FAQ's on Filing of MCA Form DPT-3
With Companies (Acceptance of Deposits),
Amendment Rules, 2019, MCA introduced Form DPT-3 which mandates Filing of
Details of Loan with ROC.
Companies (Acceptance of Deposits) Amendment Rules, 2019: As per rule 16, the
following Explanation shall be inserted, namely:- “Explanation.- It is hereby
clarified that Form DPT-3 shall be used for filing return of deposit or
particulars of transaction not considered as deposit or both by every company
other than Government company.”.
As per rule 16(3) of the Companies (Acceptance of Deposits) Amendment Rules,
2019:
Every company other than Government company
shall file a onetime return of outstanding receipt of money or loan by a
company but not considered as deposits, in terms of clause (c) of sub-rule 1
of rule 2 from the 01st April, 2014 to the date of publication of this
notification in the Official Gazette, as specified in Form DPT-3 within ninety
days from the date of said publication of this notification along with fee as
provided in the Companies (Registration Offices and Fees) Rules, 2014.”. .................click
here to read further
------------------------------------------------------------
PROTECT YOUR SOFTWARE RIGHTS
(Trademark / Patent / Copyright)
Software Patent Registration
Creators and inventors of software products have always strived to protect
their intellectual property rights and obtain patent registration for software
products. The rapid growth of the internet and fast increasing competition has
further increased the demand for software patents in India. However, patenting
of software was not allowed for a long time in India, due to restrictions in
the patent laws of India. But to cope up with the demand, boost innovation and
safeguard the rights of inventors, the Indian Patent Office has evolved
detailed guidelines for patenting Computer Related Inventions (CRIs). In this
article, we look at patentability of software and Computer Related Inventions
in detail.................click
here to read further
------------------------------------------------------------
BUYING A PROPERTY IN BANK AUCTION
The traditional channels of searching real estate listings and working with
real estate agents aren't the only ways to acquire a property. Experienced
real estate investors often purchase properties at auctions. But auctions
aren't limited to professionals; novices have purchased their homes at
auctions, too.
How Do Properties End Up at Auction?
The two main types of property auctions are foreclosure auctions and tax lien
auctions. Before a property reaches this stage, several things have to happen.
First, the homeowner has to have not paid the mortgage for several months.
Then, the bank files a notice of default with the county recorder. If the
homeowner doesn't pay the balance owed or renegotiate the mortgage with the
lender, the home can be put up for auction. The amount of time it takes from
when the homeowner stops paying the mortgage to when the home ends up at
auction varies, but can be anywhere from a few months to a year or
more...................click
here to read further
------------------------------------------------------------
DOUBLE TAXATION AVOIDANCE PACT WITH HONG KONG
AGREEMENT BETWEEN THE GOVERNMENT OF THE HONG KONG SPECIAL ADMINISTRATIVE
REGION OF THE PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT OF THE REPUBLIC OF
INDIA
FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH
RESPECT TO TAXES ON INCOME
The Government of the Hong Kong Special Administrative Region of the People’s Republic of China and the Government of the Republic of India, desiring to conclude an Agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, have agreed as follows:..............click here to read further
------------------------------------------------------------
SALARY TO NON RESIDENT DIRECTOR
TAXABILITY OF SALARY PAID TO NON RESIDENT
Scope of Total Income - Section 5(2) of Income Tax Act
Subject to the provisions of this Act, the total income of any previous year
of a person who is a non-resident includes all income from whatever source
derived which—
(a) is received or is deemed to be received in India in such year by or on
behalf of such person ; or
(b) accrues or arises or is deemed to accrue or arise to him in India during
such year.
Explanation 1.— Income accruing or arising outside India shall not be deemed
to be received in India within the meaning of this section by reason only of
the fact that it is taken into account in a balance sheet prepared in
India..............click
here to read further
------------------------------------------------------------
AUDIT UNDER CGST ACT, 2017
According to Section 2(13) of the CGST Act, 2017 “Audit” means the examination
of records, returns and other documents maintained or furnished by the
registered person under the GST Acts or the rules made there under or under
any other law for the time being in force to verify the correctness of
turnover declared, taxes paid, refund claimed and input tax credit availed,
and to assess his compliance with the provisions of the GST Acts or the rules
made thereunder..............click
here to read further
----------------------------------------------------------------
SETTLEMENT COMMISSION
Income Tax Settlement Commission is a premier Alternative Dispute Resolution (ADR)
body in India. Its mandate is to resolve tax disputes in respect of Indian
Income Tax & Wealth Tax Laws between the two disputing parties, Income Tax
Department on one side and litigating tax payer on the other.
