The Hon’ble Supreme Court in the case of National Thermal Power Company Limited v CIT (1998) 229 ITR 383 was considering a case where the assessee had deposited its funds not immediately required by it on short term deposits with banks. The interest received on such deposits was offered by the assessee itself for tax and the assessment was completed on that basis.
In the present case the reasons disclose that the Assessing Officer reached the belief that there was escapement of income on going through the return of income filed by the assessee after he accepted the return under Section 143(1) without scrutiny, and nothing more.
Under the existing provisions of the Companies Act, 1956, the appointment or re-appointment of a statutory auditor of a Company is an annual exercise except in cases of the appointment of first auditor or appointments to fill up casual vacancies. Sub-section (1) of section 139 of the Companies Bill, 2012 proposes to make it mandatory to appoint an auditor for five years at a time (subject to annual ratification).
The contention of the assessee that return of income in electronic form was not to accompany the report in Form 3 CEB is not correct. The assessee was required to file the report under section 92E, read with rule 10E, before the specified date i.e., the due date for filing of the return.
As per internal Sources Reserve Bank of India has decided to stick to 6 crores limit for March 2013 Statutory Branch Bank Audits. As per the reliable source, in spite of clearance for 20 crores limit, RBI is going ahead with last year agreed limit of 6 crores. RBI shall finalize its Empanelment by the end of last week of January 2013/ First week of February 2013.
Every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more directors, out of which at least one director shall be an independent director.
CBDT Grants Exemption from TDS on the Payments of Certain Categories to Mitigate Compliance Burden on Businesses Held by Individuals, Firms or Corporate Etc Who are Using the Financial Services Offered by Banks To mitigate compliance burden on businesses held by individuals, firms or corporate etc who are using the financial services offered by banks, […]
Whether this agreed addition is to be added while calculating book profit under section 115JB of the Act. Section 115JB provides that where in the case of an assessee being a Company, the income tax payable on total income as computed under this Act is less than 10% (applicable in the impugned Assessment Year) of its book profit, such book profit shall be deemed to be the total income of the assessee.
The Explanation to section 92(1) of the Act clarifies that the allowance for any expense or interest arising from an international transaction shall also be determined having regard to the ALP and therefore the disallowance is made under section 92(1) and not under section 40A(2) of the Act.
Recently, TRU has issued Circular No. 166/1/2013 dated January 1, 2013 which is summarised for your easy digest: This Circular is being issued upon representation made by life insurance companies that in terms of the practice followed, reminder notices/letters are being issued to the policy holders to pay renewal premiums. Such reminder notices only solicit […]
