In our view, though Form 26AS (r/w r.3 1AB and ss. 203AA and 206C(5)) represents a part of a wholesome procedure designed by the Revenue for accounting of TDS (and TCS), the burden of proving as to why the said Form (Statement) does not reflect the details of the entire tax deducted at source for and on behalf of a deductee cannot be placed on an assessee-deductee.
Recently, there were some reports in newspapers in the State that the sales tax department is trying to impose VAT on sale of flats (which is an immovable property) by builders considering it to be Works contract.
ICAI has suggested to the government in its pre-budget memorandum that no targets should be set by the Department for collection of taxes. In fact, internal mechanism is to be developed to ensure adherence of the timelines mentioned in the Citizens charter of the Department with regard to performance of services and adherence to the timelines should be made as a part of performance appraisal of the concerned.
Q1: What are the prohibitions on sec 185? Ans: No company can directly or indirectly advance loan to its directors or to other persons in whom directors are interested. No company can give any guarantee or provide any security in connection with any loan taken by him or such other person. Company can’t give loan represented by a book debt to above mentioned person.
ICAI in its pre-budget memorandum on Direct Taxes recommended Abolition of Surcharge on Income Tax and Further suggested that Exemption Limit in Rate of Tax for Individual and HUF should be increased from 2 Lakh to 3 Lkah (Basic Exemption Limit) from 5 Lakh to 10 Lakh (10% Tax) and from 10 Lakh to 20 […]
CII has called for a comprehensive review of the Companies Act 2013 and Companies Rules, 2014 issued thereunder. “Due to the hurried pace in which the Companies Act, 2013 and the Companies Rules, 2014 were implemented, the industry barely got an opportunity to absorb and understand the provisions or their impact in their entirety. Many new […]
Minimum salary limit for Profession Tax increased from Rs. 5000 to Rs. 7500. Turnover limit for registration under VAT increased from Rs. 5 lakhs to Rs. 10 lakhs. Tax Rate on Cotton reduced from 5 percent to 2 percent. Sugarcane Purchase Tax exempted for 20 13-14. Turnover limit for filing audit report increased from Rs.60 lakhs to Rs.1 crore.
SEBI Chairman urges Industry to understand the intention behind new disclosure and governance norms / Its time Industry takes steps to strengthen Capital Markets: U K Sinha, Chairman, SEBI “Corporates should run their own Pension Funds for their non-EPFO category employees and invest funds in the equity market”, urged Mr U K Sinha, Chairman, Securities […]
Until a date is notified by the Central Government under sub-section (1) of Section 434 of the Companies Act, 2013 (18 of 2013), the Company Law Board constituted in pursuance of sub-section (1) of Section 10E of the Companies Act, 1956 (1 of 1956) shall exercise the jurisdiction, powers, authority and functions of the Tribunal under sub-section (2) of Section 74 of the said Act.
In exercise of the powers conferred by sub-section (3) of Section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 6th day of June, 2014 as the date on which the provisions of sub-sections (2) and (3) of Section 74 of the said Act shall come into force.
