Daily Archives: July 24, 2015

FAQs ON SECRETARIAL STANDARD

By | July 24, 2015

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

By | July 24, 2015

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 »

SECRETARIAL STANDARD 2

By | July 24, 2015

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

By | July 24, 2015

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

By | July 24, 2015

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 »