This institution was set up in 1976 by the Central Government on the
recommendations of the Direct Taxes Enquiry Committee (1971) set up under the
Chairmanship of Justice K.N. Wanchoo, the retired Chief Justice of the Supreme
Court of India. The Wanchoo Committee had conceived of the Settlement Commission
as a mechanism to allow a one-time tax evader or an unintending defaulter to
make clean breast of his affairs. At present, there are Seven benches of the
Commission located at New Delhi, Mumbai, Kolkata and Chennai............click
here to read further
------------------------------------------------------------
PAKISTAN PM ANNOUNCES TAX AMNESTY SCHEME
Prime Minister Shahid Khaqan Abbasi, after a meeting of the Economic Advisory
Council, announced tax reforms aimed at clamping down on tax evaders. Building
his case for the government's new package, the prime minister noted that only
1.2 million Pakistanis file income tax returns. He further noted that of the
1.2m filers, only 700,000 actually paid tax, while others filed returns but
paid no income tax. Presenting his package as an incentive for more people to
enter the tax net, PM Abbasi stressed that he felt this to be the most optimum
way to maximise the government's revenues keeping in mind the significant
challenges it faces..........click
here to read further
------------------------------------------------------------
SAMOSA IS COOKED FOOD JUDGMENT
( 09.03.2018 ) BY UTTARAKHAND HIGH COURT
The Uttarakhand High Court has ruled that samosa is considered to be cooked
food, hence it would attract higher tax rate. In the instant case Assessee is
running shop and engaged in the activity of selling sweets, namkeen, samosa,
milk and curd etc. and he has filed his return of income for the relevant
assessment year and declared his taxable income at Rs.50,720 on the basis of
the total turnover of Rs.11,55,900. During the course of assessment
proceedings, the Assessing Officer (AO) recomputed the income of the Assessee
and declared his total income at Rs.13,66,400 while completing the assessment..........click
here to read further
------------------------------------------------------------
Hon’ble F. M. Arun Jaitley - Budget 2018
CA Anil Kumar Jain
Once again the Finance Minister of India has gone through the ritualistic Annual
Budget exercise on 1st of February, 2018. As, this is the last functional
financial budget in the present tenure of this BJP Government, Economic and
Financial wizards around the world were holding their breath in the expectation
of some far-fetched fiscal announcements on this day.
There was also a feeling that, the budget documents will be election driven.
So far, international investors and Indian industry has shown its stout
confidence, conviction and admiration in the leadership of this regime.
Pragmatic decisiveness on demonetarization and tax reforms also raised
optimism for incredible proclamations through budget documents 2018.
Although, it will be hasty and unreasonable to judge and conclude the far
reaching implications and affects of this presentation, but apparently it
appears that, a lot is missing …………….. an opportunity is lost……… fiscal issues
are inadequately balanced………common person is somewhat confused on his choice
of …………!!!
In the juggleries of financial politics and democratic limitations, we as a
nation are the worst victim of appeasement practices and policies. It is
distressing to say that, “the illiterate farming community and allied classes
of Indian Diaspora, which supersede in electoral numbers have restrained our
finest leadership from dynamic fiscal decisions in the interest of nation as a
whole”.
If India has to stand in the frontline, we have to compulsorily grow
consistently at least 12% plus rate for next three to five years. Revenue
from direct and indirect taxes can by no means fulfill the necessities of the
nation. Steel, Power, Transport, Industries are the backbone of growth cycle.
Massive capital investment is required in Infrastructure, education and health
sector. There is no answer for all this in budget documents.
On multiple occasions it is governmentally acknowledged that, abundant
financial resources are held / parked by our own fellow Indians outside
India. In the interest of the Nation, the Hon’ble Finance Minster should not
be shy in acknowledging this reality of the economics. The issue is, “why
can’t, we find a respectable mutually acceptable solution so that, these
staggering funds can voluntarily flow back to country and contribute in our
economic growth”. I once again accentuate that, tax revenue can, on no account
meet the resource needs of India.
