Though, assessee has claimed that the amount received was not in the nature of loan/advance, but, towards purchase of land in the name of company, however, assessee has not produced even a single evidence to justify the aforesaid claim.
149. Company to have Board of Directors (1) Every company shall have a Board of Directors consisting of individuals as directors and shall have— (a) a minimum number of three directors in the case of a public company, two directors in the case of a private company, and one director in the case of a […]
The obligation to export under the 20:80 scheme will continue to apply in respect of unutilised gold imported before November 28, 2014, i.e., the date of abolition of the 20:80 scheme.
As the financial year draws to a close, we all start feeling the heat and realise that yes, now we have to invest in order to save tax. Whilst investing with tax saving and tax planning in mind is the key, these investments must be part of a larger financial plan – to achieve certain life goals and protect capital. Unfortunately, tax planning decisions are taken at the eleventh hour with low planning and thus hamper the process of wealth creation over the long term.
Increase in basic exemption limit:- Sources familiar with the developments said the finance minister may increase the basic exemption limit for individuals from Rs 1,60,000 to Rs 1,80,000-Rs 200,000. There could be an increase in the exemption limits for women and senior citizens as well, in the range of Rs 10,000 to Rs 30,000. The ministry, sources said, had explored the option of a further increase, but was dissuaded by the high fiscal deficit.
Raise the bar: The slab of tax free income has not moved up in line with the real inflation. The current basic exemption limit of Rs 2,50,000 should be increased to Rs 3,00,000. This will increase the purchasing power of individuals and stimulate demand.
The term ‘dividend’ has been defined under Section 2(35) of the Companies Act, 2013. The term ‘Dividend’ includes any interim dividend. It is an inclusive and not an exhaustive definition. According to the generally accepted definition, ‘dividend’ means the profit of a company, which is not retained in the business and is distributed among the shareholders in proportion to the amount paid-up on the shares held by them.
Sub: Extension of Last date for on-line submission of application form for Empanelment with O/o C&AG to 25th February, 2015 We had received representations from a number of members that they could not fill up the C&AG’s online empanelment form for various reasons within the due date. In this regard, a request was made to O/o C&AG […]
Whether on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that no penalty is leviable under section 271D when there has been repeated violations of section 269SS on the ground that the creditors are genuine persons and there was no revenue loss to the Exchequer
Only one IEC shall be issued against a single PAN. Multiple IECs issued against a single PAN will be deactivated suo-moto after 31.03.2015.
