CORPORATE AND PROFESSIONAL UPDATES NOVEMBER 18, 2015 Direct Tax Gift couldn’t be held as unexplained if made by relatives out of love/affection and they were income-tax assessee IT : Where assessee claimed that during year his minor children had received gifts of Rs. 3.71 Lakhs from four relatives and Assessing Officer rejected gifts and added …
INCOME TAX UPDATE 18 NOVEMBER, 2015 INCOME TAX ACT SECTION 43B BUSINESS DISALLOWANCE – CERTAIN DEDUCTIONS TO BE ALLOWED ONLY ON ACTUAL PAYMENT PF contribution : Where employee contributions were not deposited by assessee within due date as prescribed under P.F. Act., but same were made before due date of furnishing return under section 139(1), allowance …
COMPANIES ACT SECTION 397 OPPRESSION AND MISMANAGEMENT Where CLB passed status quo order in respect of subject property to restrain creation of third party rights, construction done by respondent tenant to repair that property could not be considered as detriment to interest of anybody and, therefore, contempt application filed to restrain construction by respondent was …
Overview on ESOP’s Taxation In India What’s the ESOP? ESOP or Employee Stock Option Plan – also referred to as Employee Stock Ownership Plans in India – is a scheme by which a company allows its employees to purchase shares of the company. In some cases, a foreign holding company offers such an option to …
INCOME TAX UPDATE 18 NOV 2015 INCOME TAX ACT SECTION 2(15) CHARITABLE PURPOSE Object of general public utility : Where assessee was carrying on micro finance business in a commercial manner, its activities fell under category of ‘advancement of any other object of general public utility’ and thereby hit by proviso to section 2(15) disentitling it …
Corporate and Professional Updates Indirect Taxes: Cenvat Credit – Storage of input outside the factory – Removal of goods without necessary permission under Rule 8 of CENVAT Credit Rules 2004 – demand of duty with interest and confiscation upheld – penalty waived-(M/s Kalpena Industries, Shri Narendra Surana, Shri Prakash Sahoo And Shri Manoj Jain Versus …
CORPORATE AND PROFESSIONAL UPDATE 17 NOVEMBER,2015 PROFESSIONAL UPDATE 1. SIT asks MCA to take action against persons holding directorship in more 20 companies Among others Special Investigation Team (SIT) calls for greater vigilance by law enforcement and intelligence agencies while examining the cases of persons holding Directorship in more than 20 Companies and where more …
TAXES AND FINANCE UPDATE NOVEMBER 16, 2015 INDIRECT TAXES CBEC revises arrest, prosecution norms Nov 02, 2015 The Central Board of Excise and Customs (CBEC) has revised the monetary limits for arrest and its guidelines for prosecution in matters relating to offenses punishable under Customs, Central Excise, and Service Tax laws. Its circulars (dated October …
FINANCIAL MANAGEMENT FINANCE & MONEY MARKETS Highest premium paid by FPIs to get G-Sec limits falls to 62 bps from 82 bps last month Nov 03, 2015 Foreign investors’ appetite to acquire limits for Indian government securities seems to have gone down somewhat with the highest bid on Monday’s auction coming in at 62 bps against the …
FINANCIAL MANAGEMENT FINANCE & MONEY MARKETS Highest premium paid by FPIs to get G-Sec limits falls to 62 bps from 82 bps last month Nov 03, 2015 Foreign investors’ appetite to acquire limits for Indian government securities seems to have gone down somewhat with the highest bid on Monday’s auction coming in at 62 bps against the …