Thursday, August 21, 2014

Direct Taxes Ready Reckoner Fy 2014-15 Taxmann Publication 25 % Discount CCH 33 % Discount


Big Discount fortnight from Meri pustak dot com and simple Tax India .Heavy discount on all tax related & Legal Accounting ,auditing ,academic books .

1. 25 % Discount on Direct Taxes Ready reckoner Fy 2014-15 from Taxmann:Amendments made by the Finance (No. 2) Bill 2014, are duly incorporated in the respective chapters of the reckoner and are appropriately highlighted.

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More Details About Direct Taxes Ready Reckoner
General Information

Author(s)Dr. Vinod K Singhania
PublisherTaxmann publications
Edition37
ISBN9789350714881
Pages664
BindingPaperback
LanguageEnglish
Publish Year2014

2. 33% Discount on Direct Tax Ready reckoner from CCH Fy 2014-15 :The book is updated with the provisions of Finance (No.2) Bill, 2014, and is specially designed and developed to assist and support Taxpayers as well as Tax Professionals.

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Author(s)M. B. Gabhawala
PublisherCCH India
ISBN9789351292784
Pages800
BindingPaperback
LanguageEnglish
Publish Year2014
3.Service Tax Law and Procedure, Finance (No.2) Act, 2014 Edition, 21st Edition 2 Volume:(pre order)
Key Features
  • Updated Commentary on Service Tax Practice and Procedure with examples 
  • All updated Notification, Circulars & Classification issued as on date 
  • Incorporates latest important SC & HC Judgement. 
  • Tabular presentation of most often used Provisions as Appendices

**Will be shipped from Sunday, 31 August 2014**
The most authoritative commentaries on Law & Procedure of Service Tax, duly updated for all recent amendments & notifications.
The book has been divided into two volumes, wherein Volume I contains Salient features of Finance (No.2) Act, 2014, Updated Appendices presenting Service tax provisions at a glance and Updated Commentary on Practice and Procedure. Volume II consists of Statutory Provisions with Legislative History, Notification with Author’s Notes, Circulars, Orders, Trade Notices and TRU Letters.
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Author(s)CA Ashok Batra
PublisherCCH India
Edition21st Edition
ISBN9789351292845
Pages2500
BindingPaperback
LanguageEnglish
Publish Year2014

PPF investment limit increased to Rs. 1,50,000 -Notification


PUBLIC PROVIDENT FUND (AMENDMENT) SCHEME, 2014 - AMENDMENT IN PARAGRAPH 3 AND FORM-A

NOTIFICATION NO. GSR 588(E) [F.NO.1/2/2014-NS.II], DATED 13-8-2014

In exercise of the powers conferred by sub-section (4) of Section 3 of the Public Provident Fund Act, 1968 (23 of 1968), the Central Government hereby makes the following further amendments to the Public Provident Fund Scheme, 1968, namely :—

1. (1) This Scheme may be called the Public Provident Fund (Amendment) Scheme, 2014.

(2) It shall come into force from the date of its publication in the Official Gazette.

2. In the Public Provident Fund Scheme, 1968,—

(i) in paragraph 3, in sub-paragraph (1), for the letters and figures "Rs.1,00,000", the letters and figures "Rs.1,50,000" shall be substituted;

(ii) In Form-A, in paragraph (iv), for the letters and figures "Rs.1,00,000", the letters and figures "Rs.1,50,000" shall be substituted.

APPOINTMENT OF DIRECTORS UNDER THE COMPANIES ACT, 2013


As we are aware that Companies Act, 2013 is already in force from April 01, 2014, and every professionals is trying his/her best to unlock and decode the provisions of Companies Act, 2013. In this regard an Attempts have been made from my side to compile the procedure for appointment of Additional Director in Public Company/ Private Company (Purely Private) taken the route of appointment of Director by Board.

With the new Companies Act, the law has become more stringent for private companies than for public companies, Moving from the Companies Act 1956 to the Companies Act 2013 is like shifting from your old house to a new one. In the old house, where you have stayed for years, everything would have found its own place – the shoes, the clothes, umbrella, first aid, brooms, and whatever else you need in your household. Your legs can find their own way, even in pitch dark of night – they know the way to the bathroom, to the stairs, they even know where the stairs end. 

Directors of a company hold the most crucial position in the Company. With the new Companies Act, 2013 (“New Act“) already in force, their position has become even more significant than ever before. They are now formally included within the definition of “key managerial personnel” or “KMP” under Section 2(51) of the New Act.

