The Companies Act, 2013 has introduced many new reporting requirements for the statutory auditors of companies. One of these requirements is given under the sub-section 12 of Section 143 of the Companies Act, 2013 which requires the statutory auditors to report to the Central Government about the fraud/suspected fraud committed against the company by the officers or employees of the company.
Calcutta High Court held In the case of CIT vs. M/s Britannia Industries Ltd. that bank charges claimed by the assessee are not relatable to the fixed assets. Bank charges are payable in consideration of the risk undertaken by the bank.
Following curbs have been introduced by Indian Railways on online train ticketing to inter-alia keep a check on the activities of unscrupulous elements including touts: i. There is a restriction of only one booking in one user login session and forced logging out of the user before another booking while booking of tickets between 0800 […]
Section 80DD of the Income Tax Act, 1961, inter alia, provides for a deduction to an individual or HUF, who is a resident in India, and • Incurs expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability; or • Pays any amount to LIC or any […]
Increase in Number of Tax Payers in the Last Three Years The numbers of taxpayers have increased in the country during the last three years. The number of income-tax assessees (taxpayers) for past three years is as under: Assessment year Number of assessees* 2011-12 43867006 2012-13 47868755 2013-14 51085906** *the data is based on the […]
The Government of India is implementing a scheme by name ‘NIRAMAYA’ through which the handicapped and mentally challenged persons are covered for medical treatment upto Rs. 1 lakh. Aam Admi Bima Yojana (AABY) is also a Government Social Security Scheme being administered through Life Insurance Corporation of India (LIC)
The provisions of section 125 and section 132 of the Companies Act, 2013 respectively provide details about the constitution, powers and responsibility of the Investor Education and Protection Fund Authority (IEPFA) and National Financial Reporting Authority (NFRA). These sections are yet to be notified.
It has come to the notice of the Board that several Foreign Institutional Investors receiving income from transactions in securities claim such income as exempt from tax under the Income Tax Act, 1961(‘the Act’) by availing benefit provided in the Double Taxation Avoidance Agreements(‘DTAAs’) signed between India and their respective countries of residence.
SECRETARIAL STANDARD ON GENERAL MEETINGS Following is the text of the Secretarial Standard-2 (SS-2) on ‘General Meetings’, issued by the Council of the Institute of Company Secretaries of India and approved by the Central Government. Adherence by a company to this Secretarial Standard is mandatory, as per the provisions of the Companies Act, 2013.
CIRCULAR NO. 1 of 2015-16, Dated: 24/04/2015 The following up-gradations/Changes were made in the existing modules, during the first half of April’2015. 1. Item add link (for dealers): The item add link initially provided to the dealer for online downloading of central forms has been removed. Now, the item can be added through amendment or DP-1 link only.
