Daily Archives: March 28, 2016

CPC to process forms for registration of companies

SECTION 396 OF THE COMPANIES ACT, 2013 registration of companies  EMPOWEREMENT OF CENTRAL REGISTRATION CENTRE (CRC) NOTIFICATION [F. NO. A-42011/03/2016-AD.II], DATED 23-3-2016 In exercise of the powers conferred by sub-sections (1) and (2) of section 396 of the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the Act), the Central Registration Centre (herein… Read More »

Actuaries and their Mentors Appointment Guidelines of IRDA

Guidelines on Appointment of Appointed Actuaries and their Mentors Ref:IRDAI/ACTL/GDL/MISC/055/03/2016 Date:22-03-2016 In terms of the powers conferred under section 14 (2) (e ) of the IRDA Act 1999 as amended from time to time, the Insurance Regulatory and Development Authority of India (IRDAI) issues these guidelines on the Appointment of Appointed Actuaries and their Mentors.… Read More »

No TDS on Provision of Interest u/s194A if provision reversed

Facts of the Case The appellant is an undertaking of the Government of Karnataka engaged in power transmission. The appellant purchases electricity from various parties by entering into power purchase agreements. For such purchases, when payment of purchase price is delayed, the agreements provide for payment of interest to suppliers of electricity by the appellant.… Read More »

Secret Commission limited to 1% of turnover

Secret commission paid is allowed in Income tax Act ? Facts of the Case :- Assessee is a partnership firm which is engaged in the business of electrical contractor. For the assessment year 1997-98,the assessee claimed that he had paid such sum of Rs. 19.85 lacs to various persons by way of secret commission. The… Read More »