Daily Archives: May 11, 2016

Certificate of shares (where shares are not in demat form)

By | May 11, 2016

RULES UNDER COMPANIES ACT, 2013 CHAPTER IV : SHARE CAPITAL AND DEBENTURES COMPANIES (SHARE CAPITAL AND DEBENTURES) RULES, 2014 Certificate of shares (where shares are not in demat form) (rule 5) 5. (1) Where a company issues any share capital, no certificate of any share or shares held in the company shall be issued, except—… Read More »

Penalties under Real Estate Act 2016

By | May 11, 2016

The Real Estate (Regulation and Development) Act, 2016 Penal Provisions Chapter VIII of the Act contains the provisions relating to Offences, Penalties and Adjudication. The quantum of the penalty is severe which is evidenced from the following table: Nature of contraventions Penalties Section 59(1): Contravenes the provisions of section 3 (Failure to get Registration of… Read More »

Big B Income from KBC to be reassessed

By | May 11, 2016

The Supreme Court allowed the Income Tax department to reopen a 2001 tax case against super star Amitabh Bachchan pertaining to this income from the show Kaun Banega Crorepati (KBC). IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO.5009 OF 2016 [Arising out of S.L.P.(C) No.11621 of 2009] COMMISSIONER OF INCOME TAX,… Read More »

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 2

By | May 11, 2016

The Accounting Standards Board (ASB) of the ICAI has constituted ‘Ind AS Transition Facilitation Group’ (ITFG)1 for providing clarifications on timely basis on various issues related to the applicability and /or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015, raised by preparers, users and other stakeholders. 1 Announcement on the Constitution… Read More »

Mines and Minerals Amendment Act 2016

By | May 11, 2016

THE GAZETTE OF INDIA EXTRAORDINARY [PART II—SEC. 1] MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 9th May, 2016/Vaisakha 19, 1938 (Saka) The following Act of Parliament received the assent of the President on the 6th May, 2016, and is hereby published for general information:— THE MINES AND MINERALS (DEVELOPMENT AND REGULATION) AMENDMENT… Read More »

SCHEDULED CASTES ORDER AMENDMENT ACT 2016

By | May 11, 2016

THE GAZETTE OF INDIA EXTRAORDINARY [PART II—SEC. 1] MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 9th May, 2016/Vaisakha 19, 1938 (Saka) The following Act of Parliament received the assent of the President on the 6th May, 2016, and is hereby published for general information:— THE CONSTITUTION (SCHEDULED CASTES) ORDER (AMENDMENT) ACT, 2016… Read More »

Submit pending ITR-V, final opportunity to taxpayer : CBDT

By | May 11, 2016

CIRCULAR NO.13/2016 [F.NO.225/46/2016-ITA.II], DATED 9-5-2016 VERTIFICATION OF TAX RETURNS FOR ASSESSMENT YEARS 2009-10, 2010-11, 2011-12, 2012-13, 2013-14 AND 2014-15 THROUGH EVC WHICH ARE PENDING DUE TO NON-FILING OF ITR-V FORM AND PROCESSING OF SUCH RETURNS Under the earlier system of e-filing, in tax-returns which were to be filed electronically without a digital signature, taxpayer had… Read More »