Description: Tax Scrutiny: Realty sector deals now under I-T scanner. Source: 1. www.tpcc.in 2. The Tax Referencer .Volume120. Issue No.9, 29 August 2011, Page No.10. Our Comment: Now realty sector is also under tax radar where the departments feel that more cash transactions, tax evasion involved.
Read MoreDescription: Tax Evasion: Cash economy on income tax radar. Source: 1. www.tpcc.in 2. The Tax Referencer .Volume120. Issue No.9, 29 August 2011, Page No.10. Our comment: More and more con cent ration of tax radar on cash based businesses.
Read MoreDescription: PAN: Foreign retail investors must have PAN for Investing in Mutual funds. Source: 1. www.tpcc.in 2. The Tax Referencer .Volume120. Issue No.9, 29 August 2011, Page No.10. Our Comment: The idea behind to know the source of funds, nature of income, mode of investment
Read MoreDescription: Salaried persons with less than Rs. 5 lakh taxable income need not file return Source: 1. www.tpcc.in 2. The Tax Referencer .Volume120. Issue No.9, 29 August 2011, Page No.10. Our Comment: Some of the Employees up to Rs. 5 lakhs income earning employees need not file Returns of Income subject some conditions.
Read MoreDescription: There should be proper application of mind by RoC in deciding whether a person to be implicated is an ‘officer in default’ by examining the Annual Return, Form 32 and Director Identification Number (DIN) database available. Wrongful prosecution should be avoided. Wherever the Registrar of Companies has doubt as to whether director/officer can be […]
Read MoreDescription: It is not each and every director who would be liable to be prosecuted and punished, only those director(s) who is (are) in charge of activities of the company and responsible for conduct of company’s business would be liable to be prosecuted and punished for any default regarding compliance of provisions of Companies Act, […]
Read MoreDescription: MCA has recently issued guidelines regarding prosecution of directors for committing defaults under Companies Act, 1956. This article, in that view deals with prosecution of directors (including non executive directors, independent directors, nominee directors) and further takes up the issue as to when they are liable to be prosecuted. Source: 1. www.tpcc.in 2. The […]
Read MoreDescription: XBRL: Auditors and Company Secretaries of matching XML A/Cs with original balance sheet. Auditors and company secretaries will not be required to certify that filing of accounts under a new electronic format match the original balance sheet, relieving finance professionals from a burdensome compliance in the first year of this new reporting mode, All […]
Read MoreDescription: The court in this case, instead of being simply guided by the India-Mauritius DTAA granted weightage to real nature of transactions. The court based its ruling on the premise as to who is the real owner of shares, which in irrevocable terms is the USA based company. This ruling reminds us the ruling in […]
Read MoreDescription: The source of the subsidy is not the business of the assessee but scheme of the Central Government. Therefore deduction under section 80-IA was not allowable in respect of transport subsidy. Source: 1. www.tpcc.in 2. The Tax Referencer .Volume121. Issue No.4, 26 Sept. 2011, Page No.49. Our comment: Transport subsidy, Central Government assistance, Not […]
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