Besides, it is also noteworthy that, good intent, announcements and
allocations of Finance Minster are not getting to the last point. The
administrative machinery is extremely enervated and inefficient. Historically,
there appears to be lack of synchronisation and harmonisation amongst Ministry
of Finance, Commerce, Law, Reserve bank of India, Judiciary etc. The Hon’ble
Prime Minister must find a way out so that, there is conceptual understanding
of action from conceivement to execution.
In his budget documents, additional tax collection provisions through increase
in direct taxes may not be purposeful. Capital gain tax may negatively impact
the sentiments of capital market. In nutshell, economic sentiments can be
better managed through greater dependence on indirect taxes rather than direct
taxes. Some of the penal provisions introduced in Direct Taxes appear to be
too harsh and impractical. Being our representative on national mission, we
expect our Finance Minister to be a friend and a philosopher in his approach
while drafting his budget proposals. We are sure he will have a relook at some
of the penal provisions in Budget Documents. Besides, it is worth mentioning
that, the present rates of individual and corporate taxes are still very high
as compared to other progressive nations. Higher rates can definitely be
justified only in the circumstances where social security scheme and other
welfare programmes are effectively serving every citizen of the country.........click
here to read further
------------------------------------------------------------
SHELL, DORMANT & DEFUNCT COMPANIES
SHELL COMPANIES
What are shell companies?
The Companies Act, 2013 has not defined what a ‘shell company’ is and as to
what kind of activities would lead to a company being termed a ‘shell’. Shell
companies are typically corporate entities which do not have any active
business operations or significant assets in their possession. The government
views them with suspicion as some of them could be used for money laundering,
tax evasion and other illegal activities.
Is there a law governing shell companies?
In India, there is no specific law relating to “shell companies.” However,
some laws help, to an extent, in curbing illegal activities such as money
laundering and can indirectly be used to target shell companies - Benami
Transaction (Prohibition) Amendment Act 2016; The Prevention of Money
Laundering Act 2002 and The Companies Act, 2013........click
here to read further
------------------------------------------------------------
KEY FEATURES OF BUDGET 2017 - 18
INTRODUCTION
1. In the last two and half years administration has moved from discretionary,
favouritism based to system and transparency based.
2. Inflation brought under control. CPI-based inflation declined from 6% in
July 2016 to 3.4% in December, 2016.
3. Economy has moved on a high growth path. India’s Current Account Deficit
declined from about 1% of GDP last year to 0.3% of GDP in the first half of
2016-17. FDI grew 36% in H1 2016-17 over H1 2015-16, despite 5% reduction in
global FDI inflows. Foreign exchange reserves have reached 361 billion US
Dollars as on 20th January, 2017.
4. War against black money launched.
5. Government continued on path of fiscal consolidation, without compromising
on........click
here to read further
------------------------------------------------------------
PLACE OF EFFECTIVE MANAGEMENT
CLARIFICATORY CIRCULAR BY GOVERNMENT OF INDIA
Circular No. 06 of 2017 / F. No. 142/11/2015-TPL / Government of India / Ministry of Finance / Department of Revenue / Central Board of Direct Taxes / Dated: 24th January, 2017
Section 6(3) of the Income-tax Act, 1961 (the Act), prior to its amendment by
the Finance Act, 2015, provided that a company is said to be resident in India
in any previous year, if it is an Indian company or if during that year, the
control and management of its affairs is situated wholly in India. This
allowed tax avoidance opportunities for companies to artificially escape the
residential status under these provisions by shifting insignificant or
isolated events related with control and management outside India. To address
these concerns, the existing provisions of section 6(3) of the Act were
amended vide Finance Act, 2015, with effect from 1st April,2016 to provide
that........click
here to read further
------------------------------------------------------------
FUTURE CURRENCY : DIGITALISED BITCOIN
Bitcoin is a form of digital currency, created and held electronically. No one
controls it. Bitcoins aren’t printed, like dollars or euros they’re produced
by running computers using software. It is a crypto-currency. Bitcoin is
designed around the idea of using cryptography to control the creation and
transfer of money, rather than relying on central authorities. The first
Bitcoin concept was published in 2009 by Satoshi Nakamoto. However, Satoshi
left the project in late 2010 without revealing much about himself. The
community has since grown manifolds........click
here to read further
------------------------------------------------------------
ASSET DISPOSAL - GOVERNMENT E-COMMERCE PLATFORM CAN SAVE BILLIONS
NEED FOR E- COMMERCE PLATFORM
General lack of transparency and inefficiencies in the handling and disposal of
the seized, confiscated, obsolete, surplus, unused assets has time and again
created embarrassing situation for the government’s functionaries. Non -
standardized assets disposal policies have also resulted into enormous financial
losses, bribery, bungling, corruption and crime in this sector.
