HOW TO PREPARE ANNUAL RETURN AS PER COMPANIES ACT, 2013 (MGT-7) A. INTRODUCTION: Section 159,160,161,162 & Schedule V deals with the Annual Return & related Provisions under Companies Act, 1956. But in Companies Act, 2013 all these Sections are combined together in one Section namely – 92. Annual return is a yearly statement, required to …
CHARTER DOCUMENTS FOR A CORPORATE ENTITY COMPANY SECRETARIAL SERVICES IN NEW DELHI A Corporate entity is incorporated under the Companies Act, 1956 (Act) and is governed by the provisions of the Act. Notwithstanding the binding force of the Act, every corporate entity being a private limited company, public limited company or the recently introduced Limited Liability …
CORPORATE UPDATES ON SEBI, DVAT, MCA, SEZ, DGFT A. Bombay Stock Exchange (BSE) BSE has changed the head of Payment of SEBI Turnover Fees of Equity Segment/Equity Derivative/Currency Derivatives Segment/Interest Rate Derivatives/New Debt Segment. Trading members of the Exchange are hereby informed that the SEBI Turnover fee for the month ended will be debited to their respective …
FOREIGN ASSOCIATION PROVIDING ANY TECHNICAL SERVICES AGAINST THE MEMBERSHIP FEE PAID Normally, Membership paid to foreign association is not taxable in India unless the foreign association is providing any technical services against the fee. On the above mentioned subject, reference may be made to a recent decision of the Mumbai Tribunal in the case of TUV Bayren …
COMPANIES (AMENDMENT) ACT 2015 – AMENDMENTS AT A GLANCE In a move to reduce compliance, to attract the new investment and for ease of doing business government has made following amendments. Companies (Amendment) Act 2015 – Amendments at a glance….. This Act shall come into force on 26th May, 2015 Details Of Amendment: The proposed amendments deal …
ALP: TPO COULD NOT MAKE ADDITION TO ASSESSEE’S ALP BY ADOPTING CUP METHOD DURING RELEVANT YEAR WITHOUT CONDUCTING ANY FAR ANALYSIS. Schutz Dishman Bio-Tech (P.) Ltd vs DCIT [2015] (Ahmadabad – Trib.) In a recent ruling, Where Tribunal in earlier year adopted TNMM in assessee’s case for determining ALP, in absence of change in circumstances; TPO …
FATCA LAW OF USA Introduction: On 9th July 2015, India has signed the inter-governmental agreement (IGA) on Foreign Account Tax Compliance Act (FATCA) with the USA. The government would now receive information about Indian “tax resident” persons having financial accounts in the USA. Financial institutions (FIs) have to perform required due diligence processes, identify “reportable persons” from their …
Case Study on DTAA – Taurus Shipping Services. In A Recent Ruling, If Ship Voyages Between Two Indian Ports, On Part Of Its International Voyage, It Cannot Be Termed As Indian Voyage And Benefit Of Article 8 Cannot Be Denied. Facts The issue came up for consideration in appellate proceedings was whether a vessel which had operated …
CONCEPT OF GROSSING UP/ INCOME TO BE PAID “NET OF TAX” & SECTION 206AA 1. Sec 206AA The provisions of Section 206AA of the Income tax Act, 1961 have been reproduced hereunder: Notwithstanding anything contained in any other provisions of the Act, any person entitled to receive any sum or income or amount, on which tax …
PAYMENT MADE TOWARDS STUDENTS COLLEGE FEES IS NON-TAXABLE Indian resident students go abroad for studies and they have to incur expenses on account of payment towards fees to university which may include accommodation charges also. Payment made towards college fees is non-taxable whether paid to government or non-government institute as in this case income is not …