283 sections of the Companies Act 2013 have been made effective now. Private Companies have also been brought under the purview of the compliances of Companies Act 2013. Earlier private companies were allowed to take loans from relatives and shareholders which were the major sources of funds for most of the private companies apart from banks.
Ministry of Finance, Government of India has pronounced the DTC, 2013 along with DTC Bill, 2010 is placed on http://incometaxindia.gov.in, inviting public comments. A write-up on the significant changes in the proposed DTC, 2013 is also placed on the website. The report of the Standing Committee on Finance is available at the http://loksabha.nic.in.
Towards the implementation of the Companies Act, 2013, the Ministry of Corporate Affairs has notified another 183 sections of the Act which will be made applicable from 1st April, 2014. List of Sections of Companies Act 2013 which are made applicable by the Ministry of Corporate Affairs w.e.f 1st April, 2014. Chapters Sections Notified Chapter 1Preliminary Definitions […]
I am happy to inform that after several persuasions for long years by the Institute, the name of Cost Accountant have been included in the definition of Accountant in the Direct Tax Code , 2013 which intend to consolidate the law relating to Income Tax and wealth Tax hosted for public comments.
Clarification on prohibition of simultaneously undertaking Concurrent Audit and Quarterly Review of the same Bank. – (02-04-2014) Since queries are being received from members at large on the issue, it is accordingly hereby clarified that concurrent audit and the assignment of quarterly review of the same Bank cannot be undertaken simultaneously as the concurrent audit […]
I am directed to invite attention to the Interim Order No. IO/E/795-802/2013-EX(DB), dated 18-12-2013 of the Principal Bench of CESTAT, New Delhi. Vide para 9 of the said order dated 18-12-2013 the bench observed it is high time for revenue to rise to the occasion and reduce its litigation without burdening the Tribunal to list the matters frequently in cause list to know status of compliance to stay orders.
Accordingly, exports of such goods to Iran which have been imported against payment in freely convertible currency would be permitted against payment in Indian Rupees also, subject to at least 15% value addition. Further, re-export of food, medicine and medical equipments will not be subject to minimum value addition recjuirement. The ITC(H5) codes for these goods will cover Chapters Z3,4,7-11.
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India
It is clarified for general information of all concerned that: (A) Finance Act, 2013 shall be made applicable involving Assessment Year 2014-15 for the following papers in June 2014 and December 2014 terms of Examinations of the Institute:
Punjab and Haryana High Court in CIT vs. M/s. Lakhani Marketing Inc, ITA No.970 of 2008 (O&M) , Dated- 02.04.2014 made reference to two earlier decisions of the same Court in CIT Vs. Hero Cycles Limited, 323 ITR 518 and CIT Vs. Winsome Textile Industries Ltd 319 ITR 204 to hold that Section 14A cannot be invoked when no exempt income was earned.
