"05 July 2022" Archive

Section 194R- Is the Issue Resolved?

Vide Budget 2022, the Government has introduced Section 194R in the Income Tax Act,1961 (ITA) obligating the deduction of tax on ‘benefits/perquisites whether convertible into money or not, arising from business or of a profession’  if the aggregate value of benefit/perquisite exceeds twenty thousand rupees in a financial yea...

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CBI Arrests two Senior Tax Assistants of Income Tax Department

The Central Bureau of Investigation has arrested two Tax Assistants posted at Income Tax Department, Hyderabad and Visakhapatnam in a bribery of Rs. 60,000/-....

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CCI Approves Acquisition of Citrix Systems, Inc.

CCI has  approved the acquisition of Citrix Systems, Inc. (Citrix) by funds managed by Vista Equity Partners Management, LLC (Vista) and funds and investment vehicles managed by Elliott Investment Management L.P. (Elliott)...

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IBBI warns IP & advised to be careful & ensure full compliance of IBC, 2016

Order No. IBBI/DC/110/2022 05/07/2022

It is observed that in accordance with the regulation 36 of the CIRP Regulations, Mr. Gupta has not mentioned the amount of claims, voting share, details of security interest, date of acquisition, cost of acquisition, remaining useful life, identification number, depreciation charged, book value, and any other relevant details related to ...

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Draft Revised ‘Guidance Note on Tax Audit under section 44AB

Exposure Draft of Revised ‘Guidance Note on Tax Audit under section 44AB of Income-tax Act, 1961’ is issued by ICAI Direct Taxes Committee ...

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MIS Statements- An solution for Startup Entrepreneurs.

During our team meet a few days back, A bomb was dropped on us! Finally we were funded and were about to have a bunch of venture capitalists reviewing our work top to bottom and grinding around our financials. And being in the accounts departments thing were getting difficult for us for tracking those financials […]...

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Loan From Director or Shareholders Under Companies Act

Loan From Director Or Shareholders In Private Limited And Public Limited Under Companies Act 2013 LOAN FROM DIRECTOR or SHAREHOLDERS UNDER COMPANIES ACT 2013 There is a common question which revolves around is can the director or Shareholder give loan to company? Can it be a private company or unlisted public Company? If Company accepted ...

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Rescheduled date for CA Foundation Exam at Silchar (Assam) Exam Centre

Chartered Accountants Foundation Examination, Paper – 1 [Principles and Practice of Accounting] and Paper - 2 [Business Laws & Business Correspondence and Reporting] which were scheduled on 24th and 26th June 2022 respectively in Silchar (Assam) Examination Centre were postponed....

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Change/Removal of Address other than Registered Office where books of accounts and papers are maintained

Change/Removal of Address other than Registered Office where books of accounts and papers are maintained Every company shall prepare and keep books of account and other relevant papers and financial statement for every financial year which give a true and fair view of the state of the affairs of the company, including that of its [&hellip...

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Disclosures in Board Report under Companies Act, 2013

The Board’s Report is the most vital means of communication by the Board of Directors of a company with its shareholders. It is an all-inclusive document which serves to inform the shareholders about the performance and various other aspects of the company, its major policies, relevant changes in management, future programmes of expansi...

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