Fact that recipient has subsequently paid tax, will not absolve payee from consequence of disallowance under section 40(a)(ia). Second proviso to section 40(a)(ia) introduced with effect from 1-4-2013 is only prospective Note :Second proviso to section 40(a)(ia) is as follow:- Provided further that where an assessee fails to deduct the whole or any part of the… Read More »
Facts of the case :- Assessee claimed an amount of Rs.12.85 lakhs as loss on foreign exchange fluctuation. The appellant had received advances for supply from foreign parties for supply of iron ore. The variation/fluctuation in the exchange rate led to a revenue loss/profit. Therefore, at the end of the accounting period i.e 31st March.… Read More »
Govt Constitutes two Regional Benches of CESTAT at Chandigarh and Hyderabad
(On the letterhead of the Company) NOTICE Notice is hereby given that the Extra-Ordinary General Meeting of ____________ Private Limited will be held on __________________(date) at ___________ (Time) . at the registered office of the Company, situated at ___________________________ to transact the following business: Special Business: To consider and if thought fit, to pass with or… Read More »
Income from offshore services isn’t taxable if it is provided outside India without any connection with PE in India IHI Corporation v. ADIT [Mumbai ITAT] ITA No. 7267 of 2012 Date of Decision: April 17, 2015 Facts of the case The assessee, a Japanese company, was a manufacturer of heavy machinery, providing technology oriented products… Read More »
THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] Insurance Regulatory and Development Authority of India NOTIFICATION Hyderabad, the 13th November, 2015 Insurance Regulatory Development Authority of India (Other Forms of Capital) Regulations, 2015 F. No. IRDAI/Reg/20/110/2015- In exercise of the powers conferred by Section 6A (1) (i) and Section 114A (2) (db) of the… Read More »
Insurance Regulatory and Development Authority of India Ref:IRDA/INT/CIR/ORD/208/11/2015 Date:20-11-2015 Guidelines on Indian Owned and Controlled for Insurance Intermediaries As you are aware, the Insurance Laws(Amendment) Act, 2015 provides for “Indian Owned and Controlled” requirement for an Indian Insurance Company. The amended Act also provided for increase in the foreign investment cap in the Indian Insurance Companies… Read More »
FREQUENTLY ASKED QUESTIONS ON SEBI (SHARE BASED EMPLOYEE BENEFITS) REGULATIONS, 2014 1. In terms of proviso to regulation 3(12) of the SEBI (Share Based Employee Benefits) Regulations, 2014, the un-appropriated inventory of shares which is not backed by grants but has been acquired through secondary acquisition by the trust has to be sold on the… Read More »
I got appointed as statutory auditor in a Private Limited Company on 25th August 2015. Previous auditor has given NOC but till now I have not filed Form ADT-1 and other ROC filing due to confusion in filing Form ADT-1. Like whether I have to attach Form ADT-3 also or not, whether I have to… Read More »
THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF LAW AND JUSTICE (Department of Legal Affairs) NOTIFICATION New Delhi, the 1st October, 2015 G.S.R.885(E).—In exercise of the powers conferred by the provision to article 309 read with article 76 of the Constitution, the President hereby makes the following rules further to amend the… Read More »