CA Pallavi Agrawal The Ministry of Corporate Affairs has notified Section 135 and Schedule VII of the Companies Act 2013 as well as the provisions of the Companies (Corporate Social Responsibility Policy) Rules, 2014 to come into effect from April 1, 2014 vide its notifications dated 27.02.2014.
From the reading of Section 14A the Act, it is clear that before making any disallowance the following conditions are to exist:‑ a) That there must be income taxable under the Act, and b) That this income must not form part of the total income under the Act, and
Honourable SC has held in the case of CIT vs. Calcutta Knitwears that for the purpose of Section 158BD of the Act a satisfaction note is sine qua non and must be prepared by the assessing officer before he transmits the records to the other assessing officer who has jurisdiction over such other person.
Towards the implementation of the Companies Act, 2013, the Ministry of Corporate Affairs notified another 183 sections of the Act which will be made applicable from 1st April, 2014. As of now ,a total of 282 sections ( 99 sections were notified earlier) have been cleared along with the Set of Rules for operationalization of the Act and to make law at par with the International best practices and procedures.
Table of Fees (pursuant to rule 12 of the Companies (Registration of Offices and Fees) Rules, 2014) I. Fee for filings etc. under section 403 of the Companies Act, 2013 Table of fees for the documents required to be submitted, filed, registered or recorded or for any fact or information required or authorized to be […]
Amendment to Combination Regulations- 28thMarch 2014 The provisions of the Competition Act, 2002 (“Act”) relating to the regulation of combinations as well as the Combination Regulations have been in force with effect from 1stJune 2011. The Combination Regulations were amended twice on 23rd February 2012 and 4th April 2013, with a view to relax filing […]
The sole issue before us is whether the building in question constructed by the assessee on which exemption u/s 54F of the Act has been claimed is a residential building as claimed by the assessee or a building constructed for commercial use.
It goes to the credit of the CBDT and their APA team that the first batch of five APAs is being signed on 31 March 2014. They have taken just one year to achieve this milestone, which by international standard quite fast. It has been made possible by reasonable approach of the authorities and maturity shown by taxpayers.
The Payment and settlement System Act, 2007 was enacted on 20th December, 2007. The whole purpose of this act is to control the transactions which are made electronically. The intention of the government was to introduce of this act to increase the transactions through online instead of cheques.
Government needs funds for various purposes like maintenance of law and order, defence, social & health services etc. Government obtains funds from various sources, out for which one main source is taxation. Taxes are conventionally broadly classified as Direct Taxes and Indirect Taxes.
