Simplifying Taxation in India
Sections 44AD, 44AE and 44 AF cover special provisions of computing profits on a presumptive basis. All the schemes are optional at the discretion of the assessee. Conditions and manner of computation common to all three sections are given at the end after specific provisions applying to each section. A. Section 44AD – Presumptive computation of … Read more
General Circular dated 15.10.2014: Company Law Settlement Scheme, 2014 (CLSS-2014) General Circular No. 40/2014No. 02/13/2014 CL-VDated: 15.10.2014Subject: Company Law Settlement Scheme (CLSS) Extended upto 15.11.2014In continuation to the Ministry’s General Circular No. 34/2014 dated 12.08.2014 on the subject cited above, this Ministry has, on consideration of requests received from various stakeholders, has decided to extend the … Read more
I am sharing with you an important judgment of the Hon’ble Allahabad High Court in the case of H.M. Singh & Co. Vs. Commissioner of Central Excise, Customs & Service Tax [2014 (49) , 417(Allahabad)] on the following issue:Issue:Whether penalty could be levied under Section 77 and 78 of the Finance Act, 1994 (the Finance … Read more
SECTION 139, 141,142, and 144 of the Companies Act, 2013 and the Companies (Audit and Auditors ) Rules, 2014 deal with appointment of Auditors, the criteria to become Auditors and payment of their remuneration etc. The new Act has not simplified the process. It is for us to understand the complexities involved and to a … Read more