Simplifying Taxation in India
a. Requirement under Section 42 and Rule made thereunder with regard to preparation and filing of the private placement offer letter and form PAS 4 to be discontinued. b. Disclosures mandated under Rule 13(2) (d) of the Companies (Share Capital and Debenture) Rules, 2014 to be embodied in the Private Placement Application Form. c. Important … Read more
Chapter I(1-2)PRELIMINARY1. Short title, extent, commencement and application.2. Definitions.Companies (Specification of definitions details) Rules, 2014Chapter II(3-22)INCORPORATION OF COMPANY AND MATTERS INCIDENTAL THERETO3. Formation of company.4. Memorandum.5. Articles.6. Act to override memorandum, articles, etc.7. Incorporation of company.8. Formation of companies with charitable objects, etc.9. Effect of registration.10. Effect of memorandum and articles.11. Commencement of business, etc.12. … Read more
Automatic Depreciation Calculator as per Companies Act 2013Format Items Example: S.no Description Category Carrying value if purchased before 1/4/2014 or purchase cost Date of purchase Salvage value(Upto 5% of cost If sold during the year(Mandatory) Date of Sale(Leave Empty if no Sale) Sale Price(Leave empty if no sale) Useful life Remaining Life. Retained earnings effect Depreciation … Read more
TAXATION OF CHARITABLE/RELIGIOUS TRUSTS AND INSTITUTIONS BASICS : > The Trust must be registered u/s 12AA ; > the propety must be held under a trust or other legal obligatins ; > the property should be held for charitable purposes ; > the trust should not be created for the benefit of a particular religious … Read more
RATES OF DEPRECIATION UNDER COMPANIES ACTSCHEDULE XIV[See sections 250 and 350] RATES OF DEPRECIATION__________________________________________________________________________ Single Shift Double Shift Triple Shift Nature of Assets ———— ———— ———— WDV SLM WDV SLM WDV SLM___________________________________________________________________________ I BUILDINGS(a) Buildings(Other than 5.00 1.63 … Read more
Report of Board of Directors should be ‘ATTACHED’ to the Balance Sheet laid beforethe AGM. A Directors’ report is intended to explain to shareholders, the company’s affairs,including its subsidiaries and the nature and scope of company’s business. The report isa summation of activities of the company in the relevant financial year and an ideaabout possible … Read more
The scope of taxation of income of a company is dependent upon its residential status and the source of income. A company which is resident in India is taxable on its worldwide income. The current Income-tax law (ITA) provides that a foreign company is regarded as a resident in India in any year, if the … Read more
In terms of Section 135 of the Companies Act 2013, companies above the specified thresholds of turnover or net worth or net profit are required to spend at least two per cent of their average net profits earned during three immediately preceding financial years on Corporate Social Responsibility (CSR) activities. The Board of each such … Read more
A company (including Private company) having a share capital can increase its subscribed capital by issue of further shares to persons who are holders of equity shares of the company in proportion to the paid up share capital on those shares, by sending a letter of offer. Conditions:1. The offer shall be made by notice … Read more
Have a serious look into what is stated herein with your skillful application of mind. Section 74 of the Companies Act,2013, provides that any deposit accepted before the commencement of the Companies Act,2013, needs to be repaid/refunded on or before 31st March,2015. The said section also states that a return has to be filed with … Read more