Section 50CA provides for adoption of the value to be determined as per the Rules, (for convenience sake referred to by me as FMV ) as the consideration for transfer of shares of a company which are not being quoted, where the actual consideration is lower than that. The difference shall be subjected to tax in the hands of the transferor.
Recently I came into question of the case where a person issued a cheque for payment of IDS on dated 31.03.2017 (last date of second instalment) but the cheque was clear on 07.04.2017. Because there was banking channel to clear the cheque.
Dear readers, in the era of this competitive market, the key to success and to stay live in market is to provide best customer service/product at reasonable price. To achieve this success mantra, internal audit of organization can play a vital role. In laymen language Audit means verification/ authentication of our records, processes, goals etc […]
It is proposed to amend section 87A so as to reduce the maximum amount of rebate available under this section from existing Rs. 5000 to Rs. 2500. It is also proposed to provide that this rebate shall be available to only resident individuals whose total income does not exceed Rs. 3,50,000.
Statutory Registers are the Registers that contained the specific record of the Company’s Directors, Shareholders/ Members, Loans & Guarantees, Deposits, shares etc, and are placed at the registered office of the Company. It is advised to maintain these register for good corporate governance and to avoid penalties. 1. Register of Members: Section 88(1) (a) and […]
Most of us fails to plan about our retirement, as it the last goal in the financial planning list. But as much late we are in the planning we are losing the opportunity of what our money would have earned by investing earlier. “The question isn’t at what age I want to retire , its […]
1. Background There has been significant expansion of Information and Communication Technology. With increase of E-commerce and newer concepts like cloud computing, the significance of Digital Economy in global market has increased manifold times. Indian Income Tax Act majorly focused on the physical presence of enterprises for taxing them however Big Giants of Digital Space […]
This article is a review and critical analysis of a report submitted by a committee of experts constituted in April 2019 to examine the need for an institutional framework for regulation and development of asset valuation professionals In India, the practice of valuing assets – a key component of the economic system that also stretches […]
On Aug 19th the Calcutta High Court has nullified the order of the National Company Law Tribunal (NCLT) order that provided earlier all financial creditors shall be required to mandatorily file a default record from information utility along with a plea under Section 7 of Insolvency & Bankruptcy Code. These findings were provided by Justice Shekhar B. Saraf in […]
The National Health Policy (NHP) 2017 has the following goal: “The attainment of the highest possible level of health and wellbeing for all at all ages, through a preventive and promotive health care orientation in all developmental policies, and universal access to good quality health care services without anyone having to face financial hardship as […]
