As you are aware, concurrent audit aims at shortening the interval between a transaction and its independent examination. It is, therefore, integral to the establishment of sound internal accounting functions and effective controls and is regarded as part of a bank’s early warning system to ensure timely detection of serious errors and irregularities, which also helps in averting fraudulent transactions and preventive vigilance in banks.
CBIC has taken various steps which have had the impact of reducing the dwell time as well as bringing down the logistics cost of EXIM clearances. One of the flagship initiatives in this regard has been the Direct Port Delivery (DPD) of containers to the importers thus obviating the need of routing the clearance through […]
In the today scenario, you must have noticed, every one is thinking/taking about buying and selling the asset. But the question arises that, ‘Is every transaction of sale or purchase are taxable and exigible for Capital Gain Tax’. Hence, as a common person by listening the word Tax first question comes to in the mind […]
Q. Why concept of UDIN is launched by an Institution? In an attempt to pursue heightened sense of self-governance and strengthen the practising side of the profession of Company Secretaries, The Institute of Company Secretaries of India has rolled out a unique initiative in the form of Unique Document Identification Number or UDIN. Aimed at […]
What is DIR3- KYC ? Every individual who has been allotted a Director Identification Number (DIN) as on 31st March of a financial year as per these rules shall, submit e-form DIR-3-KYC to the Central Government on or before 30th April of immediate next financial year. Since it’s a recent introduction, there has been a […]
Cabinet approves Promulgation of the Prohibition of Electronic Cigarettes Ordinance In a major health and wellness initiative for the country, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Promulgation of the Prohibition of Electronic Cigarettes (production, manufacture, import, export, transport, sale, distribution, storage and advertisement) Ordinance, 2019. Electronic-cigarettes are […]
Government constitutes Company Law Committee for examining and making recommendations on various provisions and issues pertaining to implementation of the Companies Act In line with the Government’s objective of promoting Ease of Living in the country by providing Ease of Doing Business to law abiding corporates, fostering improved corporate compliance for stakeholders at large and […]
Assessee was entitled to claim deduction under section 80-IE from Financial year 2008-09 and onwards due to modernization of its plant & machinery by infusing additional capital investment by more than 25 % of initial investment in plant & machinery as envisaged in clause (iii) of sub-section 7 of section 80-IE.
Usually, banks deduct TDS (Tax Deducted at Source) when the interest which is earned by a taxpayer exceeds INR 10,000. However, in case the total income of such taxpayer doesn’t exceed the taxable limit, such taxpayer can submit Form 15G to his or her bank requesting not to deduct TDS on his or her interest which he/she has earned in the financial year.
NCLT reached the conclusion that since the limitation period was 12 years from the date on which the money suit has become due, the aforesaid claim was filed within limitation and hence admitted the Section 7 application. The NCLAT vide the impugned judgment held, following its earlier judgments, that the time of limitation would begin running for the purposes of limitation only on and from 01.12.2016 which is the date on which the Insolvency and Bankruptcy Code was brought into force. Consequently, it dismissed the appeal.