PROCESS OF REMOVAL OF DIRECTOR UNDER COMPANY ACT- 2013


Power to remove directors has always been bestowed on shareholders, as we all know that at the end of the day, directors are answerable to shareholders. Nothing has changed in the procedural aspect under Companies Act, 2013 as well. Shareholders can remove any director before the expiry of his tenure, except any director appointed by Tribunal for prevention of oppression and mismanagement u/s 242 and a director appointed under principle of proportional representation u/s 163.

Right to Remove a Director is Legal Right of Shareholders:

Section 169 and Chapter 7 of Companies Act, 2013 Right of Shareholders to remove a director in the General Meeting through Ordinary Resolution is a Legal Right. This legal right cannot be damaged or taken away by MOA, AOA or any other documents or Agreement.

Wednesday, August 20, 2014

Due Date to File audit Report u/s 44AB for Fy 2013-14 Extended to 30.11.2014


CBDT has extended the date of obtaining and furnishing of tax audit report u/s 44AB for assessment year 2014-15(financial year 2013-14) from 30.09.2014 to 30.11.2014 vide notification dated 20.08.2014.

As you may aware of CBDT has recently amended the Tax audit form 3CA,3CB,3CD on 25.07.2014. ICAI has questioned the timing of the notification and represented to the  CBDT to implement new audit report format from assessment year 2015-16.

Please note that due date has been extended only to obtain and furnish tax audit report ,Due date to file income tax return for audit for Fy 2013-14 cases remains 30.09.2014.

Complete Text  of due date Extension is given as under.

F.No.133/24/2014-TPL
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi, the 20th August, 2014


Order Under Section 119 of the Income-tax Act, 1961


In exercise of power conferred by section 119 of the Income-tax Act (‘the Act’), the Central Board of Direct Taxes (CBDT) hereby extends the due date for obtaining and  furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15 in case of assessees who are not required to furnish report under section 92E of the Act from 30th day of September, 2014 to 30th November, 2014.

2. It is further clarified that the tax audit report under section 44AB of the Act filed during the period from 1st April, 2014 to 24th July, 2014 in the pre-revised Forms shall be treated as valid tax audit report   furnished under section 44AB of the Act.

(J.Saravanan)
Under Secretary (TPL-III)

Practical tips on Survey, Search & Seizure under Income Tax Act, 1961


Practical tips on Survey, Search & Seizure under Income Tax Act, 1961


Presented by : CA Sanjay Agarwal


Mb: 9811080342

Email id: agarwal.s.ca@gmail.com

Pre Survey & Search Precautions

 Pre Survey & Search Precautions



Monday, August 18, 2014

PROCESS TO REMOVAL OF AUDITOR UNDER COMPANY ACT- 2013


REMOVAL OF AUDITOR

In my last Article we have provided the procedure for Appointment of Auditor under Companies Act- 2013. Under my this article am trying to give procedure for Removal Auditor.

The Ministry has taken a big step by notifying 183 major sections of Companies Act, 2013 w.e.f. 01.04.2014 out of which the provisions relating to Audit & Auditors is of utmost importance for all the Chartered professionals out there. This article contains the provision relating to Removal of Auditors.

Section- 140 of Companies Act talks about Removal of Auditor: - This section corresponds to Section 225 of the Companies Act. The Section seeks to provide for the provisions for removal of auditor before the expiry of his term. 

The Board of Directors of the company has no power to remove an auditor (Individual or Firm) appointed by the company in General meeting before the expiry of his term.

RE-APPOINTMENT/CASUAL VACANCY OF AUDITOR OF AUDITOR


REAPPOINTMENT OF RETIRING AUDITOR:-
Subject to the maximum tenure of appointment, a retiring auditor can be re-appointed at an annual general meeting [Sec- 139(9)] if—

  • He is not disqualified for re-appointment;
  • He has not given the company a notice in writing of his unwillingness to be re-appointed; and
  • A special resolution has not been passed at that meeting appointing some other auditor or providing expressly that he shall not be re-appointed.

RELATED PARTY TRANSACTION RULES AMENDED SECTION 188 COMPANIES ACT


SECTION: 188 RELATED PARTY TRANSACTION AFTER RULES DATED 14TH AUG 2014: COMPANIES (MEETINGS OF BOARD AND ITS POWERS) SECOND AMENDMENT RULES, 2014

Applicability:
  • · This is applicable for Private Company and Public Company.
Approval: the Transaction of a company with Related Parties which are Not in the Ordinary Course of Business and which is Not on Arm Length Price require following approval for Entering into Such Transactions with Related Party:-

1- Board Approval
  • · For enter into transactions mention under this section Consent of Board of Directors is Require by Passing of Resolution in the Meeting of Board of Directors. 
Note: Such resolution can’t be pass by circulation of resolution to the Board of Directors.