Karniti -Dear Vighnaharta .., what should be first…, Income tax return or Tax Audit report? Please remove the Vighna (Complications). Arjuna (Fictional Character): Krishna, the festival of Lord of Wisdom Shri Ganesha is being celebrated with Joy all over India, but the Income Tax payers under Tax audit are facing the obstacles in their Joy. As per Income Tax Departments recent circular, the due date of income tax return is 30th September 2014, but the extended due date of Tax Audit report filing is 30th November 2014. What mess is going on? Please explain in detail.
As per the provisions of Companies Act’2013, the financial statements of a company alongwith the Directors’ report are to be approved by the Board of Directors of the company at a meeting of the Board of Directors.
As we all are aware that there is a provision in Company Law for intimation to Registrar of Companies regarding appointment of statutory auditor in the Annual General Meeting by shareholders. This intimation is an annual intimation and it was also there in erstwhile Companies Act, 1956 and continued in Companies Act, 2013.
As per my understanding procedure for Increase in Authorize share Capital is one of the most frequently searched topics by professionals. An attempt has been made from my side to unlock the provisions of Companies Act, 2013 related to Increase in Authorize share Capital along with requisite secretarial practice w.r.t. to sample Board and Shareholders’ resolutions.
Vide notification dated 22.08.2014 Ministry of Labour and Employment has increased Employee Provident Fund (EPF) Limit to Rs. 15000 from existing Rs. 6500 wef 01.09.2014.
This is one more instance of the Revenue urging before this Court that firstly a film production unit or a Company is not an industrial undertaking within the meaning of section 80IB of the Income Tax Act 1961 (for short the said Act).
Hello friends, I am CA Manoj Bothra; secured All India Rank 44 in CA Final May 2014 Exam. I am here to share a strategy to crack CA Final Exam in First Attempt and study plan. 1. First thing first, you should have at least a period of 6 month to prepare. 2. During this […]
It would not be possible to proceed to recover the amount of tax from the assessee. The assessee cannot be doubly saddled with the tax liability. Deduction of tax at source is only one of the modes. Once this mode is adopted and by virtue of the statutory provisions the person responsible
Once loss is determined, the same should be set off against the income determined under any other head of income including undisclosed income. Hon’ble ITAT Ahemdabad Bench in the case of M/s. K.R. Automobiles v/s ACIT in ITA No.1972/Ahd/2012 has held that business loss can be set off against the addition u/s.68 of the Act by observing as follows:-
Capital Gain as defined u/s 45 Any profit or gain on transfer of a capital asset effected in the previous year (1) Receipt of insurance amount for capital assets in the year of receipt damage due to flood, riot, accident fire and action by enemy (1A) Any gain on transfer of capital assets by way of conversion in to stock in trade of business at fair market price (2) Any gain to beneficial owner in case of transfer of security by depository (2A)
