Daily Archives: July 24, 2015

FAQs ON SECRETARIAL STANDARD

FAQs ON SECRETARIAL STANDARD ICSI replies to queries received on SS-1 and SS-2 ON SECRETARIAL STANDARD ON BOARD MEETINGS (SS-1) AND ON GENERAL MEETINGS (SS-2) PRESS RELEASE, DATED 21-7-2015 Scope/1. Is SS-1 applicable to banking entities which are listed on Stock exchanges? Ans. SS-1 is applicable to all companies incorporated under the Act (for definition… Read More »

Taxability of Premium received by society on transfer of plots

Taxability of Premium received by society on transfer of plots : Not  Taxable Where assessee-society received contribution from outgoing members as premium on sale of plot, since said amount was to be utilised for benefits of members of society, it could not be regarded as ‘taxable income’ in hands of assessee HIGH COURT OF GUJARAT… Read More »

PAN of shareholder in Government Company

PAN of shareholder in Government Company Query:  In case of a Government Company, the shares are held by the Government of India in the name of the Hon’ble President of India. As per the Business Rules, either CIN of shareholder or PAN of shareholder is Mandatory in case Country of incorporation or residence of shareholder is India.… Read More »

SECRETARIAL STANDARD 2

SECRETARIAL STANDARD 2 (GENERAL MEETINGS) brief analysis Secretarial Standards issued by ICSI which are effective w.e.f 1st July, 2015. Ø  Notice in writing of every Meeting shall be given to every Member of the company. Such Notice shall also be given to the Directors and Auditors of the company, to the Secretarial Auditor, to Debenture Trustees, if any,… Read More »

Cash deposits in saving bank account held as unexplained

Cash deposits in saving bank account held as unexplained as assessee failed to prove source of deposits. HIGH COURT OF CALCUTTA Sushil Modi v. Commissioner of Income-tax, Central-II GIRISH CHANDRA GUPTA AND ARINDAM SINHA, JJ. IT APPEAL NO.52 OF 2003 APRIL  1, 2015 Section 69 of the Income-tax Act, 1961 – Unexplained investment (Deposits) – Block… Read More »

Service Charge is Not Service Tax

Finance Ministry Clarified that Service Charge is Not Service Tax FINANCE MINISTRY’S CLARIFICATION ON SERVICE CHARGES COLLECTED BY RESTAURANTS/HOTELS/EATERIES PRESS RELEASE, DATED 14-7-2015 Some restaurants/hotels/eateries besides charging for the food and beverages are also charging ‘service charges’ in their bills. The proceeds of the ‘service charges’ are retained by the restaurants/hotels/eateries. Some of the consumers… Read More »

Confidentiality of Taxpayer

SECTION 119 OF THE INCOME-TAX ACT, 1961 – INCOME-TAX AUTHORITIES – INSTRUCTIONS TO SUBORDINATE AUTHORITIES – INFORMATION SECURITY GUIDELINES CISO INSTRUCTION NO.1 [F.NO.500/62/2015-FTTR-III], DATED 10-7-2015 Confidentiality of Taxpayer information has always been a fundamental cornerstone of tax systems. The tax administration is obliged to keep the information submitted by the taxpayers, including their sensitive financial… Read More »

Partnership firm can invest in a company

Partnership firm can invest in a company Query: We have a query that can a partnership firm invests in equity shares of a company. If yes, then what are the relevant provisions? Answer: Partnership firm cannot hold shares in its name as firm is not an entity or artificial person. However Partners of the firm can hold shares in the company… Read More »

Form INC-22 for registered office

Query: We have incorporated a private limited company with INC-29 and form is duly approved and certificate is duly issued. Now, Our query is whether we have to file separate Form INC-22 for registered office because our office address is same as mentioned in form inc-29 which is duly approved? Answer: In case you had mentioned the… Read More »

Consolidation of Financial Statements

Query: Is consolidation of financial statements required if a company does not have any subsidiary company but has 1-2 associate companies.  Answer:  No, As per the Companies (Accounts) Amendment Rules, 2014 dated 14/10/2014, Consolidation of financial statements shall not be required in case a company does not have any subsidiary company but has associate companies. Corporate Law:–… Read More »