Notice not invalid if Section 143(2) not quoted

  Padinjarekara Agencies (P) Ltd. Vs CIT (Kerala High Court) Appeal Number : ITA No. 65 of 2015 In this appeal, the assessee calls in question the order passed by the Income Tax Appellate Tribunal, Cochin Bench in I.T.A.No.375/14 for the assessment year 2005-2006. 2. The assessee is a company engaged in the business of manufacture and sale of Centrifuged Latex. The assessment for the year 2005-2006 was completed under Section 143(1) of the Income Tax Act, 1961 and that was reopened under Section 148 of the Act on the ground that in computing the net profit under Section 115 JB, Rs.81,47,859/- was reduced in the agricultural income. According to the Assessing Officer, Rs.81,47,859/- represented as unrepresented liability and, therefore, could not have been reduced. Overruling the objections of the

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Technologies have profound implications for policies concerning every aspects of the economy and for emerging markets and developing countries

Shri Subhash Chandra Garg, Secretary, Department of Economic Affairs: Digital Age Technologies have profound implications for policies concerning every aspects of the economy and for emerging markets and developing countries; Leads the Indian Delegation to the G-20 Finance Ministers and Central Bank Governors (FMCBG) Meeting held in Washington D.C. on 19th and 20th April 2018.  Shri Subhash Chandra Garg, Secretary, Department of Economic Affairs (DEA), Ministry of Finance, Government of India led the Indian Delegation to the G-20 Finance Ministers and Central Bank Governors (FMCBG) Meeting held in Washington D.C. on 19th and 20th April 2018. The Main Agenda of the Meeting was to discuss prospects and vulnerabilities of global economy, harnessing future of work for inclusive growth and take stock of progress made under G20 Compact with Africa Initiative. In his

Read More Technologies have profound implications for policies concerning every aspects of the economy and for emerging markets and developing countries

Launch of Study Material for Executive Programme (New Syllabus 2017)

  The Institute of Company Secretaries of India with its ever evolving educational structure aims to incorporate each single development in every arena of corporate activity concerning this brigade of professionals to make them truly live up to the meaning of ‘intellectuals’. The Company Secretaryship Course intends to inculcate in its students and more so the professionals of tomorrow with the right amount of knowledge, skill and training to render them fit in every possible environment facing the corporate arena. Understanding the significance of knowledge in any professional course, especially one of the stature of this one, the Team ICSI has covered lengths and breadths in developing an apt Study material sustaining the needs of the dynamics of Indian corporates and the structure of the New Syllabus of 2017. It

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Ministry of Corporate Affairs (MCA) has filed prosecution against 780 listed companies under various sections of Companies Act, 2013 due to non-filing of Financial Statements and Annual Returns 

  The Government has taken any steps against listed companies which are not functioning. Ministry of Corporate Affairs (MCA) has filed prosecution against 780 listed companies under various sections of Companies Act, 2013 due to non-filing of Financial Statements and Annual Returns. As on 31st December 2015, there were 15.19 lakh registered companies in India. Of these, 10.7 lakh companies were active in which 7,269 were listed companies. There were only 7,270 active listed companies out of 17.21 lakh registered companies as on December 2017 whereas in December 2014 there were 7,261 active listed companies out of 14.39 lakh registered companies in India. This was stated by Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary in Lok Sabha today. The Registrar of Companies (RoCs)–wise

Read More Ministry of Corporate Affairs (MCA) has filed prosecution against 780 listed companies under various sections of Companies Act, 2013 due to non-filing of Financial Statements and Annual Returns 

Ministry has ordered investigation into the affairs of Fortis Healthcare Ltd and has assigned the same to SFIO 

  The Ministry has ordered investigation into the affairs of Fortis Healthcare Ltd and has assigned the same to SFIO vide order dated 17.02.2018.  During the investigation process all the issues in their entirety will be examined by the SFIO.  The investigation is presently in initial stage. Following are the details of the cases involving companies assigned for investigation, completed and pending in SFIO during the last three years and current year: Financial Year Investigation of companies (Balance Forward) Investigation assigned Investigation completed Investigation pending 2014-15 94 71 39 126 2015-16 126 184 60 250 2016-17 250 111 87 274 2017-18 (current as on date) 274 209 118 365* *(Including quashed/withdrawn and stayed cases involving 17 companies). The Government has taken many steps to check the corporate frauds, including treating

