NEW RELIEF FOR DEVELOPERS IN HARYANA AS RULE 49A Earlier, on 12th August 2014 the Haryana State Government, issued a notification No. S.O. 89/H.A.6/2003/S.60/ 2014, for introducing composition scheme specifically for the builders engaged in the construction activities and inserted Rule 49A for the lump sum payment of VAT by the builders. Although, prior to …
NO TERMED AS SERVICE OF NOTICE – POSITION WHEN DISPATCHING NOTICE AT INCORRECT ADDRESS Recently in case of Ventrapathi Financial Services v. Superintendent of Central Excise (2015), honorable Andhra Pradesh high court held that dispatching of notice at incorrect address could not be deemed as service of notice and accordingly entire proceedings are liable to be set …
Corporate tax Update for the Month : Company Law: Query: Is sitting fees payable to a director who participates in a meeting through video conferencing? Answer: Yes, sitting fee is payable to a director who participates in a meeting through any of two modes viz. in person or through video conferencing or any other audio visual means. …
PROVISION RELATING TO APPOINTMENT OF KEY MANAGERIAL PERSONNEL- LAW AND PROCEDURE UNDER THE COMPANIES ACT 2013 1. Appointment of Key Managerial Personnel : As per Section 203 (1) read with Rule 8 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, every listed company and every other public company having a paid-up share capital of ten crore rupees …
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 …
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 …
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 …
RBI GRANTED ‘IN PRINCIPLE’ APPROVAL FOR ESTABLISHMENT OF PAYMENT BANKS – AN OVERVIEW Payment Banks An Overview: On August 19, 2015 the RBI had granted ‘in principle’ approval to 11 entities for establishment of payment banks. The ‘in-principle’ approval shall be valid for a period of 18 months during which the applicants shall have to …
Service tax is not leviable under reverse charge mechanism for use of CRS/GDS” Dear Professional Colleague, Recently, the Delhi CESTAT, in the case of M/s Continental Airlines Inc. v Commissioner of Service tax, New Delhi 2015-TIOL-1481-CESTAT-DEL, has held that Service tax shall not levied in respect of the payments made to CRS/GDS under reverse charge mechanism and airport …
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 …