"17 January 2022" Archive

Threshold Limit for Compliances Under Companies Act 2013

THRESHOLD LIMIT COMPLIANCES UNDER COMPANIES ACT, 2013 There are various compliances under Companies Act, 2013 which are applicable on various types of Companies. The below mentioned table shows you the compliances on the basis of threshold limits under the Companies Act, 2013. Sr. No. Compliances Section Applicability 1. Appointment of In...

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Posted Under: Company Law |

Income Tax Department conducts search & seizure in Haryana

The Income Tax Department had conducted a search and seizure operations on a diversified business group engaged in the manufacturing of plywood/plyboard, MDF board, inverter and vehicle batteries, and in the refining of lead on 11.01.2022.  More than 30 premises spread across the cities of Yamuna Nagar, Ambala, Karnal, and Mohali have be...

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Posted Under: Company Law |

SEBI: Empowering Investors through Investor Charters

Press Releases No. 2/2022 17/01/2022

SEBI has been publishing the status of disposal of investor grievances received in SCORES (SEBI Complaints Redress System) on its website on a monthly basis. Details of investor grievances, which are pending for more than three months with different intermediaries, are also being published....

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Capital Employed’ refers to Paid up capital of entity: IRDAI

Circular No. IRDAI/INT/CIR/MISC/8/1/2022 17/01/2022

Clarification on meaning of the term ‘Capital Employed’ mentioned under the Item, Retention (Each and Every Claim), of the Policy form under Section III of the abovementioned Guidelines. The Authority hereby issues clarification that the term ‘Capital Employed’ refers to the Paid up capital of the entity. ...

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Budget 2022 – Increase Standard Deduction for Salaried Class

The salaried persons perhaps have no say in the Budget. Businesses and the self employed manage their taxable incomes but the salaried class cannot escape the clutches of the Income Tax Department because the employer is mandated for deducting tax at source....

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Bogus ITC passing of Rs 47.99 Crore: HC grants bail to accused

Satindra Kumar Yadav Vs State of Odisha (Orissa High Court)

Satindra Kumar Yadav Vs State of Odisha (Orissa High Court) In the instant case, the petitioner was arrested on 02.09.2021 for offences under Section 132(1)(b),(c)&(l) of OGST Act, 2017 having availed fake ITC by a firm M/s. S.S. Syndicate during the period under consideration. As is made to understand, the petitioner being the propri...

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Bogus purchase additions confirmed by CIT(A) & ITAT: HC upheld Section 276C prosecution

Nayan Jayantilal Balu Vs Union of India (Bombay High Court)

Nayan Jayantilal Balu Vs Union of India (Bombay High Court) Perusal of the complaint launched against Petitioner also disclose allegations that Petitioner failed to substantiate the claim of purchases amounting to Rs. 2,74,03,016/- and the assessing officer held the purchases to be bogus and made an addition of Rs. 34,25,377/­(12.5% of ...

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Motor Accident Claim – Fixing of 15K as Notional yearly Income for Non-Earning Member is Unreasonable: HC

Roop Lal and another Vs Suresh Kumar Yadav (Allahabad High Court)

Roop Lal and another Vs Suresh Kumar Yadav (Allahabad High Court) This is a claimants appeal, claiming enhancement of award for the death of a child who was 07 years of age at the time of his death. Learned counsel for the appellants has submitted that deceased was a brilliant student and he had very […]...

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Section 194D TDS not deductible If Sum Paid Directly to Services Providers

Commissioner of Income Tax Vs SBI Life Insurance Company Ltd. (Bombay High Court)

Commissioner of Income Tax Vs SBI Life Insurance Company Ltd. (Bombay High Court) Therefore the obligation to deduct is on the person who is paying and the deduction to be made at the time of making such payment. Factually and admittedly no amount has been paid to the agents by respondent as a reimbursement of […]...

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12% Interest payable on excise duty deposited under protest during investigation

Gautam Industries Vs Commissioner of C.E. & S.T (CESTAT Chandigarh)

Gautam Industries Vs Commissioner of C.E. & S.T (CESTAT Chandigarh) Hon’ble Madras High Court in the case of CCE Chennai-II vs. UCAL Fuel Systems Ltd – 2014 (306) ELT 26 (Mad.) has held that the assessee is entitled to payment of interest from the date of deposit till the date of realization. He also submitted […]...

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