RBI allows Non Residents to subscribe to National Pension System
RBI permits Non Residents to subscribe to National Pension System of PFRDA via normal banking channels
Monthly Archives: October 2015
e facility to view Outstanding Tax Demand computation sheet for demand raised by AO
Income tax Department enables e facility to view Income tax and computation sheet for demand raised by Assessing Officer Earlier when a taxpayer submitted an objection to an Outstanding Tax Demand appearing in his case in “My Account”on e-filing portal of Income-tax Department, he was not able to view anything further except his own objection.… Read More »
No section 14A disallowance when assessee had not shown any exempt income
Where assessee had not shown any income under head ‘exempt income’ for which it claimed expenditure, disallowance under section 14A was not justified IN THE ITAT MUMBAI BENCH ‘E’ SM Energy Teknik and Electronics Ltd. v. Deputy Commissioner of Income-tax JOGINDER SINGH, JUDICIAL MEMBER AND RAJENDRA, ACCOUNTANT MEMBER IT APPEAL NOS. 1859 & 1495 (MUM.)… Read More »
Subscription fee of golf club paid by Company for director and his family was not allowable expense
During year, assessee company paid subscription fee for membership of director and his family members to a golf club and claimed deduction of same as revenue expenditure . Assessing Officer treated expenditure as personal expenditure of director and disallowed same Held :- subscription fee paid on behalf of director could not be allowed as expenditure… Read More »
Regrouping of figures in audited balance sheet not permissible after its submission to Income tax Department
It is inconceivable that after an audited balance sheet of a company for a financial year is signed by its Directors and statutory Auditors, and submitted to the statutory authorities, including Registrar of Companies (RoC) and income tax authorities, figures in such balance sheet for closing stock of shares can simply be altered subsequently by… Read More »
ANNUAL FILINGS TO ROC
1. MGT-14 for Approval of Accounts & draft board report a. Pvt Co. – Not Required b. Public Co. – Required 2. New forms AOC-4 (earlier 23AC/23ACA) and MGT-7 (earlier 20B) are introduced for annual filings. 3. Board Report shall include various disclosures as per sec 134 & other section etc. and summary of annual… Read More »
RBI guidlines on Investment by Foreign Portfolio Investors (FPI) in Government Securities
RBI/2015-16/198 A.P. (DIR Series) Circular No 19 Dated, October 6, 2015 Investment by Foreign Portfolio Investors (FPI) in Government Securities
FDI UP TO 100 PER CENT IN WHITE LABLE ATM OPERATIONS UNDER AUTOMATIC ROUTE
FDI POLICY CIRCULAR OF 2015 EFFECTIVE FROM 12-5-2015 – FDI UP TO 100 PER CENT IN WHITE LABLE ATM OPERATIONS UNDER AUTOMATIC ROUTE – INSERTION OF PARAGRAPH 6.2.18.8.3 PRESS NOTE NO.11 (2015 SERIES), DATED 1-10-2015 The Government of India has reviewed the extant FDI Policy and decided to allow For Investment up to 100% in… Read More »
All directors liable for cheque dishonouring as they were involved in day to day management of accused Company
Section 138, read with section 141, of the Negotiable Instruments Act, 1881 Subject :-Dishonour of cheque for insufficiency etc., of funds in account Facts of the Case :- Appellant had filed a complaint against accused company and its directors for dishonour of cheque issued by it .High Court by impugned order quashed proceedings in respect… Read More »
RBI NOTIFY ECB POLICY FOR ISSUANCE OF RUPEE DENOMINATED BONDS OVERSEAS
EXTERNAL COMMERCIAL BORROWINGS (ECB) POLICY – ISSUANCE OF RUPEE DENOMINATED BONDS OVERSEAS A.P. (DIR SERIES 2015-16) CIRCULAR NO.17, DATED 29-9-2015 Attention of Authorized Dealer Category – I (AD Category – I) banks is invited to the provisions contained in A.P. (DIR Series) Circular No. 5 dated August 01, 2005 as amended from time to time… Read More »