Central Board of Direct Taxes has issued a detailed circular in the context of Late Fee, Levied under Section 234E of the Income Tax Act, 1961 vide Circular 07 of 2014 dated March 04, 2014 . The circular provides for ex-post facto extension of the due dates of filing TDS/ TCS Statements, prescribed under section 200(3)/ proviso to section 206C(3) of the Income Tax Act read with Rule 31A/ 31AA of the Income Tax Rules 1962.
Sweat equity shares means such equity shares as are issued by a company to its directors or employees at a discount or for consideration, other than cash, for providing their know-how or making available rights in the nature of intellectual property rights or value additions, by whatever name called.
Who is a Director? An appointed or elected member of the board of directors of a company. He has the responsibility for determining and implementing the company’s policy. A company director need not to be a shareholder or an employee, and may hold only the office of director under the provisions of the Act.
CS S. Dhanapal Private placement means any offer of securities or invitation to subscribe securities to a select group of persons by a company (other than by way of public offer) through issue of a private placement offer letter and which satisfies the conditions specified in section 42. If a company, listed or unlisted, makes […]
Bonus issue refers to a further issue of shares made by a company having share capital to its existing share holders without receipt of any consideration from the shareholders for issuance of the shares. It is an offer of free additional shares to existing shareholders in proportion to their holdings.
Quality certification should be either from a product certification body as per applicable international standard (ISO Guide 65/ISO 17065) by an accreditation body which is a signatory to the Mutual Recognition Arrangement of the International Accreditation Forum (IAF); or certification for each consignment from an inspection body which is duly accredited as per ISO:17020.
Financial Accounting is now a days a very deep rooted subject. It has only two wheels – Debit and Credit. The whole system of accounting is completely rested on these two wheels. It has got such a scope these days that even it is impossible to imagine our economy without the use of financial accounting. From Petty Pan Shop to a billionaire company needs accounting. The accountants do play a vital role in maintaining and reporting the accounting system.
The Hon’ble Chennai ITAT has in the case of B.Sivasubramanian,v/s ITO has held that there is no condition in the provisions of SEC 54F of the I.T Act,1961 that warrants that the building plan of the residential house constructed should be approved by the Municipal Corporation or any other competent authority.
CA Sandeep Kanoi Nowadays CPC (TDS) sent notices to deductors for every return filed by the Assessee for one or other reason. One of the reason for the same is Short Payment of TDS. In view of the close of the month approaching fast, you are advised to pay the outstanding demand at an early […]
The provisions of section 54F mandates the construction of a residential house, within the period specified. However, there is no condition that the building plan of the residential house constructed should be approved by the Municipal Corporation or any other competent authority. If any person constructs a house without approval of building plan, he will be raising construction at his own risk and cost. As far as for availing exemption u/s.54F, approval of building plan is not necessary.