1. GENERATION OF DISPOSABLE ASSETS
High value disposable assets in considerable quantum are regularly generated
by all Government departments, financial institution, banks, public sector
organization, local bodies etc. Besides, revenue departments like Income Tax,
Customs, VAT, Excise regularly seize / confiscate valuable assets in course of
raids or at the time of recovering their dues. NPA accounts are also
generating disposal assets in the hands of government ........click
here to read further
------------------------------------------------------------
REVIEW AND HIGHLIGHTS - BUDGET 2016
ANALYSIS: The 2016 Budget of the Narendra Modi Government, which was delivered
on 29th February, was eagerly awaited. With increasing criticism of the
perceived gap between promises made and action taken on the ground, this Budget
was the key opportunity to regain lost ground and accelerate the process of
converting the ‘Make in India’ dream into a reality. Indeed, there was little in
the run-up to the Budget that generated cheer or optimism. The data from the
manufacturing, banking, and real estate sectors were depressing. The ill-timed
notice from the Indian tax department of over Rs. 14,000 crore to Vodafone two
weeks ago seriously cast doubts on whether the Prime Minister’s Office and the
Finance Ministry were pursuing a common agenda of making India an investment-friendly
destination. The only large silver lining on the dark economic cloud was the
drastic fall in oil prices.............click
here to read further
------------------------------------------------------------
"STARTUP INDIA" A Step Forward in Right Direction
STARTUP INDIA is a flagship initiative of the Government of India, intended to
build a strong eco-system for nurturing innovation and Startups in the country
that will drive sustainable economic growth and generate large scale
employment opportunities. The Government through this initiative aims to
empower Startups to grow through innovation and design. In order to meet the
objectives of the initiative, Government of India is announcing this Action
Plan that addresses all aspects of the Startup ecosystem.........click
here to read further
------------------------------------------------------------
INDIAN GOVERNMENT OPENS COMPLIANCE WINDOW FOR BLACK MONEY DISCLOSURE
SCHEME OPEN UPTO SEPT. 30, 2015
Those assessee with any undeclared overseas income or assets will have a 3 month
window to come clean beginning on July 1, 2015 and a further 3 months to deposit
the appropriate tax and penalty till Dec 31, 2015. Ministry of Finance,
Government of India has announced details of a compliance window to curb black
money. Central government has notified on 30th September,
2015, as the date on or before which a person can make a declaration in respect
of an undisclosed asset located outside India. The last date for depositing tax
is December 31, 2015........click
here to read further
------------------------------------------------------------
HIGHLIGHTS UNDISCLOSED FOREIGN INCOME & ASSETS BILL, 2015 INTRODUCED IN LOK
SABHA ON 20TH, MARCH 2015
The Finance Minister, in his budget speech, while acknowledging the
limitations under the existing law, had conveyed the considered decision of
the Government to enact a comprehensive new law on black money to specifically
deal with black money stashed away abroad. He also promised to introduce the
new Bill in the current Session of the Parliament.
In order to fulfil the commitment made by the Government to the people of India
through the Parliament, the Undisclosed Foreign Income and Assets (Imposition of
Tax) Bill, 2015 has been introduced in the Parliament on 20.03.2015. The Bill
provides for separate taxation of any undisclosed income in relation to foreign
income and assets. Such income will henceforth not be taxed under the Income-tax
Act but under the stringent provisions of the proposed........click
here to read further
------------------------------------------------------------
A few years back, when the world was looking at us with high expectation of
growth and stability, the apathetic fiscal management severely dented the Indian
economic system. The erstwhile Indian Government failed to appreciate the ground
rules and requirements of a growing Indian economy. When Indian corporate was
looking at world map for their next destination, some over-enthusiastic
Economists did everything possible to rattle the aspiration, ambition and
dignity of the entrepreneurs and their enterprise. Why did they do it? This is a
question for everyone.
