As Per Section 164(2): No person who is or has been a director of a company which:
(a) has not filed financial statements or annual returns for any continuous period of three financial years; or
(b) has failed to repay the deposits accepted by it or pay interest thereon or to redeem any debentures on the due date or pay interest due thereon or pay any dividend declared and such failure to pay or redeem continues for one year or more.
shall be eligible to be re-appointed as a director of that company or appointed in other company for a period of five years from the date on which the said company fails to do so. Continue reading “Intimation By Director U/s 164 of Companies Act, 2013”
(A) Where the return of income for any Assessment year is furnished after the due date specified in section 139(1) or is not furnished the assessee shall be liable to pay simple Interest @ 1% for every month or part of a month. Section 139(1) specifies due dates for filing voluntary returns of a company, … Continue reading SECTION 234A – INTEREST FOR DEFAULT IN FURNISHING RETURN OF INCOME
Formation of HUF Deed is the first step to create HUF. The HUF Deed is a written formal document on a Stamp Paper stating the names of the Karta and the Coparceners (Members) of the HUF. A declaration is also provided by each member of the family where they declare the name of Karta and also … Continue reading Deed for Formation of HUF
Applications for selection of CA Firms as Concurrent Auditors for the period July 2015 to June 2016 in Dena Bank. Download Request For Registration Download List of Likely Vacant Centre Link for online registration will be available on http://www.denabank.com from 25/04/2015 at 10.00 AM to 10/05/2015 till 3.00 PM. Continue reading Empanelment for Concurrent Audit of DENA BANK
State Bank of Bikaner & Jaipur invites applications for Stock Audit & Concurrent Audit from Chartered Accountant Firms for carrying out stock audit of their branches/ offices/ locations. Last date for receipt of Applications: 30.04.2015 View Attachments : Empanelment of Stock Audit Empanelment of Concurrent Audit Continue reading Empanelment for Concurrent Audit and Stock Audit of State Bank of Bikaner & Jaipur..
The Union Budget, 2015 has proposed an increase in the rate of Service tax from 12.36% to flat 14% with abolishment of Education cess and Secondary & Higher Secondary Education cess. Till now, the Rate of Service Tax will Remain the same i.e. 12.36%. Further, a new Chapter VI has also been inserted in the Finance Bill, … Continue reading Untill The Parliament Passes The Finance Bill, Service Tax to stay at 12%….
Arun jaitley, finance minister rolls out the Budget 2015 on 28th February, 2015.
Highlights of the union budget 2015 are-
- GST will roll out from 04.2016
- Excise duty and cess hiked from 12.36% to 12.5%.
- Service tax hiked to 14% from 12.36%.
- 2% swachha bharat cess on most services.
- Negative list pruned i.e. exemptions removed.
- Cut in basic custom duty on 22 items.
- Excise duty on footwear with price above 1,000 reduced to 6%.
- No change in income tax slabs for individuals and others.
- Corporate tax (The tax imposed on a company’s income is known as corporate tax) have been reduced to 25% from 30% over 4 next years.
- GAAR (General anti- avoidance rules) have been deferred for 2 years. To be applied from April 2017.
- Wealth tax (which is paid on net assets) abolished.
- 2% additional surcharge as super rich tax on income over 1 crore.
- Transport allowance increased from Rs.800 pm to 1,600 pm.
- Medical claim (sec 80D) limit increased to 25,000. In case of senior citizen the limit has been increased to 30000. For senior citizen above the age of 80 years, not eligible to take health insurance, deduction is allowed to take for 30000 towards medical expenditure.
- Deduction for treatment of specified disease (sec 80 DDB) increased to 80,000 from 60,000 for senior citizens.
- Additional deduction of 25, 000 will be allowed for differently abled persons under Section 80DD and Section 80U.
- The limit on deduction on account of contribution to a Pension Fund and the New Pension Scheme (sec 80CCC and sec 80 CCD) is proposed to be increased from Rs.1 lakh to 1.5 lakh.
Continue reading “Highlights of Union Budget 2015”