Corporate tax Update for the Month of October Amendment in Companies Act 2013 – Passed By Lok Sabha in 2015 The Bill, namely, the Companies (Amendment) Bill, 2014, inter alia, contains the amendments to the Companies Act, 2013 as under:- To amend clauses (68), (71) of section 2 and section 11 of the said Act …
WINDING UP OF PRIVATE LIMITED COMPANY BRIEF INTRODUCTION Liquidation is basically a process, being initiated by a corporation, in order to shut their operations. The corporate entity may plan to wind up because of various reasons like unwillingness to continue with the operations, insolvency and so on. As the term suggests, liquidation of a corporation refers to liquidating the assets of the corporate entity. By initiating the liquidation process, the corporate entity may sell its assets to satisfy obligations …
DOCUMENTS REQUIRED FOR AADHAAR CARD For any Updation Name Correction/Update – Requires submission of any one of the Proof of Identity(PoI) listed in “Supported Proof of Ide Documents Containing Name and Photo for Name Corrections/Update” Date of Birth Correction (DoB) – Requires submission of any one of the DoB listed in “Supported Proof of Date …
CORPORATE UPDATE FOR 28th OCTOBER 2015 DIRECT TAXES India to apply 5% withholding tax to offshore rupee bonds Oct 28, 2015 India will apply a 5 percent withholding tax to offshore rupee bonds for foreign investors, in line with the rate applied to domestic debt, Manoj Joshi, joint secretary at the country’s finance ministry, told …
Bulls say India is the ‘next China’ OCT 28, 2015 TODAY UPDATE : The bulls say India is the ‘next China’. Odds are they are right, if not today then within a decade or so. But even if this proves to be right in terms of growth, India is a very different country than China …
PROFESSIONAL UPDATE FOR 27th OCTOBER 2015 INCOME TAX ACT SECTION 5 INCOME – ACCRUAL OF Interim award : Interim award received by assessee pursuant to order of High Court is not liable to tax in year of receipt but in year when final award is passed by High Court – [2015] 174 (Karnataka) SECTION 35 …
CORPORATE TAX UPDATE FOR 26th OCTOBER 2015 Black money: I-T dept begins action against mining companies Oct 19, 2015 In a bid to attack domestic black money, the government has set sights on India’s vast mining sector. The Central Board of Direct Taxes (CBDT) under the finance ministry has instructed income tax (I-T) officials to …
Liaison Office of foreign MNC established in India for sourcing goods for exports Liaison Office of foreign MNC established in India for sourcing goods for exports to its overseas customers as per their requirements will not be treated as PE under the DTAA between India-USA. Columbia Sportswear Company v. DIT(IT) W.P. NO. 39548 OF 2012 …
CORPORATE TAX UPDATE FOR 24th OCTOBER 2015 UPDATES 1. Excise & Customs : Merely because fraudulent availment of exemption/bond is of great magnitude and is admitted does not mean that recovery can be made at any time; recovery can be made within 5 years from relevant date and there is no provision to consider ‘date …
CORPORATE TAX UPDATE FOR 23th OCTOBER 2015 UPDATES 1. IT : Payment made to retiring partner above his capital for acquiring commercial rights is depreciable as goodwill IT : Where expenses claimed by assessee were not fully supported by vouchers and bills and some of bills/vouchers were self-made and not in chronological order, disallowance of …