Anyway, that is past. India has to come back and cover the losses of sixty seven
years. In 1947, one rupee was giving us one dollar and today we have to pay
almost sixty rupees for a dollar. As a person of basic virtues, I am more than
confident that, an emotional connect to country and little financial
sensibilities in economic policy framing can progressively take us back to 1917.
I am sure, our new PM will show us again, those respectable days.
Although, Mr. Modi has the best of the technology and talent around him to
coordinate his plans and proposal, with all the humbleness, I would like to
mention some suggestive ideas for the desired upgradation of Indian Fiscal
System.
 |
| www.youtube.com/watch?v=v-jQnv8rL2w |
It is foremost important that the fiscal system should not be draconian,
excruciating and compelling. It should be appeasable and amenable. Present
Indian fiscal system is not only perplexing but also mystifying for a common
person. In existing format, Government is collecting revenue through multiple
and multilevel tax legislation. The basic concept of Indian tax laws is
centuries old and had its origin somewhere in Egypt. It is written in
thousands of pages and most seasoned tax professional are often found totally
befuddled in their interpretation and application. That is why the end result
is recent cases of Nokia and Vodaphone. These two cases have disgraced and
embarrassed the country around the world. We need to have fundamentally
something very different from the present........click
here to read further
------------------------------------------------------------
INTRODUCTION
Railway Minister Shri D. V. Sadananda Gowda, in his 2014 Budget Speech has
mentioned, “in the last 10 years, 99 New Line projects worth` 60,000 crore
were sanctioned out of which only one project is complete till date. In fact,
there are 4 projects that are as old as 30 years, but are still not complete.”
The principal reason attributed by the Hon’ble Minister for the dismal
performance is lack of availability of adequate financial resources. The
Hon’ble Minister has further announced some new projects. But the big question
is how the Railways will fund these schemes.
Traditional funding sources have already been exploited to their optimum level.
Now the Railway Board has to look for some unconventional sources to fund the
operational and developmental projects.….. including Prime Minister, Narendra
Modi’s Bullet Train. If, the authorities involved in the process look beyond
their centuries old rule book…….solutions are not far from reach. To be more
precise, the freely available Railway Real Estate assets have the required
potential to generate enormous surplus to meet its financial needs and also to
strengthen the Railways Balance Sheet to the envy of any successful corporate in
the world. India has at least 500 - 700 major Railway Stations Real Estates
assets, which can be developed for augmenting Railway revenue. Each of the
Railway Station occupies sizable land. This station land over the platforms and
adjoining Railway lines can be easily monetized. A multi-story multipurpose
complex can be constructed without disturbing the regular functioning and
movement, over the Railway platforms. This real estate can be easily marketed to
generate capital and revenue profits. The monetary valuations of these
properties can run into astronomical figures. Keeping in view the size of the
city, a multistory complex can be erected over any railway stations. The
construction can be done on BOT basis or contract basis etc. depending on
various factors. The research data suggests, the space available can be easily
marketed as the railway stations are always city centers and enjoy tremendous
locational advantages.........click
here to read further
------------------------------------------------------------
The final Budget for the year is on the floor and will be shortly enacted to
rule the country. This time, the expectations from Budget were extremely high
but for the reasons best known to the Budget Makers, much has been left to be
addressed in future. Whatever may be the reasons for going cautious, if India
has to progress and survive in this competitive world and amongst aggressively
progressing neighbouring countries, then some out of the box thinking, dynamic
decision making and fearless actions are the only choices. We hope to look
forward an aggressive Indian regime determined to put India on self sustaining
growth course of over 10%. May be by 15th August our Hon’ble Prime Minister Mr.
Narendra Modi will chalk out his new economic and development programme and
unfurl the same with the flag of the nation.
Various Budget provisions have been comprehensively summarized herein below.
We note from the detailed budget document that, with regards to Income Tax
budget proposals several changes have been proposed which will have far
reaching impact on the economy and business. These subtle changes although
very important have not become the headlines of any media. Particularly
changes about advance against assets, survey / search rules, charitable
institutions, long term capital gains, dividend distribution tax, debt based
mutual funds, investment allowance, institutions governed by section 35,
overseas borrowing and divided, transfer pricing, FII income clarifications,
MAT, TDS, anonymous donation, presumptive taxation u/s 44AE, commodity
transaction tax, compulsory acquisitions, speculative gains, asset valuations,
loan transactions u/s 269SS, attachment of property etc. must be studied
meticulously.
