The Budget Session of Parliament will commence from 7th of next month. A press communiqué issued by the Rajya Sabha Secretariat states that subject to exigencies of business, the Session is scheduled to conclude on Thursday, the 14th of August, 2014. Source– Press Release dated 24.06.2014 by Ministry of Parliamentary Affairs Dates of First Rail […]
The Finance Minister Shri Arun Jaitley said that we expect the industry to show positive results in the coming months. The Finance Minister said that we also expect that the benefit of these duty concessions will be passed on to the consumers at large.
In continuation of the General circular No. 20/2013 dated 27/12/2013, it is clarified that the shares held by a company in another company in a ‘fiduciary capacity’ shall not be counted for the purpose of determining the relationship of ‘associate company’ under section 2(6) of the Companies Act, 2013.
Government has received references seeking clarity about the status of subsidiaries incorporated/to be incorporated by companies incorporated outside India. Attention has, in particular, been drawn to the absence of the deeming provision of sub-section (7) of section 4 of the Companies Act, 1956 in the Companies Act, 2013 (New Act).
Companies have also sought clarity about permitting free of cost inspection of records under rule 14(2) and rule 16 of the rules cited above and till a fee is prescribed for the purpose in the Articles. It is clarified that until the requisite fee is specified by companies, inspections could be allowed without levy of fee.
Recently CBDT has initiated Process of Validating Contact Details of Assessee and in the process it requires each assessee to furnish his/her Mobile Number and E-mail ID with an condition that a Mobile and Email Id can be used by not more than 4 assessee.
Audit of TDS returns A major portion of the revenue by way of income-tax is recovered through deduction of tax at source. For furnishing the information required under revised clause 27 of Form No.3CD, an in-depth verification of the TDS returns is necessary.
Discover ICAIs suggestions for improving the income tax refund process. Find out how to address difficulties in obtaining old paper refunds.
Presumably, the case of the assessee was that price offered by the buyer was the highest prevailing price in the market. If this is his case then it is difficult to accept the proposition that the assessee had accepted that the price fixed by the District Sub Registrar was the fair market value
Central Government hereby, in public interest, directs that the provisions of sections 43, 47, Clause (a) and (b) of sub-section (1) and sub-section (2) of section 62, 73, 101 to 107, 109, clause (g) of sub-section (3) of section 141, 160, 162, sub-sections (4) and (5) of section 196, section 180, section185, section 188, subsection (3) of section 203 of the Companies Act, 2013 shall apply to a private Company with the modifications set out below, a copy of this notification having been laid in draft before both Houses of Parliament as required by sub-section (2) of section 462 of the said Act, namely:-
