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Archive: 29 January 2021

Posts in 29 January 2021

Incorporation of Company and Its Compliances

January 29, 2021 2391 Views 0 comment Print

Incorporation of Company under Companies Act, 2013 and Its Compliances Now a days, youth of India want to become entrepreneur and they are also doing the same. In the past, we have seen many young persons who have established a successful business within a short span of time with their unique Ideas, one of the […]

Broad Understanding About Economic Survey of India

January 29, 2021 1455 Views 2 comments Print

What is Economic Survey of India Just ahead of the announcement of the Union Budget every year, we keep hearing and read about Economic Survey of India. Those who are familiar with it, know and understand what is Economic Survey and its importance. This article covers broad understanding about Economic Survey of India. The Economic […]

Summary of Changes in CSR Rules

January 29, 2021 3273 Views 0 comment Print

Summary of Changes in CSR Rules vide Companies (CSR Policy) Amendment Rules, 2021 Notified vide Notification No. G.S.R. 40(E) Dated-22/01/2021 – 1. Definition of Administrative Overhead included in the Rules. ‘Administrative overheads” means the expenses incurred by the company for general management and administration’ of Corporate Social Responsibility functions in the company but shall not […]

MCA on condonation of delay & New ‘Extend’ functionality

January 29, 2021 1605 Views 0 comment Print

New ‘Extend’ functionality shall be introduced as part of SPICe+ Part A w.e.f. 26th January, 2021 New ‘Extend’ functionality shall be introduced as part of SPICe+ Part A in line with Rule 9A ‘Extension of reservation of name in certain cases’ of the Companies (Incorporation) Third Amendment Rules, 2020 with effect from 26th January 2021. […]

Mumbai Local trains to open for Public wef 01.02.2021

January 29, 2021 1479 Views 0 comment Print

Mumbai Local train services be allowed from the start of services for the day to 7 AM and then again from 12 PM to 4 PM in the afternoon and from 9 PM to closure of local train services for the day with effect from 1st February 2021.

Gain from Sale of Equity share taxable as capital gain for Lack of regularity & isolated instances

January 29, 2021 993 Views 0 comment Print

Swatiben Anilbhai Shah Vs DCIT (ITAT Ahmedabad) The solitary issue for adjudication on merits is whether gains arising on sale of certain quantity of shares of a company, namely, Pyramid Siamira Theatre Ltd. (PSTL) by the assessee in the relevant assessment order is required to be taxed under the head ‘capital gains’ as offered by […]

CAG may soon appoint 10811 Accountants and Auditors

January 29, 2021 3774 Views 3 comments Print

CAG has issued two draft notifications by which it has proposed to appoint 10,811 new auditors.  It has invited comments on the proposed Recruitment Rules to the post of Auditor/ Accountant, Level 5 in pay matrix. Proposed draft rule proposed appointment of  6409 Auditors vide Draft Indian Audit and Accounts Department (Auditor) Recruitment Rules, 2021 […]

Section 50C Stamp value as on date of agreement or date of registration?

January 29, 2021 2556 Views 0 comment Print

Ashok Vadilal Patel Vs ITO (ITAT Ahmedabad) The dispute between the assessee and the Revenue is, for the purpose of section 50C, which rate is to be deemed as full consideration for the sale of this property for purpose of section 48 of the Act ? According to the assessee, the rate should be adopted […]

Farmers’ Agitation – The Great Betrayal-The Hidden Agenda Exposed

January 29, 2021 1464 Views 0 comment Print

The purported peaceful Kisan agitation started and carried forward by a section of farmers from Punjab, Haryana and Western U. P to redress their grievances against the three agri reform bills enacted by the government was only a calm before a storm. The agitation started peacefully with the objective of alleviating the apprehensions and doubts […]

No tax on Rental Compensation for Alternate Accommodation from Developer

January 29, 2021 52077 Views 2 comments Print

we find that compensation received by the assessee towards displacement in terms of Development Agreement is not a revenue receipt and constitute capital receipt as the property has gone into re­development. In such scenario , the compensation is normally paid by the builder on account of hardship faced by owner of the flat due to displacement of the occupants of the flat. The said payment is in the nature of hardship allowance / rehabilitation allowance and is not liable to tax.

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