Schedule II of Companies Act, 2013 Section 123 of the Companies Act, 2013 requires every company to provide depreciation in accordance with the provisions of Schedule II. This section has come into force with effect from 1st April 2014 implying that the Companies will be required to compute depreciation in their financial statements for the …
Mere book adjustment can’t be deemed as contravention of Sec. 269SS/269T Section 271D, read with sections 271E, 269SS and 269T, of the Income-tax Act, 1961 – Penalty – For failure to comply with section 269SS (Book adjustment) Making book adjustment of funds by assessee firm with sister concern without making payment of cash, could not …
Summary of changes made in Passed Finance Bill, 2015. On April 30, 2015, the Lok Sabha passed the Finance Bill. The Bill which was presented originally in the Lok Sabha on February 28, 2015 is not passed in its original shape. Various changes have been made in the Bill. New amendments are proposed, some proposed …
REGISTRATION OF A COMPANY BY FILING JUST ONE FORM – OFFICIAL AMENDMENTS IN THE COMPANIES (AMENDMENT) BILL, 2014 ( INC-29: STARTING MAY 2015) The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval for moving of the following Official Amendments in the Companies (Amendment) Bill, 2014 :- Doing away with the requirement …
Companies (Amendment) Bill, 2014 The Union Cabinet today gave its approval for moving of the following Official Amendments in the Companies (Amendment) Bill, 2014 :- Doing away with the requirement for filing a declaration by a company before commencement of business or exercising its borrowing powers and rationalizing the procedure for laying draft notifications granting exemptions …
Required documents before the start of the Secretarial Audit Following List of first set of required documents from the client before the start of the Secretarial Audit :- Latest Annual Report and Memorandum of Association & Articles of Association. Notice of all the Meetings with email Copy send to the Directors of the Company. Minutes …
Mere liquidation of shares in short span of time doesn’t mean that assessee was doing business in shares Section 45, read with section 28(i), of the Income-tax Act, 1961 – Capital gains- Chargeable as – Business income vs Capital gains – Shares dealings Circulars and Notifications: Circular No. 4/2007, dated 15-6-2007. Where assessee made investment in …
AO couldn’t question reasonableness of business exp. when its genuineness wasn’t doubted. Where assessee made payment of compensation to CCL, a foreign company, for premature termination of Toll Manufacturing Agreement (TMA) entered into between parties, said payment being directly having nexus with business activity of assessee, was to be allowed as deduction under section 37(1) …
BASIC ABOUT NON RESIDENT INDIANS UNDER FEMA AND INCOME TAX :– An Indian Citizen who stays abroad for:- Employment/ carrying on business or, Vacation outside India or, Stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. Persons posted in U.N. organizations and officials deputed abroad by Central/ State …
Managerial Remuneration in a Company -2 [SCHEDULE XIII] (See section 198, 269, 310 and 311) [SCHEDULE XIII] (See section 198, 269, 310 and 311) Condition to be fulfilled for the appointment of a managing or whole-time director or a manager with out the approval of the Central Government [PART I] Appointments No person shall be eligible …