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Archive: 01 November 2022

Posts in 01 November 2022

Concequencies of Mentioning of Round off Figure in AOC-4

November 1, 2022 26475 Views 3 comments Print

1. Whether round off figure can be mentioned in AOC-4? 2. If round off figures mentioned in AOC-4, whether it shall be considered as Compliance or non-compliance? 3. If considered as noncompliance what are the consequences on the Professionals? 4. Whether Attachment of round of financials are enough or actual figures financials are also required to attach?

ICSI issues advisory on use of social media for election campaign

November 1, 2022 987 Views 0 comment Print

ICSI candidates must be aware, Election Code of Conduct dated 07.09.2022 issued by Returning Officer restricts use of social media for election campaign.

Penalty for Non-Filing of AOC-4 & MGT-7 within Due Date

November 1, 2022 55698 Views 2 comments Print

Avoid penalties for non-filing of AOC-4 & MGT-7 forms within the due date. Learn about the consequences and ensure compliance with Section 92 and 137 of the Companies Act.

Disallowance u/s 40(a)(i) unsustainable as payment is not taxable in India

November 1, 2022 1608 Views 0 comment Print

ITAT Bangalore disallowance u/s 40(a)(i) of the Income Tax Act for non-deduction of TDS for payments not qualifying as fees for technical services and not being business income taxable in India is sustainable

Import of firearms duly permissible under the Arms Act

November 1, 2022 9981 Views 0 comment Print

Delhi High Court held that import of firearms is not prohibited the Arms Act and also there is no restriction that import is permissible only if the parts cannot be manufactured locally. Accordingly, it was directed to release the goods so imported.

Levy of late fees u/s 234 prior to 1st June 2015 is unsustainable

November 1, 2022 3063 Views 0 comment Print

ITAT Mumbai held that levy of late filing fees u/s 234 of the Income Tax Act for any period prior to 01/06/2015 would not be sustainable in the eyes of law.

CBDT Proposes common Income-tax Return (ITR) Form

November 1, 2022 9504 Views 0 comment Print

CBDT proposes to introduce a common ITR by merging all the existing returns of income except ITR-7. However, the current ITR-1 and ITR-4 will continue. This will give an option to such taxpayers to file the return either in the existing form (ITR-1 or ITR-4) or the proposed common ITR, at their convenience.

Provisional attachment confirmation order under PML can be appealed within 10 days

November 1, 2022 870 Views 0 comment Print

Jammu Kashmir High Court held that person aggrieved by the order of confirmation of provisional attachment made by the Adjudicating Authority is well within his/her right to file appeal u/s. 26 of Prevention of Money Laundering Act, 2002 within this period of ten days and may persuade the Appellate Authority to intervene in the matter.

ब्रांड बनाओ, खड़ा करो, बेचो और निकल जाओ: रिटेल निवेशक किस्मत भरोसे

November 1, 2022 1896 Views 2 comments Print

पिछले तीन सालों में खासकर महामारी काल से एक नया ट्रेंड शेयर बाजार में आया है जिसमें नए जमाने की कंपनियां अपना ब्रांड मार्केट में खड़ा करने के बाद महंगे दाम पर आम निवेशकों को शेयर बेचकर इसके प्रमोटर्स निकल जाते हैं और फिर कंपनियां चलती है भगवान भरोसे. जो कंपनियां चल गई वो निवेशकों […]

Penalty imposed on company & directors for not maintaining registered office as per master data

November 1, 2022 7935 Views 0 comment Print

Report of the official of this office stated company has not maintained the registered office as per master data. Further, this office has issued Adjudication hearing notice under Section 12(8) of the Companies Act, 2013 read with Companies (Adjudication of Penalties) Rules, 2014 to the company and its directors vide this office letter dated 25.07.2022.

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