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CORPORATE AND PROFESSIONAL UPDATE JANUARY 8,2016 Company Law: Query:Kindly let us know about the appointment of auditor in a Government company? Answer:The appointment and re-appointment of auditor of a Government Company or a government controlled company is governed by the provisions of section 139 of the Companies Act, 2013 which are summarized as under: The …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 07,2016 DIRECT TAX: Issues Guidance Note on FATCA. Disallowance of deduction of interest expenditure from interest Income – there is a director nexus between the interest earned from the company and the interest paid to the bank. Under these circumstances the interest expenditure in our opinion was rightly allowed. Condonation …
CORPORATE & PROFESSIONAL UPDATE JANUARY 01, 2016 DIRECT TAXES: AOs to prepare satisfaction note under Sec. 153C as per SC’s guidelines in Knitwear’s case: CBDT No denial of exemption to an institute just because it was training already trained persons [2015] 64 275 (Gujarat) Mudra Foundation for Communications Research & Education v. CCIT CBDT notifies amended …
CORPORATE & PROFESSIONAL UPDATE DECEMBER 17, 2015 India and Japan signs a Protocol for amending existing Convention for avoidance of double taxation and for prevention of fiscal evasion. CBDT has simplified the procedure for Form No. 15G & 15H for submitting a declaration as laid down in Rule 29C of the Income Tax Rules. Reassessment without …
CORPORATE AND PROFESSIONAL UPDATE ON DECEMBER 1, 2015 1. INDIRECT TAXES A. Chairperson of CBDT, Anita Kapur completes her tenure, now appointed as advisor on Tax Reform. B. Transfer of land under JDA in lieu of flats held as conversion of capital asset into stock-in-trade [2015] 274 (Hyderabad – Trib.) ACIT v. Medravathi Agro Farms …