The Current Economic Situation And The Challenges
-
Decisive vote for change represents the desire of the people to grow, free themselves from the curse of poverty and use the opportunity provided by the society. Country in no mood to suffer unemployment, inadequate basic amenities, lack of infrastructure and apathetic governance .........click here to read further
------------------------------------------------------------
A few years back, when the world was looking at us with high expectation of
growth and stability, the apathetic fiscal management severely dented the
Indian economic system. Anyway, that is past. Let’s look forward to a brighter
future in the hands of indomitable team of Governors. In 1947, one rupee used
to fetch one dollar and let’s hope the time returns. I am confident that, an
emotional connects to nation and financial sensibilities in economic policy
framing can show us again those respectable days.
Present Indian fiscal system is perplexing to all concerned. Government is
collecting revenue through multiple tax legislations. The basic tax concept is
centuries old and had its origin somewhere in Egypt and travelled through
Greece U. K. to India with British. Revenue laws are written in thousands of
pages and most seasoned tax professional are often found totally befuddled in
their interpretation and application. That is why the end result is recent
cases of Nokia and Vodaphone. These two cases have disgraced the country
around the world. We need to have fundamentally something very different from
the present and aptitude to accept out of box thinking.
With complete new mindset, the entire revenue collection law can be framed in
less than hundred pages. A suggestive scheme which will be manageable without
the fleet of tax collecting agencies can be drafted on following lines. The
simplicity itself will boost revenue collection by manifolds. The scheme may
be referred as “Consolidated Revenue Act of India.”.........click
here to read further
------------------------------------------------------------
To finance the welfare and the administrative expenditure, governments around
the world impose certain taxes on their subjects. The taxation system helps in
collecting revenue besides it also provides direction to the economic growth
and also brings economic equilibrium amongst various classes. In any taxation
system, the residential status of the taxpayer is of crucial significance.
Residential status confirms the jurisdiction and the application of taxation
account abilities.
However, in cases, where cross country economic activity is carried out, it is
a tricky affair to identify and justify the appropriate jurisdiction of tax
authorities. In order to mitigate the hardships of multiple jurisdictions, the
Governments enter into bilateral arrangements, which are commonly denoted as
“Double Taxation Avoidance Agreements” (DTAA). DTAA refers to an accord
between two countries, aiming at elimination of double taxation. These are
bilateral economic agreements wherein the countries concerned assess the
sacrifices and advantages which the treaty brings for each contracting nation.
It would promote exchange of goods, persons, services and investment of
capital among such countries.
Indian Government is actively pushing DTAA negotiations with several countries
to help its residents in understanding their tax jurisdictions and
accountability towards the appropriate authorities. So far India has signed
DTAA with 81 countries and discussion is on with many others. The natures of
DTAA’s entered by India are greatly diverse in their nature and contents.
OECD and DTAAs
The first international initiative regarding DTAA was taken by the
Organization for Economic Co-operation and Development. OECD presented the
first draft of DTAA in ‘Model Tax Convention on Income and on Capital’. DTAA
was proposed as a tool of standardization and common solutions for cases of
double taxation to the taxpayers who are engaged in industrial, financial or
other activities in other countries. The double tax treaties are negotiated
under international law and governed by the principles laid down under the
Vienna Convention on the Law of Treaties.........click
here to read further
------------------------------------------------------------
The next General Elections are due in 2014. All political aspirants have
already started working out policies and strategies to approach public for
support and vote. However, it is no longer an easy mission to convince Indian
voters to vote for any party or individual. Television programmes and print
media have turned Indians into a conscious and informed class. Now, people are
looking forward towards strong programmes and policies rather than traditional
individuals and parties. It will be now be very tricky to play sentimental
issues for electoral success.
In this note, we are providing a evocative programme for effectively setting forth election strategy to the aspiring national players. We are confident, if an organization adopts policies and programme on the lines suggested herein below and delivers on promises, nothing can restrain them from winning and ruling this country for next several decades.
The suggestive programme is outlined herein below.........click here to read further
------------------------------------------------------------
Rajkot Bench of ITAT in the case of Vineetkumar Raghavjibhai Bhalodia v.
