Daily Archives: June 20, 2016

START UP -No tax on issuing share above market value

By | June 20, 2016

START UP CBDT has notified the Tax Exemption to the Start ups on issuing shares above market value as per the Notification Enclosed. Issuing shares above market value is taxable as per Section 56(2)(viib) of the Income tax act. But the central government can exempt certain classes from tax under Section 56(2)(viib) by Notification.  As per… Read More »

Auditor Duties and Reporting under Companies Act 2013

By | June 20, 2016

Auditor Duties and Reporting under Companies Act 2013 Duty of the Auditor to Inquire [section 143(1)]:- Amongst other matters, Auditor has to  inquire into the following matters, namely:— (a)         whether loans and advances made by the company on the basis of security have been properly secured and whether the terms on which they have… Read More »