In Mumbai on Wednesday RBI Governor Raghuram Rajan said that there is a need for increase in tax exemption limit under section 80C on financial investments by individuals. Currently Section 80C allows investments up to Rs.1.50 lakh. Section 80C was introduced in place of section 88 w.e.f. 1-4-2006. Limit of One Lakh of Investment under […]
Shreyans Ranka INTRODUCTION In recent times, the conventionally functioned models of business have become out-of-date and in many cases are not execution enough income to the owners or shareholders of the company. A usual example of such a situation in the business of newspaper in the United State of America wherein many of the noticeable […]
कम्पनीज एक्ट 2013 की धारा 185(1) के प्रावधानों के अनुसार कंपनी को अपने डायरेक्टर या किसी ऐसे PERSON को जिसमे डायरेक्टर का हित है को लोन, गारंटी या सिक्यूरिटी देने से मना किया गया है यह धारा काफी DEBATABLE है क्योकि इस धारा के ORIGINAL सेंटेंस को पढने से ऐसा लगता है की कंपनी किसी ऐसे कंपनी को भी लोन दे सकती है जिसमे डायरेक्टर इंटरेस्टेड है यदि धारा 186 के प्रावधानों का पालन कर लिया जाता है तो. क्योकि धारा 185 की शुरुवात इस प्रकार है
Notification No. 12/2015 – Income Tax In the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, number S.O.2752(E), dated the 22nd October, 2014, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii), dated the 22nd October, 2014,-
The Board has decided to constitute a Committee to redraft the existing guidelines for write-off of irrecoverable demand so as to harmonize these with the prevailing economic and administrative circumstances as well as to make these simpler and easier to administer.
ICAI Press Release – Result of IPC Examination held in Nov’14 declared. – (04-02-2015) The Institute of Chartered Accountants of India (ICAI) announced the result of Chartered Accountants Intermediate (IPC) examination held in Nov, 2014. The toppers of IPC examination held in Nov, 2014 are from Kolkata, Chennai and Panipat. The details of the top […]
What is a Related Party Transaction? Under Section 188 of Companies Act, 2013 Entering into any contract or arrangement with a related party with respect to:- a) Sale, purchase or supply of any goods or materials; b) Selling or otherwise disposing of, or buying, property of any kind; c) Leasing of property of any kind; d) Availing or rendering of any services;
Assessee argued that No expenditure directly or indirectly was incurred by the assessee for earning exempt income and further the investment in shares was made in earlier years out of own funds and not out of borrowed funds, therefore, no disallowance u/s 14A r.w. Rule 8D is to be made.
This Court finds that no interest is leviable on the respondent assessees under Section 234B, even though they filed returns declaring NIL income at the stage of reassessment. The payers were obliged to determine whether the assessees were liable to tax under Section 195(1), and to what extent, by taking recourse to the mechanism provided in Section 195(2) of the Act.
ICAI Press Release Dated 04-02-2015 We are pleased to inform our members and students that ICAI National Helpline has been launched by Chief Guest Hon’ble Union Minister for Railways Shri CA. Suresh Prabhu, during the inaugural session of the International Conference held at Bangalore. ICAI National Helpline is an IVR based facility and is available […]
