As per the provisions of section 10(5) of the Income-tax Act, 1961, an exemption of the value of leave Travel Concession/Assistance received by the employee from his employer is provided subject to fulfillment of prescribed conditions. Rule 2B provides for the specified conditions to be fulfilled. One of the conditions is that the exemption can […]
M/s Dupont had filed appeal before the Hon’ble High Court against rejection of a refund claim on an issue which had earlier been decided by the Hon’ble High Court against the revenue, though in a matter relating to a different assessee. Thus for deciding the refund, a binding precedent judgment existed.
Admission season is on and it’s that time of the year when every student is hoping to get in to a good college to pursue their higher studies. Once the admissions are sorted the next challenging step is to arrange the finances. The admission fee for higher studies is usually not a small amount and […]
The concept of “Business Correspondents” can be dated back to 2006 when a significant step in this direction was taken by way of issue of RBI guidelines in January 2006 (2006 guidelines)[1] for engagement of Business Correspondents by banks for providing banking and financial services.
Ruchira Shinde Background – Ministry of Corporate affairs is coming up with the new clarifications and circulars every single day for doing away with the loopholes and confusions created under the Companies Act, 2013, and putting queries at rest. Two spectrums of areas of Companies Act, 2013(Act, 2013) was dealt with recently vide MCA General […]
Recovery provisions under section 201(1) can be invoked only when loss to revenue is established, and that can only be established when it is demonstrated that the recipient of income has not paid due taxes thereof and the recipient of the amounts had the liability to tax.
In supersession of all earlier orders on the subject, it is hereby decided by the competent authority, only cases where objection is filed by the dealer, shall be dealt by Special Objection Hearing Authority (SOHA). However, cases where only rectification/ review for the mistake which is apparent on the record or where mismatch report as per System becomes NIL after revising the return
It is brought to notice that any amendment of Fundamental Rules / Service Rules is required to be made with the approval of President under powers vested by Article 309 of the Constitution. It is clarified that FR 22(I)(a)(1) continues to exist.
Section 149(3) of the Companies Act, 2013 (Act) requires every company to have at least one director who has stayed in India for a total period of not less than 182 days in the previous calendar year. Government has received requests from stakeholders for clarification with regard to applicability of these provisions in the current calendar/financial year.
Companies Act, 2013 has unveiled a new era in the Indian Corporate Sector which places more reliance on disclosure norms rather than on approvals. One such area is related party transactions. While the Companies Act, 1956 warranted approval of Central Government for related party transaction by large cap companies, Companies Act, 2013 calls for larger disclosures with members’ approval.
