164 (2) (a) of the Companies Act, 2013 It is estimated that the final list may touch the figure of about 4.5 lakh (directors).
The provisional figures of Direct Tax collections up to September, 2017 show that net collections are at Rs. 3.86 lakh crore which is 15.8% higher than the net collections for the corresponding period of last year. Net Direct Tax collections represent 39.4% of the total Budget Estimates of Direct Taxes for F.Y. 2017-18 (Rs. 9.8 lakh crore).
While processing income-tax returns filed in Form ITR-1, doubts have arisen regarding the nature, extent and scope of comparison of information as contained in the return of income with the three Forms which might lead to issuance of intimation proposing adjustments to the returned income.
The Commission however felt that there was palpable lack of communication/ internal co-ordination within the Public Authority that needs to be revisited and strengthened within the Public Authority itself.
Where original assessment order was subjected to revision under section 263, interest under section 234B would be charged till completion of assessment under section 143(3) read with section 263.
Though agricultural land sold by assessee had remained barren for a longer period and had been converted by purchaser thereof into non-agricultural land, however, AO could not give any cogent and convincing reason for disbelieving documentary and circumstantial evidence furnished by assessee prima facie establishing the land in question to be an agricultural land, he was not, therefore, justified in treating the same as capital asset.
If the subsidy is intended for meeting a portion of the cost of the assets, then such subsidy should be deducted from the actual cost, for the purpose of computing depreciation. As per Hon’ble Supreme Court, the law is that if the subsidy is asset-specific, such subsidy goes to reduce the actual cost. If the subsidy is to encourage setting up of the industry, it does not go to reduce the actual cost, even though the amount of subsidy was quantified on the basis of the percentage of the total investment made by the assessee.
