All about the Meaning & Purpose of KYC & DIR 3 BRIEF INTRODUCTION KYC stands for “Know your customer”. it’s a process initiated by all banks, financial institutions and other departments to grasp their client’s identity by verifying his personal details like Mobile number, E-mail Id, PAN, Passport, etc. well before. The Ministry of Corporate affairs have also undertaken the …
How to Start a Nidhi Company Registration Definition: Nidhi Company is now a well-known lending mechanism for obtaining secured loans. These businesses are most prevalent in India’s southern regions. Furthermore, the operations and affairs of this company are very similar to those of a Co-operative Society. Section 406 of the Companies Act, 2013, also addresses …
Today Update : Direct Tax:- The ITAT Visakhapatnam held that the amendment in Explanation 5A to Sec 271(1)(c) even when made effective by Finance Act ,2009 with retrospective effect from 01.06.2007 cannot be made applicable when both original return and the revised return u/s 153A of the Act have been filed before the amended provisions …
CORPORATE AND PROFESSIONAL UPDATE OCT 26, 2016Direct Tax:- Bombay High Court in the below citied case held that Loss suffered u/s 37(1)/43(5) in foreign exchange transactions entered into for hedging business transactions cannot be disallowed as being “notional” or “speculative” in nature. [CIT vs. M/s. D. Chetan & Co] CBDT issued press release regarding draft Rules …
CORPORATE AND PROFESSIONAL UPDATE OCT 24, 2016 Direct Tax The Karnataka High Court in the below citied case held that when the property was shown as stock in trade it should not be considered for the purpose of exemption u/s 54F .( CIT, ACIT Vs Shri Gregory Mathias (2016 (10) TMI 635 – Karnataka High …
UPCOMING ANNUAL COMPLIANCE(Annual ROC Filing_AOC-4 and MGT-7) OF COMPANIES ACT 2013 This Blog will elaborate on upcoming annual compliance to adhere to, by all the companies as well as “How our Firm can help you to ease the filing work at a minimum cost possible”. Annual Filing Annual Return: Section 92 of Companies Act 2013 …
CORPORATE AND PROFESSIONAL UPDATE OCT 15, 2016 Direct Tax:- ITAT Ahemdabad in the below mention case confirmed the addition u/s 68 on unexplained share capital and premium received as assessee has been able to just prove the identity of the company but unable to prove the genuineness & creditworthiness the parties.( ACIT, Ahmedabad Vs. Nakoda Fashion …
CORPORATE AND PROFESSIONAL UPDATE OCT 14, 2016 Direct Tax:- IT: Merely because bank has gone in liquidation would not be sufficient reason to doubt the bank transaction in support of which there was ample other evidence produced by the assessee – Pr.CIT-2 Vs Hiral Pharma Ltd. (2016 (10) TMI 366 – Gujarat High Court) IT: Penalty u/s 271(1)(c) …
CORPORATE AND PROFESSIONAL UPDATE OCT 13, 2016 Direct Tax:- CBDT has notified seven districts in Andhra Pradesh for availing tax incentives under section 32(1)(ii) (a) and Section 32AD of the Income Tax Act to boost the industrial activities. Bombay High Court in the below citied case allow the revenue expenditure being the amount written off …
TODAY UPDATE: Direct Tax:- HC dismisses assessee’s (a sub-licencee) appeal for AY 2002-03, holds that maintenance charges paid by sub-sub-licensee directly to the builder forms part of sub-licencee assessee’s rent for the purpose of computing property’s annual letting value u/s 23.[TS-539-HC-2016(P & H)] Supreme Court of India in the below case held that The appellant University is neither directly nor …