Read More Ministry has ordered investigation into the affairs of Fortis Healthcare Ltd and has assigned the same to SFIO 

After introduction of GST, increasing trend in the number of companies’ registrations, industrial activity has accelerated and growth in sales for corporates has also seen a remarkable increase 

  Introduction of GST was a historical step for transforming India into a common national market with a simplified tax regime. GST was implemented w.e.f 1st July, 2017 and was welcomed by industry and corporates. Corporate sector as represented by industry associations such as CII, FICCI, and ASSOCHAM has reacted positively to introduction of GST in India. The total number of companies registered during the period July, 2017 to February, 2018 (post GST) is 68,299. The number of companies registered in the corresponding period of the previous year i.e. from July, 2016 to February, 2017 was 63,106. Thus, the increasing trend in the number of companies’ registrations has been maintained post GST. The Index of Industrial Production (IIP) is a lead indicator of industrial activity based on monthly production data

Read More After introduction of GST, increasing trend in the number of companies’ registrations, industrial activity has accelerated and growth in sales for corporates has also seen a remarkable increase 

Income Tax Offices to Remain Open on 29th, 30th and 31st March, 2018 

  The last date for filing belated returns for Assessment Years 2016-17 and 2017-18 and revised returns for Assessment Year 2016-17 is 31st March, 2018. The Financial Year 2017-18 closes on 31st March, 2018 which is a Saturday. 29th & 30th March, 2018 are also closed holidays. Therefore, to facilitate filing of Income Tax Returns and completion of associated work, all Income Tax Offices throughout India shall remain open on 29th, 30th and 31st March, 2018 respectively. The ASK Centers will also be kept open on these days. All efforts will be made to provide assistance to taxpayers and to facilitate filing of returns by them.  

GST revenue collections for February 2018 (received in February/March upto 26th March)

  GST revenue collections for February 2018 (received in February/March upto 26th March) stand at Rs. 85,174 crore; Rs. 14,945 crore collected as CGST, Rs. 20,456 crore collected as SGST; Rs. 42,456 crores collected as IGST and Rs. 7,317 crores collected as Compensation Cess.  Total Revenue Collection under GST: The last date for filing of GSTR 3B return for the month of February 2018 was 20th March 2018. The total revenue received under GST for the month of February 2018(received in February/March upto 26th March) has been Rs. 85,174 crores. 1.05 crore taxpayers have been registered under GST so far till 25th March, 2018. Out of these, 18.17 lakh are composition dealers which are required to file returns every quarter and the rest of 86.37 lakh taxpayers are required to file monthly returns. 59.51

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Repayment of 8.24% GS 2018 

  The repayment of following security is due as per details given below: Table: Details of GoI Securities maturing on April 22, 2018 Sl. No. Name of Security Scheduled Date of Repayment Effective date of Repayment No Interest Accrual from scheduled date of Repayment (1) (2) (3) (4) (5) 1. Repayment of ‘8.24% GS 2018’ April 22, 2018 (Sunday) April 21, 2018 (Saturday) April 22, 2018 (Sunday) The outstanding balance under 8.24% GS 2018 will be repayable on the effective date of repayment as indicated in column 4 of above table. In the event of a holiday being declared on effective day of repayment by any State Government under the Negotiable Instruments Act, 1881, the Loan/s will be repaid by the paying offices in that State on the previous working

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Circular on Schemes of Arrangement by Listed Entities and (ii) Relaxation under Sub-rule (7) of rule 19 of the Securities Contracts (Regulation) Rules, 1957

  CIRCULAR CFD/DIL3/CIR/2017/21 March 10, 2017 All Listed Entities who have listed their equity and convertibles All the Recognized Stock Exchanges Dear Sir/Madam, Sub: Schemes of Arrangement by Listed Entities and (ii) Relaxation under Sub-rule (7) of rule 19 of the Securities Contracts (Regulation) Rules, 1957 1. SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as “listing regulations”) place obligations with respect to Scheme of Arrangement on Listed Entities and Stock Exchange(s) in Regulation 11, 37 and 94. 2. Regulation 11 of the listing regulations, inter-alia, provides that any scheme of arrangement / amalgamation / merger / reconstruction / reduction of capital etc. to be presented to any Court or Tribunal does not in any way violate, override or limit the provisions of securities laws or requirements

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