Rate Of Interest On Public Provident Fund Scheme Under Section 5 of the Public Provident Fund Act, 1968 (23 of 1968) On Subscriptions Made To The Fund On Or After 1-4-2014 And Balances At The Credit Of Subscriber Notification No. GSR 496(E) [F.NO.6-1/2011-NS-II (PT.II)], Dated 11-7-2014 In pursuance of section 5 of the Public Provident […]
Executive Summary Partnership Firms (Firms) along with Association of Persons (A0Ps) and Body of Individuals (B0Is) constitute one of the major businesses apart from the corporate sector in India. Firms are governed by India Partnership Act, 1932. The Income Tax Act, 1961 (Act) provides various exemptions and deductions to the Firms. Income Tax Department (ITD) […]
HighlIghts of CAG Report on Direct Taxes This Report discusses trends, composition and systemic issues in direct taxes using data from Finance Accounts, departmental accounts, departmental MIS and findings of compliance audit. Gross tax receipts (GTR) of Union Government in FY 2012-13 was RS. 10,36,460 crore which represented 10.25 per cent of the GDP. Share […]
CS Vinita Nair, Debolina Banerjee Background It was 1st August, 2011 which marked the introduction of Alternative Investment Funds (AIF) Regulations when Securities and Exchange Board of India (SEBI) issued a concept paper and draft regulations for AIF for public comments. The thought process after taking due consideration of the various stakeholders was notified on […]
Changes in Companies Act A little more than a half of the provisions of Companies Act, 2013 (Act) came into force from 1st April 2014. Following this, several communications were received in the Ministry of Corporate Affairs from bodies such as industry associations, chambers of commerce and professional institutes drawing attention to certain practical difficulties […]
Contributions to political parties are governed by Section 182 of the Companies Act, 2013. A company that is not a Government company and which is in existence for at least last three financial years may contribute up to 7.5% of its average net profits during the last three years to a political party/parties registered under […]
Companies Act, 2013 (Act) has introduced many new concepts and Key Managerial Personnel is one of them. While the Companies Act, 1956 recognised only Managing Director, Whole Time Director and Manager as the Managerial Personnel, the Companies Act, 2013 has brought in the concept of Key Managerial Personnel which not only covers the traditional roles of managing director and whole time director but also includes some functional figure heads like Chief Financial Officer and Chief Executive Officer etc.
CIRCULAR NO.1-2014 File No. 10/54/2014-CLB COMPANY LAW BOARD GOVERNMENT OF INDIA 3rd Floor, B-Block Paryavaran Bhawan C. G. O. Complex; Lodhi Road New Delhi-110003 Dated: 22.07.2014 CIRCULAR Sub: Clarification on Section 58A(9) and Section 58AA of the Companies Act, 1956 – Reg. On the commencement of sub-section (2) of section 74 of the Companies Act, […]
Aditya Shah DIPP has vide their Press Release Note 4 Of 2014 Series[1] has switched from the old NIC 1987 version to new NIC 2008 for the purpose of classification for Industrial Licenses and Industrial Entrepreneur’s Memorandum (IEM) proposal that have been submitted to DIPP. In light of those changes and to ensure that the […]
Extract of FM Speech in Lok Sabha During Budget Discussion on Friday 18.07.2014 A defining moment against us, both to the domestic investors and international investors, was the idea of a retrospective tax. Any economy, which can enact a retrospective tax and say this applies 40 years earlier, destabilises businesses, and, therefore, the world was […]
