In order to maintain harmony with regard to applicability of Section 372A of the Companies Act, 1956 till the same is repealed and Section 185 of the Companies Act, 2013 is notified, it is hereby clarified that any guarantee given or security provided by a holding company in respect of loans made by a bank or financial institution to its subsidiary company, exemption as provided in clause.
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The Ministry of Corporate Affairs, Government of India, inserted paragraph 46 by notification dated 31st March, 2009 which was subsequently modified in 2011 by notification dated May 11, 2011 and notification dated 29th December, 2011 and paragraph 46A in AS 11, inserted by notification dated 29th December, 2011, after paragraph 45 of AS 11 notified under the Companies (Accounting Standards) rules,2006.
Component/s is/ are unaudited and such component/s is/ are not material to the financial statements of the entity/ consolidated financial statements of the Group
Limit of section 80C of the Income Tax Act, 1961, may be enhanced from INR 1 lakh to INR 2 lakh to make mutual funds products (ELSS, MFLRP etc.) as priority for investors among the different investment avenues. RGESS may also be brought under this enhanced limit.
Notification No. 11/2014-Income Tax CBDT has vide Notification No. 11/2014 dated 13.02.2011 removed Airport Authority of India Limited(AAI) from the list of Companies/ Financial Institutions eligible to issue Tax Free Bonds. In addition it has changed the issue cap of Rural Electrification Corporation Limited(REC), National Housing Bank (NHB) and NTPC Limited (formerly known as National Thermal Power Corporation).
It is clear from the order of the CIT(A) that the assessee had commenced construction of the building within a period of three years from the date on which the property on the transfer of which capital gain arose.
It is undisputed that electrical items are fitted with projector and other film exhibition systems. Without electrical items, the projector as well as exhibition systems cannot be run. Therefore, it is a part and parcel of the plant and machinery. Thus, the assessee is entitled to higher rate @ 25%.
Attention of members and firms of Chartered Accountants registered with the ICAI is hereby drawn to the specific guidelines laid down by the Hon’ble Supreme Court of India (in the cases viz., Vishakha & Ors. vs. State of Rajasthan & Ors. and Dr. Medha Kotwal Lele & Ors. vs. Union of India & Ors. decided by judgment dated 13th August, 1997 and 19th October, 2012 respectively) on prevention and dealing with sexual harassment at the educational institutions/ work places etc.
CA. K Raghu elected as New President and CA. Manoj Fadnis as Vice President for the year 2014-15. CA. K. Raghu has been elected as new President & CA. Manoj Fadnis as new Vice President for the year 2014-15. Get to know these eminent luminaries of our profession. CA. K. Raghu, ICAI, President, ICAI- 2014-2015
