"11 March 2021" Archive - Page 3

Section 10(23BBA) exemption allowable to independent bodies constituted under Central/State/Provisional enactments

Amirthakadeswaraswamy Devasthanam Vs ACIT (Madras High Court)

The constituent temples function under the aegis of the HR&CE Act and the ‘body’ or ‘authority’ as referred to in Section 10(23BBA) would be the HR&CE department only. Moreover, the proviso to Section 10(23BBA) specifically excludes temples and other religious institutions functioning under the management of the ‘body’ or ‘a...

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Name Change of The Company

Name is one of the most important aspects of the Companies existence, it is the first thing which any outsider see while dealing with the company. So it not only signifies the identity of the business per se but also creates the perception about the company in the eyes of outsiders. In today’s world, the […]...

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Posted Under: Income Tax |

Auditors under companies Act for Private Companies

As per the Company 2013, the auditor’s responsibility has been enhanced to a great extent and the manner of appointing him has also been changed, when compared to companies Act, 1956. We here discuss briefly about the Auditors responsibility in light of Companies Act, 2013 for private companies. Section 2(17) of Companies Act, 2013 ―c...

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Posted Under: Income Tax |

Property tax exemption was allowable on hostels for students & residential accommodation for nuns

Government of Kerala & Anr. Vs Mother Superior Adoration Convent (Supreme Court of India)

Residential accommodation for nuns and hostels for students which were attached to various educational institutions could claim property tax exemption under Kerala Building Tax Act, 1975....

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Investments yielding dividend to be considered to compute Section 14A disallowance

Religare Securities Ltd. Vs DCIT (ITAT Delhi)

Only those investments which had yielded dividend income for computing the average value of investments would be considered for the purpose of computing the amount of disallowance u/s 14A....

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Commentary/Analysis on Definition of Private Company

DEFINITION OF PRIVATE COMPANY Clause (68) of section 2 of the Companies Act, 2013 (Section 2(68)) Private company means a company having a minimum paid-up share capital of one lakh rupees or such higher paid –up share capital as may be prescribed, and which by its articles,- (i) restricts the right to transfer its shares; […]...

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Posted Under: Income Tax |

Commentary on One Person Company Definition

Clause (62) of section 2 of the Companies Act, 2013 – Definition of One Person Company One Person Company means a company which has only one person as a member. Under Companies Act, 1956 there was no concept of One Person Company (OPC) but Companies Act, 2013 introduced the concept of OPC and this OPC […]...

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Posted Under: Income Tax |

Reduction in Gold prices & its impact on Gold Loan companies

Background: Gold is one of the best performing commodities witnessing the highest gain. Gold prices have gained lot of appreciation in years ranging from Rupees 18500 per 10 gram in 2010 to around Rupees 55000 per 10 gram in 2020. Currently Gold prices have dropped steeply since beginning of the year. It has dropped to […]...

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Posted Under: Income Tax |

Start Up Companies & Exemption available under Income Tax Act 1961

START UP COMPANIES AND EXEMPTION AVAILABLE UNDER INCOME TAX ACT, 1961  Indian economy is now running on right path and will achieve target of a developed economy. We have come a long way since our independent in the year of 1947. We have seen a lot of ups and downs in our economy and sailed […]...

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Posted Under: Income Tax |

Auto Income Tax Calculator -All in 1 for F.Y. 2020-21 (A.Y. 2021-22)

Auto Income Tax Calculator -All in 1 Tax calculator, Salary statement, Computation sheet with Form-16 for F.Y. – 2020-21 (A.Y.-2021-22) in old & New Regime Govt. has introduced a New tax regime (system) from F.Y.-2020-21 with a lower tax rate without any exemption/deduction. Also left an option for assesses to choose any one suitabl...

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Posted Under: Income Tax |

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