"19 January 2018" Archive - Page 3

Section 194J: Provide threshold exemption of Rs. 30,000 on Directors Remuneration

The amendment to section 194J by the Finance Act, 2012 requires deduction of tax at source @ 10% on any remuneration or fees or commission, by whatever name called, to a director of a company, other than those on which tax is deductible under section 192. ...

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Posted Under: Income Tax |

Section 115BBC & 13(7) – taxation of anonymous donations: ICAI Suggestion

Nothing contained in section 11 and 12 shall operate so as to exclude from the total income of the previous year of the person in receipt thereof, any anonymous donation referred to in section 115BBC on which tax is payable in accordance with the provisions of clause (i) of sub-section (1) of that section....

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Posted Under: Income Tax |

Remove anomalies in sections 111A & 112- ICAI

At present, long term capital gain is taxed @ 20% in pursuance of the provisions of section 112. Whereas, in case of individual assessee having normal income, the rate of tax upto Rs. 5,00,000 is only 10%....

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Posted Under: Income Tax |

CODS 2018- Whats is there for Directors of Companies under Strike off

MCA notified the applicability of Condonation of Delay Scheme (CODS), 2018 vide General Circular No 16/2017 Dated 29/12/2017 which is applicable from 01.01.2018 to 31.03.2018 under which DIN of some Disqualified Directors have been activated to allow them to do fillings of all overdue documents. But at the same time the Scheme is only app...

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Posted Under: Income Tax |

EPFO to digitise existing Form No. 9 documents prior to 1st April, 2012

No. WSU/10(1)2011/Changes in MAP/24122 19/01/2018

Following steps are to be followed to digitize physical Form No. 9:- 1) Scanning of physical Form No. 9 and upload the same in the system 2) Approval of scanned copy of Form No. 9 3) Approval of member data available in the system 4) Archiving the scanned Form-9 duly indexed for reference....

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Valuation under Customs and Transfer Pricing- need for convergence

Both Customs and TP require taxpayer to establish arm's length principle with respect to transactions between related parties. Objective under respective laws is to provide safeguard measures to ensure that taxable values ...

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Posted Under: Income Tax |

DGFT Amends SION Sl No: A1495 / A1496 / A1497

Public Notice No. 56/2015-2020-DGFT 19/01/2018

SION Sl No: A1495 Description of input item at SI. No. 2, (without any change in quantity) is amended to read as under:-Styrene/Styrene Monomer...

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Export Policy of Onions- MEP fixed at US$ 700 F.O.B. per Metric Ton

Notification No. 45/2015-2020-DGFT 19/01/2018

Export of all varieties of onions, as described above, will be allowed only on Letter of Credit (LC) subject to a Minimum Export Price (MEP) of US$ 700 F.O.B. per Metric Ton (instead of US$ 850 F.O.B. per Metric Ton) with immediate effect and till 20.02.2018....

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IRDA warns IFFCO Tokio for Violations of Group Insurance Guidelines

IRDA/HLT/WRN/ORD/009/01/2018 19/01/2018

However, taking into consideration the rectification measures stated to have been initiated, your company is warned for violating the within referred provisions of Guidelines on Group Insurance Policies and your company is also directed to ensure compliance of the within referred Guidelines hereafter....

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Insolvency And Bankruptcy Code (Amendment) Act, 2017

(1) This Act may be called the Insolvency and Bankruptcy Code (Amendment) Act, 2018. (2) It shall be deemed to have come into force on the 23rd day of November, 2017....

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