India is a land of laws. We have to comply with various Acts, Laws, Rules and Regulations in a normal course of business such as Income Tax, Companies Act 2013, Service Tax, Limited liability Partnership Regulations, Partnership Act, Wealth Tax, Value Added Tax (VAT), XBRL etc. While carrying out day to day business operations, it […]
Provisions of Sec. 195(6) of the income tax act got amended by the Finance Act 2015 and it comes into force with effect from 1-6-2015. As per the amended provision, the person responsible for paying any sum, whether chargeable to tax or not, to a non-resident shall be required to furnish the information of the prescribed sum in such form and manner as may be prescribed. When the original provision was inserted,
The Hon’ble Amritsar bench has given a landmark judgement on the issue of 234E Fee levied prior to June,2015 in the case of Sibia Healthcare Private Limited v./s Dy. Commissioner of Income-tax (TDS), in I.T.A. No.90/Asr/2015 and has deleted the addition-
Background- As per Section 62(1) of the Companies act, 2013 if the Company decides to issue fresh shares, these should be offered to existing shareholders in proportion to existing persons who are holders of equity shares.‘Right Issue’ means offering shares to existing members in proportion to their existing share holding. The object is, of course, to ensure equitable distribution of Shares and the proportion of voting rights is not affected by issue of Fresh shares.
The Finance Bill, 2015, has received the assent of the Honorable President and has been notified. 1st June, 2015 is being notified as the date on which the following provisions will come into effect. 1. The rate of Service Tax is being increased from 12% to 14% (including cesses). (Notification No.14/2015-Service Tax, dated 19th May, 2015 refers)
Anjali Goyal What is Clubbing of Income? Clubbing of Income is basically the concept of imposing tax on other person than the actual recipient of the income where other person is the transferor who diverted such income or transferor of the transferred asset out of which income has been generated. When concept of clubbing of […]
Now a days there is a boom in e-commerce in India. There has been many e-commerce sites like Amazon.in, Flipkart.com and Snapdeal.com. Today we are going to know much more in detail about the Filpkart store.
Ministry of Corporate Affairs has issued Notification dated June 5, 2015 by which it has provided various much awaited Exemptions to Private Companies other than the subsidiary of a public company a summary of such exemptions is as follows :-
MCA has vide Notification dated 05/06/2015 has exempted from Statutory Audit ceiling limit of 20 company audit limit the following Companies :- a) other than one person companies b) dormant companies, c) small companies and private companies having paid-up share capital less than one hundred crore rupees. So now the Limit of 20 Companies includes:- […]
Amitesh Agarwal 1. What will be carrying cost and carrying life of the asset, if a company purchased it as second hand asset from another? Reply: a) Please note that carrying cost will be the historical cost or the amount substituted for the historical cost as per the books of account of the company. (i.e. in […]
