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 »
TCS Rate Chart Tax Collected at Source TCS Rate Chart as per section 206C, Tax has to be collected at source in the following case A) Nature of Goods :- TCS Rate Alcoholic Liquor for human consumption 1 % Tendu leaves 5% Timber obtained under a forest lease 2.5 % Timber obtained by any mode… Read More »
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 »
Removal of cap on maximum credit hours per day pertaining to training requirements for Principal Officer and Insurance Sales Person(s) of Insurance Marketing Firms. The Authority recognized Insurance Institute of India (III), Mumbai as the training institute for providing on-line training to Principal Officers (PO) and Insurance Sales Persons (ISP) of Insurance Marketing Firms (IMFs).… Read More »
The Authority, in exercise of the powers conferred by Section 14 of Insurance Regulatory and Development Authority of India Act, 1999, read with clause (b) of sub-section (4) of Section 6A of the Insurance Act, 1938, proposed to issue Guidelines for Listed Indian Insurance Companies. A summary of these guidelines is as under 1. These… Read More »
“Rajswa Gyansangam- Annual Conference of Tax Administrators-2016”concludes; Major Take Aways from two day “Annual Conference of Tax Administrators-2016” include further improvement in Tax Payers Services by use of technology and increased human touch; widening of tax base and faster dispute resolution among others The two day “Rajswa Gyansangam- Annual Conference of Tax Administrators-2016” concluded here… Read More »
Notwithstanding The expression “notwithstanding” is potent and it could mean only “despite”, “in spite of” and “nevertheless” (see Khaizar Basha v. Indian Airlines Corpn. AIR 1984 Mad. 379). A clause beginning with the expression “notwithstanding anything contained in the Act and in some particular provision in the Act or in some particular Act or in… Read More »
Section – 434 of Companies Act, 2013 Sub-sections (1)(a) and (b) of section 434 enforced w.e.f 1-6-2016 vide NOTIFICATION NO. SO 1934(E) [F.NO.A-45011/14/2016-AD.IV], DATED 1-6-2016. Transfer of certain pending proceedings. 434. (1) On such date as may be notified by the Central Government in this behalf,— (a) all matters, proceedings or cases pending before the Board… Read More »
Section – 433 of Companies Act, 2013 Enforced w.e.f 1-6-2016 NOTIFICATION NO. SO 1934(E) [F.NO.A-45011/14/2016-AD.IV], Limitation. 433. The provisions of the Limitation Act, 1963 (36 of 1963) shall, as far as may be, apply to proceedings or appeals before the Tribunal or the Appellate Tribunal, as the case may be.
Section – 431, Companies Act, 2013 Enforced with effect from 1-6-2016 ,NOTIFICATION NO. SO 1934(E) [F.NO.A-45011/14/2016-AD.IV] Vacancy in Tribunal or Appellate Tribunal not to invalidate acts or proceedings. 431. No act or proceeding of the Tribunal or the Appellate Tribunal shall be questioned or shall be invalid merely on the ground of the existence of… Read More »