Corporate Law : Corporate insolvency resolution process (CIRP) can be commenced when a corporate debtor commits a default – section 4(1) of ...
Income Tax : Consider a situation where RST Limited was a loss making company. Ind ASs were adopted by this company from the year 2016-17. Sinc...
Income Tax : Issues that need to be addressed under clause (viib) of sub-section (2) of section 56: Cut off time to examine the status of Comp...
Company Law : The Supreme Court vide its Order on January 20, 2020, accepted the proposal of the Centre to take over the management control of e...
Finance : With an aim to create take off thrust for sale of ailing Air India, the Government on 27th January, 2020 (re)invited bids for a 10...
In terms of Section 2(22)(e) of the Income Tax Act, 1961, dividend” includes any payment by a company, not being a company in which the public are substantially interested, of any sum (whether as representing a part of the assets of the company or otherwise) made after the 31st day of May, 1987, by way of advance or loan:
As per section 14A, expenditure incurred in relation to any exempt income is not allowed as deduction. However, if the Assessing Officer is not satisfied with the correctness of the claim of the assessee in respect of expenditure in relation to exempt income, or the claim made by the assessee that no expenditure has been incurred in relation to exempt income for such previous year, he shall determine the amount of expenditure in relation to such income in the manner provided in Rule 8D.
The core principle of IFRS 15 is that an entity will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration (payment) to which the entity expects to be entitled in exchange for those goods or services. To apply this principle, a five-step model framework as described below is required to be followed.
A careful reading of Section 56(2)(viia) lay down the following essential ingredients for the taxability of unlisted shares received by closely held company or firm or LLP as the case may be: (1). The shares (equity or preference) received, on or after 1-6-2010, are shares of a company in which the public is not substantially interested;
Disallowance of expenditure for deduction of tax at source but non payment of the same on or before the due date of filing of return of income: Sub-clause (i) of clause (a) of aforesaid section has been amended by the Finance (No. 2) Act, 2014 to provide that disallowance under the said sub-clause will be attracted,
Clause (xiiib) of section 47 read with sub-section (4) of section 47A of the Income Tax Act, 1961, inserted by the Finance Act, 2010, with effect from assessment year 2011-12 provide that the transfer of a capital asset or intangible asset to LLP or any transfer of share or shares held in the company by a shareholder on conversion of a private company
Section 58(4) of the LLP Act, 2008, provides that notwithstanding anything contained in any other law for the time being in force, on and from the date of registration specified in the certificate of registration issued under the Third Schedule— (a) there shall be a limited liability partnership by the name specified in the certificate of registration registered under this Act;
(A). Dormant Company [Section 455]: (1) Where a company is formed and registered under this Act for a future project or to hold an asset or intellectual property and has no significant accounting transaction, such a company or an inactive company may make an application to the Registrar in such manner as may be prescribed for obtaining the status of a dormant company.
In terms of section 2(31) of the Companies Act, 2013, deposit includes any receipt of money by way of deposit or loan or in any other form by a company, but does not include such categories of amount as may be prescribed in consultation with the Reserve Bank of India. Therefore, all types of deposit of money or the amount borrowed by a company do not fall within the definition of deposit.
CA Kamal Garg 1. Introduction Section 141(3)(i) of the Companies Act, 2013 states any person whose subsidiary or associate company or any other form of entity, is engaged as on the date of appointment in consulting and specialised services as restricted for statutory auditors in section 144, shall be disqualified for appointment as auditor of […]
