CA Hemant Sharma

Taxability Of Chaotic Interest Incomes From Acquisition Of Land

Income Tax - LAND Acquisition Bill a most heated topic during the budget session of the year 2015. Central Government is in a hurry to pass the land acquisition bill to make it a complete legislation. However, the Anna’s new movement against this bill made government’s way tougher. There is a chaos not limited to the fact whether this bill should ...

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General Anti Avoidance Rules (GAAR) Unveiled

Income Tax - Introduction- India as a developing economy is in dire need of the funds to boost its development. Tax is one of the major sources of Indian government revenue. Direct Taxes are contributing more than the Indirect taxes. To secure the Direct Tax collection and to curb its avoidance; the GAAR was first introduced in the […]...

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Lacuna In Section 14A And Rule 8D

Income Tax - Allowance of expenditure incurred in relation to exempted income during the assessment or otherwise would be prejudicial to the revenue that’s why Section 14A was introduced by the Finance Act 2001 with retrospective effect from 1st April 1962 in Chapter IV of the Income Tax Act 1961 which inter-alia provides for the disallowance of the...

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Loophole in section 139 of Companies Act, 2013

Income Tax - The legislature in their wisdom decided to plug loopholes of the erstwhile Companies Act, 1956 by inclusion of various new provisions to prevent frauds in the Companies Act, 2013 which were not a part of the erstwhile Companies Act. The noble intention behind bringing new preventive provisions is to bring more transparency in day to [&hel...

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NACAS of Companies Act 1956 Vis-à-vis NFRA of Companies Act 2013

Income Tax - NACAS set up under Companies act 1956 and NFRA set up under Companies act 2013 are the bodies for the purpose of advisory and regulation of compliances with the standards notified in relation to accounting and auditing. The NACAS will no longer be in action after applicability of section 132 of the Companies act 2013, ...

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Recent Posts in "CA Hemant Sharma"

Taxability Of Chaotic Interest Incomes From Acquisition Of Land

LAND Acquisition Bill a most heated topic during the budget session of the year 2015. Central Government is in a hurry to pass the land acquisition bill to make it a complete legislation. However, the Anna’s new movement against this bill made government’s way tougher. There is a chaos not limited to the fact whether this bill should ...

Read More
Posted Under: Company Law |

General Anti Avoidance Rules (GAAR) Unveiled

Introduction- India as a developing economy is in dire need of the funds to boost its development. Tax is one of the major sources of Indian government revenue. Direct Taxes are contributing more than the Indirect taxes. To secure the Direct Tax collection and to curb its avoidance; the GAAR was first introduced in the […]...

Read More
Posted Under: Company Law |

Lacuna In Section 14A And Rule 8D

Allowance of expenditure incurred in relation to exempted income during the assessment or otherwise would be prejudicial to the revenue that’s why Section 14A was introduced by the Finance Act 2001 with retrospective effect from 1st April 1962 in Chapter IV of the Income Tax Act 1961 which inter-alia provides for the disallowance of the...

Read More
Posted Under: Company Law |

Loophole in section 139 of Companies Act, 2013

The legislature in their wisdom decided to plug loopholes of the erstwhile Companies Act, 1956 by inclusion of various new provisions to prevent frauds in the Companies Act, 2013 which were not a part of the erstwhile Companies Act. The noble intention behind bringing new preventive provisions is to bring more transparency in day to [&hel...

Read More

NACAS of Companies Act 1956 Vis-à-vis NFRA of Companies Act 2013

NACAS set up under Companies act 1956 and NFRA set up under Companies act 2013 are the bodies for the purpose of advisory and regulation of compliances with the standards notified in relation to accounting and auditing. The NACAS will no longer be in action after applicability of section 132 of the Companies act 2013, ...

Read More
Posted Under: Company Law |

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