There have been reports in the media about Income Tax notices being issued to Durga Puja Committees in Kolkata recently. The reports also mention that Income Tax notices were sent to the Durga Puja Committee Forum in the last few weeks. It is unequivocally stated that the said reports are factually incorrect and are strongly denied. It is a fact that no notice was issued to the Durga Puja Committee Forum by the Department during this year.
Competition Commission of India finds the conduct and practice of Jaiprakash Associates Limited to be in contravention of Competition Law The Competition Commission of India (CCI) has found Jaiprakash Associates Limited (JAL) to be in contravention of the provisions of Section 4 of the Competition Act, 2002 (Act) for abuse of dominant position in the […]
The Committee has made far reaching recommendations. The main recommendations include, making CSR expenditure tax deductible, provision for carry forward of unspent balance for a period of 3 – 5 years, aligning Schedule 7 with the SDGs by adopting a SDG plus framework (which would additionally include sports promotion, Senior Citizens’ welfare, welfare of differently abled persons, disaster management and heritage protection), balancing local area preferences with national priorities, introducing impact assessment studies for CSR obligation of 5 crore or more, and registration of implementation agencies on MCA portal.
Key takeaways from 2 honourable Supreme Court judgments of 1) Amarpali & 2) Pioneer as pronounced on 23rd July 2019 & 9th Aug 2019 respectively for Real Estate Stakeholders The striking down of Article 370 by our honourable PM and HM at unprecedented speed has similar parallel in honourable Supreme Court also in last fortnight. […]
The Institute of Chartered Accountants of India (ICAI) today announced the results of following examinations held in May/ June, 2019. 1. Chartered Accountants Final Examination (Old & New Syllabus) 2. Foundation Examination Since December 1949, the Chartered Accountancy Examination is held twice in a year in the months of May/June and November/December. Chartered Accountants Final […]
1) With a view to simplify the process for incorporating Section 8 Companies, requirement of prior filing of INC-12 for new section-8 companies is being dispensed with vide the Companies(Incorporation) Sixth Amendment Rules, 2019 dated 7th June, 2019. 2) Henceforth, Section 8 Companies can be incorporated by either reserving names through Run and filing SPICe […]
Article contains Compliance chart for Incorporation and other related compliances for wholly owned and other subsidiary Companies in India. It further explains provisions related to Directorship in Subsidiary or Wholly Owned Subsidiary Company, Mandatory Declaration to be filed under Section 89 of the Companies Act, 2013 in case of Wholly Owned Subsidiary Company and Compliances […]
Accounting of Interest free demand loan given by One Company to Other Company which may or may not be related party- Entity generally advances various demand loans / Inter Corporate Deposits (ICDs) to various parties on commercial terms and sometime entities does not charge any interest or charge an interest, which is below market rate.
Mumbai Bench of CESTAT has held that there is no estoppel in raising classification dispute in subsequent import of a product and that in the absence of appropriate classification there was nothing binding to treat previous classification as the sole option.
MakeMy Trip (India) Pvt. Ltd. Vs DCIT (ITAT Delhi) As regards the penalty based on addition on account of difference in rate of depreciation on computer peripherals, the Assessing Officer has observed that the assessee made a wrong claim of depreciation @ 60% on printers, UPS, computer stationery, routers and scanners by clubbing them with […]
