Press Note No. 4 (2015 Series) Subject: Policy on foreign investment in the Pension Sector- addition of paragraph 6.2.17.9 of ‘Consolidated FDI Policy Circular of 2014-‘
The following is the text of the Secretarial Standard-1 (SS-1) on Meetings of the Board of Directors, 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.
The Second issue relates to additional depreciation of Rs. 4,98,859/-. Assessing officer has disallowed the balance additional depreciation claimed by assessee on the machinery installed in the second half of the previous year relevant to the A.Y. 2007-08.
Notification No. 43/2015 – Income Tax S.O. It is hereby notified for general information that the organization Pandit Deendayal Petroleum University Raisan Gandhi Nagar Gujarat, (PAN- AABTP3856A) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from AY-
With a view to give a boost to the manufacturing sector, an additional depreciation shall be allowed to an industrial undertaking, subject to the provision given below. Such additional depreciation shall be in addition to the normal depreciation which is being allowed to all assessee.
There is no restriction on allowing balance of one time incentive in the subsequent year if the provisions are constructed reasonably, liberally and purposive. One has to notice that additional benefit was intended to give impetus to industrialisation and in that direction the assessee deserves to get the benefit in full when there is no restriction in the statute to deny the benefit of balance 50% when the new plant and machinery was acquired and put to use for less than 180 days in the immediately preceding year.
April 23, 2015 ICSI ISSUES SECRETARIAL STANDARDS APPROVED BY THE CENTRAL GOVERNMENT ICSI is the pioneer and the only institution in the world so far to have issued secretarial standards TO BE EFFECTIVE FROM JULY 1, 2015 New Delhi, 23 April 2015: Section 118(10) of the Companies Act, 2013 mandates companies to observe Secretarial Standards […]
What are provisions relating to financial statements under the New companies act 2013 1. Section 129 of companies act 2013, provides for preparation of financial statements. 2. 2(40) to include balance sheet, profit and loss account/income and expenditure account, cash flow statement, statement of changes in equity and any explanatory note annexed to the above. […]
With the introduction of the revamped Company Law, changes have been brought about in quite a few areas of interest. We’re focusing on the changes in depreciation in this article. Schedule XIV of the erstwhile Companies Act prescribed minimum SLM (straight line method) and WDV (written down value) rates for depreciation. The Companies could charge higher depreciation, if the useful life of an asset was shorter than that envisaged under Schedule XIV.
Punjab & Haryana High Court held In the case of CIT vs. M/s Freedom Board & Paper Mills that it is not open to the AO to refer the case to DVO without rejecting books of accounts on the basis of rejection of the books of account on some legal or justified basis.
