Section 179 of the Income-tax Act provides that where the tax due from a private company cannot be recovered from such company, then the director (who was the director of such company during the previous year to which non-recovery relates) shall be jointly and severally liable for payment of such tax unless he proves that the non-recovery of tax cannot be attributed to any gross neglect, misfeasance or breach of duty on his part.
The Assessing Authority having noticed that the assessee-company had accepted share application money in cash from its directors in violation of provisions of section 269SS, imposed penalty under section 271D and Commissioner (Appeals) upheld penalty order.
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The Reserve Bank of India today released on its website the Framework for Revitalising Distressed Assets in the Economy. The Framework outlines a corrective action plan that will incentivise early identification of problem cases, timely restructuring of accounts which are considered to be viable, and taking prompt steps by banks for recovery or sale of […]
FAQ for dealers requesting for CST Forms in Maharashtra 1. Where do I get the New Template of SOR? Answer- To download the new SOR template, please visit http://www.mahavat.gov.in/Select: ‘Downloads’ And Click on ‘Forms’. On the ‘Electronic Forms’ page, click on the New SOR Template. 2. May I require separate log in ID for availing […]
As you are kindly aware, Ethical Standards Board of ICAI is constantly engaged in formulation of ethical standards for the members. But equally so, it has always endeared to reach out to members with new methods and strategies to ensure not only that members are well aware about the latest updates on ethics, but also […]
Discover the impact of recent amendments to Section 153 of the Income-tax Act, excluding specific periods for assessment and reassessment. Stay informed on the computation of limitation periods, especially in cases involving audits or exchange of information. Effective from 1st June 2013. Consult tax experts for personalized guidance.
1 Sections 153 and 153B of the Income-tax Act, inter alia, provide the time limit for completion of assessment and reassessment of income by the Assessing Officer. Time limits have been provided for completion of assessment or reassessment under sections 143(3), 147, 153A, 153C etc. of the Income-tax Act. These time limits get extended if […]
The Government of Maharashtra is satisfied that circumstances exist which render it necessary to take immediate action further to amend the Maharashtra Value Added Tax Rules, 2005 and to dispense with the condition of previous publication thereof under the proviso to sub-section (4) of section 83 of the Maharashtra Value Added Tax Act, 2002.
Due Date for Submission of audit report in Form AR-1 for the year 2012-13 by dealers having turnover of Rs. 10 crores or more in 2011-12 or 2012-13 is extended to 28/02/2014 instead of 31/01/2014.
