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Only Financing the Vehicles Cannot be a Reason to Claim Depreciation
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 16, 2013
I. C. D. S. Ltd vs. CIT (Supreme Court) The High Court reversed the Tribunal in regard to the eligibility of claiming depreciation. When ...
Shares Can Be Owned For the Purpose Of Investment And/or For The Purpose Of Trading
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 15, 2013
As per the ITATONLINE.ORG – The assessee was maintaining separate portfolios for shares in the trading account and for those in the...
When Does A Company Require A Whole Time Company Secretary?
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Jan 15, 2013
Company Secretary is an important member of corporate management and acts as an advisor to the management of a company on legal and busin...
Explanation of Law on Valuation of Shares of A Closely Held Company
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 14, 2013
As per the ITATONLINE.ORG – The assessee held 50% of the shares in L&T Infocity Asendas Ltd (“LTIALâ€) while the rest were h...
Implementation of GAAR System Deferred to 1st April 2016
News & FAQs | By ALOK PATNIA | Jan 14, 2013
Again there is a major relief to the markets and investors, as the said GAAR, the controversial law against tax avoidance through foreign...
TDS on Remuneration Paid To Directors U/S 194J(1)(ba)
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 14, 2013
An employer needs to deduct TDS on salary paid to employees as per the provisions U/S 192 of the Income Tax Act 1961and the term employee...
Can a Foreign Citizen be a Director of the Indian Company?
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Jan 12, 2013
Directors of companies have official duties and legal responsibilities relating to company administration. He leads, manages, or supervis...
SEBI notifies regulations for Setting up of Self Regulatory Organisation for Mutual Fund Distribu...
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Jan 10, 2013
The regulator SEBI has notified regulations to set up a Self Regulatory Organisation (SRO) to monitor distributors of mutual fund and p...
Finance Finisters May Not Change the Tax Slabs but May Increment the Surcharge for Income above P...
News & FAQs | By ALOK PATNIA | Jan 9, 2013
As per the Economic Times of India the proposal for taxing the super-rich does not find much favour with Chidambaram, who is known to pre...
Section 143(1) Intimation cannot be reopened u/s 147 without Fresh Material
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 8, 2013
CIT VS. ORIENT CRAFT LTD (DELHI HIGH COURT) As per ITATONLINE.ORG – The assessee filed a ROI in which it claimed Section 80HHC dedu...
Disallowances of TDS Shortfall Due To a Mistake Is Not Valid
News & FAQs | By ALOK PATNIA | Jan 5, 2013
As reported by the Economic Times of India – A shortfall in the tax deducted at source (TDS) because of a bonafide error in applyin...
Features and Eligibility of "One Person Company" in India
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Dec 26, 2012
With the new Company Law bill passed by the Parliament, “One Person Company (OPC)†comes to reality in our country. It is essentially...
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