Income tax Officer, Rajkot has discussed the controversial issue of tax
ability of gifts from HUF to its members. The issues taken up were.
1. Whether a gift received from 'relative', irrespective of whether it is from an individual relative or from a group of relatives is exempt from tax under provisions of section 56(2)(vi)?
Answer: Held, yes.
2. Whether HUF is a group of relatives and therefore, gift received from HUF
would be exempt from tax under section 56(2)(vi)?
Answer: Held, yes
3. Whether for getting exemption under section 10(2) two conditions are to be
satisfied, firstly, a person must be a member of HUF and secondly he should
receive sum out of income of such HUF, may it be income of earlier year? Answer:
Held, yes.........click
here to read further
------------------------------------------------------------
INTRODUCTION
Copyright is a legal term refers to protecting a creator’s work. It is a type
of intellectual property that provides exclusive publication, distribution,
and usage rights for the creator. This means whatever content is created
cannot be used or published by anyone else without the consent of the creator.
The length of copyright protection may differ from country to country, but it
usually lasts for the life of the author plus 50 to 100 years.
Copyright is generally given by the law to creators of literary, dramatic,
musical and artistic works and producers of cinematograph films and sound
recordings. It is a pack of rights including, inter alia, rights of
reproduction, communication to the public, adaptation and translation of the
work. In modern times, copyright protection has been extended to websites and
other online content. This is important in the digital age, since large amounts
of content can be easily copied..........click
here to read further
------------------------------------------------------------
With the development of Net Based Technologies along with availability of
advanced software and hardware systems, it has become feasible to systematize
and present the most complex data system in simple formats. This facilitates the
quality of data storage system and also improves the retrieval of the
information efficiently and accurately. Through the application of software
based technologies it has become possible to design and maintain large database
structures and provide user friendly application. These databases can be used
for criteria based queries and also can be supplemented with other technologies
like Biometric Solution etc.
Delhi Police is handling extremely complex and multi dimensional activities. The
operations of Delhi Police are spread over very large area which needs to be
constantly monitored and controlled. In fact, the operation of Delhi Police is
as complex and multifaceted as any top corporate house. The operations just do
not end with crime recording / investigation but also involve the application of
finest management techniques, personal management skills, financial management
acumen, deep knowledge of engineering and medicine sciences .The application of
Information Technology can make many complex and strenuous tasks of Delhi Police
Executives effortless and error free.........click
here to read further
------------------------------------------------------------
The term “Raid in Indian Income Tax Law” is incredulous and any unexpected
encounter with IT sleuths generally leads to chaos and vacuity. If you are
likely to experience such action it is better to familiarise with the subject,
so that, the situation can be faced with confidence and serenity. Income Tax
Raid is conducted with the sole objective to unearth tax avoidance. It is the
process which authorizes IT department to search any residential / business
premises, vehicles and bank lockers etc. and seize the accounts, stocks and
valuables.
To face the situation efficiently, it is extremely important to understand some
nitty-gritty of I.T. law on the subject. Lack of knowledge leads to panic and
all the discomfort. The knowledge of your legal rights and responsibilities
always protects you.........click
here to read further
------------------------------------------------------------
Survey has not been defined in the Income Tax Act. According to Concise Oxford
Dictionary, The expression "survey" means general view, casting of eyes or mind
over somethings, inspection or investigation of the condition, amount, etc. of
something, account given of result of this etc.
According to Chambers 20th Century Dictionary, the meaning of the word 'survey'
is to view comprehensively and extensively, to examine in detail, to examine the
structure of a building, to obtain by measurements data for
mapping, to perceive, collection of data, an organisation or body of men for
that purpose.
In short the term 'survey' in context of the Income Tax Act means collection of
data or information for the purposes of the Act.
Objects of Survey.
Survey is an important weapon in the armoury of the Income Tax Department to
call for information of various kinds as may be found necessary for making
proper assessments. Survey is mainly conducted with the object of broadening
the tax base by discovering new assessees,to gather information about possible
tax evasions by assessees, spot checking of available cash and stock and to
verify in a surprise and systematic manner, whether or not accounts are
maintained properly and on day to day basis etc..........click
here to read further
------------------------------------------------------------
No comments:
Post a Comment