ITAT Mumbai held in the case of Hassan Ali Khan vs. DCIT that the assessee claiming that he has no bank account or based on transfer instructions, no transfer of funds had, however, been effected, would be of little moment in-as-much as the addition is toward unexplained money or bank deposit.
ITAT held that Revenue has not disputed the fact that effective rate of interest paid by assessee in India was 6.62% on loans whereas Interest paid by assessee on loans taken from AE abroad was 5%. This was below the rate of interest assessee was paying on loans taken within India.
As we know the basic feature of a Company is that it is an artificial person in the eyes of law which is capable of pursuing its object in its own name. The main object clause of the Memorandum of the company reflects the business activity to be carried out by the company. In this article, we are going to discuss the concept of object clause and its consequences by analysing the provisions of the Companies Act, 1956 (hereinafter referred to as ‘1956 Act’),Companies Act, 2013 (hereinafter referred to as ‘2013 Act’) respectively, and what are the changes expected as a result of the proposed Companies (Amendment) Bill, 2016.
At the very first instance, it has been a great step by the government that they have made available the ITR forms on 1st Day of April itself. Although the last date of filing ITR is 31st July for individuals, people have already started filing returns from the first week of April itself.
Bombay High Court held that there was no obligation to deduct tax at source in respect of payment made towards demurrage charges in cases where section 172 of the IT Act applies. The Revenue did not dispute in the present case that section 172 applied.
It has been noticed in previous years that in several cases having large number of TDS claims in ITR and TDS entries in Form NO. 26AS, AOs face technical difficulty while passing the assessment order under section 143(3) on AST system towards the end of March.
What is the nature and source of grievances received in EPFO? Grievances generally arise out of: i) Settlement of PF/Pension/Insurance Claims. ii) Transfer of PF accounts. iii) Non enrolment of employees. iv) difficulty arising out of old PF accounts on the CPGRAMS portal. v) difficulties relating to Universal Accounts Number (UAN). Grievances are raised by […]
The behavior of human beings tends to vary depending on the age, situation, education, and status in the society. An individual display different conduct when alone as compared to his demeanor in a group. Some people are timid at home and act fearless in other places.
According to Section 185 (1), No Company shall directly or indirectly advance any loan, including the loan represented by the book debt, or any other person in whom the director is interested or provide any guarantee or securities in connection with the loan taken by him or any such person.
1. Who can issue? Any corporate (entity registered as a company under the Companies Act, 1956/ 2013) or body corporate (entity specially created out of a specific act of the Parliament) is eligible to issue Rupee denominated bonds overseas. Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) coming under the regulatory jurisdiction of […]
