Bhukhrediwala & Company

27/06/2016

Highlight of Proposed Companies (Amendment) Bill, 2016!!!!!!!

27/06/2016

Some of the Highlight from Proposed Companies (Amendment) Bill, 2016

• Allowing an unrestricted object clause in the Memorandum of Association; (Section 4)
• Disclosures in the prospectus aligned by omitting prescriptions in the Companies Act and allowing these prescriptions to be made by the Securities and Exchange Board of India (SEBI) in consultation with the central government (Section 26)
• Simplification of the private placement process (Section 42)
• Allow to issue SWEAT EQUITY SHARES at an time after registration of the company (Section 54)
• Omit the provision relating the requirement of deposit insurance (section 73)
• Investigation of Beneficial Ownership of shares of Certain Cases proposed to be revamped (Section 90)
• Requirement of EXTRACT OF ANNUAL RETURN (MGT-9) is proposed to be omitted. The copy of Annual Return shall be uploaded on the website of the company, if any, and its links shall be disclosed in the director’s report. (Section 92)
• It is proposed that CEO is required to SIGN the Financial Statement (Section 134)
• Eligibility for calculating the CSR is proposed to be calculated based on immediately preceding Financial Year (FY) instead of preceding 3 FY’s (section 135)
• Proposed to File Unaudited FS of Foreign Subsidiaries which is not required to get its account audited. (Section 137)
• Removal of requirement for annual ratification of appointment or continuance of auditor (Section 139)
• 182 days for determining whether director is RESIDENT IN INDIA SHALL be computed with reference to the FINANCIAL YEAR (FY) instead of CALAENDAR YEAR (Section 149)
• Deposit of 1 Lakh rupees is proposed to be not applicable in the case of appointment of Independent Director or Director Nominated by nomination and remuneration committee (Section 160)
• A company may give loans to entities in which directors are interested after passing a special resolution and adhering to the disclosure requirement; (Section 185)
• Omit the restrictions on layers of investment companies (Section 186)
• Omit the provisions relating to forward dealing and insider trading; (Section 194 & 195)
• Managerial remuneration above the prescribed limits are to be replaced by approval through a special resolution by shareholders (Section 197)

For Detailed Refer to Companies (Amendment) Bill, 2016

27/06/2016

Happy Monsoon!!!!!!!!!!

27/06/2016

Happy Monsoon!!!!!!!!!!!!

26/06/2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved today the signing of a Protocol amending the Agreement between India and Belgium for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income.The amendment in the Protocol will broaden the scope of the existing framework of exchange of tax related information between the two countries, which will help curb tax evasion and tax avoidance. The Protocol will also revise the existing treaty provisions on mutual assistance in collection of taxes.

25/06/2016

Accounting code for payment of Krishi Kalyan Cess!!!!!!!!!!!!!!!!!!!!!!!!!!!

25/06/2016

Accordingly, accounting codes have also been allotted by the Office of the Controller
General of Accounts for the new Minor Head “507-Krishi Kalyan Cess” and new Sub-heads as
under:
1.) Krishi Kalyan Cess (Minor Head) 0044-00-507
2.) Tax Collection 00441509
3.) Other Reciepts (Interest) 00441510
4.) Deduct Refunds 00441511
5.) Penalties 00441512

25/06/2016

IT dept to take steps to boost TDS collections!!!!!!!!!!!!!!!!!!!!!!!!!

The department plans to undertake meetings with various stakeholders like company deductors and chartered accountants to ensure that due taxes under this category are deposited accurately and on time...

25/06/2016

The four-month window under the Income Declaration Scheme 2016, which opened on June 1, allows domestic black money holders to declare their ill-gotten wealth by paying a tax and penalty totalling 45 percent...

25/06/2016

The Income Tax department held an awareness conference to popularise the scheme of one-time domestic black money compliance window in the business community and others in Delhi..

23/06/2016

Amendment in Advance Tax Liability for Ass Yr 2017-18

23/06/2016

Amendment in Advance Tax Liability

Advance Tax provisions has been amended by the Finance Act 2016 (No. 28 of 2016) which is effective from 01-06-2016 for Assessment Year 2017-18

1. Now Advance tax will be paid in 4 installment instead of 3 installment (i.e. 15%, 45%, 75%, 100%)
2. Respective Due date will be 15th June, 15th September, 15th December and 15th March, respectively in case of all assesses
3. Earlier upto AY 2016-17 the assessee other than corporate assessee paid Advance Tax in three Installment.
4. Assessees covered u/s 44AD are to pay advance tax of the whole amount in one instalment on or before the 15th March of the financial year consequent upon raising of the turnover limit from Rs.1 crore to Rs. 2 crore.