RIGHTS ISSUE TO NRIS BRIEF INTRODUCTION Right issues refers to the further issuance of securities to existing shareholders and such an approach is used in rasiing additional capital for the corporate entity. A public Ltd. Entity is allowed to issue rights shares and the same is governed by the section 62(1) of the Companies Act, 2013. A rights issue is distinguished …
Foreign Account Tax Compliance Act (FATCA) Overview of the FATCA The seeds of the financial crisis were sown many years ago, when interest rates were extremely low and lending standards were extremely lax, resulting in the construction of a home price bubble in the United States. The bubble burst, and the years 2007-2009 were defined …
FAQs ON RBI REPORTING UNDER SINGLE MASTER FORM Q.1 the primary step for creating the specified reporting under a brand-new structure? Ans: Registration as Entity user is that the initial step within the new reporting system, if you’re registered as Entity user then you’ll file the Entity Master for providing the main points of Foreign Direct Investment including indirect foreign investment. Submission of Entity master doesn’t mean that you just have done regulatory filings under FEMA …
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, 2016 Direct 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 …
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 …
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 …
Today updates: DIRECT TAX:- IT: Change in method of valuation of stock – from lowest price during the year to the weighted average cost formula – So long as the change made by the assessee in his method of accounting is bona fide and amounts to a permanent arrangement to be followed the Revenue has no …
Today updates: Direct Tax:- ITAT Banglore in the below-citied case held that Payment in respect of salaried doctors, in-house and visiting consultants in Nursing Home were subjected to TDS Since consultant doctors were paid fixed remuneration and the working conditions are under the supervision and control of the hospital authorities. In our considered opinion, services …
Today updates: DIRECT TAX:- IT: Late filing fee u/s 234E – late filing of TDS return prior to 01 JUN 2015 – demand notices u/s 200A for intimation for payment of fee u/s 234E can be said as without any authority of law and the same are quashed and set aside to that extent – Sri Fatheraj …