In view of the references received from stakeholders seeking clarification on the applicability of provisions of Chapter III of the Companies Act, 2013 (Act) and Rule 18 of Companies (Share Capital and Debenture) Rules, 2014 to the issue of Rupee bonds by the Indian companies exclusively to persons resident outside India
Empanelment of Chartered Accountants/Cost Accountants Partnership Firms registered with the Institute of Chartered Accountants of India / Institute of Cost Accountants of India for conducting Internal Audit of Physical Verification of Stores & Spares in SECL for the Year 2016-17.
(a) The clause (2) of section 2 of the Settlement Act defines the term arrears in dispute. In order to qualify any amount of tax, interest or penalty as ‘arrears in dispute’ one of the condition was that a recovery of the aforesaid arrears must have been stayed either fully or partly by the appellate authority, Tribunal or the Court.
After the enactment of Constitutional (101st Amendment ) Act, 2016, the hope for advent of GST in India is no distant dream. GST Council has also been notified on September 15, 2016 and thus, the policy formulators have taken their positions as part of this Think-tank and shall be responsible for taking the biggest fiscal decisions of the Country.
I am directed to state that the Central Government had withdrawn the following notifications granting approval u/s 35(1)(ii) of the income-tax Act, 1961 to the respective entities which were notified earlier. The details are as follows:
The following officers in the grade of Principal Commissioner of Income Tax (HAG, Pay scale Rs.67,000-79,000) (pre-revised) are, hereby, promoted on ad-hoc basis to the post of Chief Commissioner of Income Tax (HAG+) in the Pay Scale of Rs. 75,500-80,000/- (pre-revised) for the panel year 2016-17 with effect from the date of assumption of charge of the post and until further orders.
‘Income from Operations’, as mentioned in the formats for publishing financial results prescribed in the circular dated November 30, 2015, may be disclosed inclusive of excise duty, instead of net of excise duty, as specified in the Companies Act, 2013.
Sections 194C(6) and Section 194C(7) are independent of each other, and cannot be read together to attract disallowance u/s 40(a)(ia) read with Section 194C of the Act; and If the assessee complies with the provisions of Section 194C(6), no disallowance u/s 40(a)(ia) of the Act is permissible, even there is violation of the provisions of Section 194C(7) of the Act.
Under GST regime, levy of IGST on imports would subsume CVD & SAD. Also, it appears that EC & SHEC shall continue to be levied on imports of goods on BCD and other Duties under Customs Act except CVD and SAD which are going to be subsumed under GST.
Analysis Of The Recent Amendment To Section II Of Part II Of Schedule V Relating To Managerial Remuneration vide Notification No. S.O. 2922(E) dated 12.09.2016 Under Companies Act, 2013
