Posted On:  2 weeks ago


Guidance Note on Board Evaluation

The Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR”) contain broad provisions on Board Evaluation i.e. evaluation of the performance of: (i) the Board as a whole, (ii) individual directors (including independent directors and Chairperson) and (iii) various Committees of the The provisions also specify responsibilities of various persons / committees for conduct of such evaluation and certain disclosure requirements as a part of the listed entity’s corporate governance obligations.

article author One Roof Consultant

Posted On:  2 weeks ago


Initiatives taken by Government to promote use of mobile/e-banking for cashless transactions

The Public Financial Management System (PFMS) is a web-based online software application, developed and implemented by the o/o CGA with technical support of NIC. The primary objective of PFMS is to facilitate a sound Public Financial Management System for Government of India (GoI) by establishing an efficient fund flow system as well as a Payment cum Accounting network. PFMS provides various stakeholders with a real time, reliable and meaningful Management Information System and an effective Decision Support System (DSS), as part of the Digital India initiative of GoI.

article author One Roof Consultant

Posted On:  2 weeks ago


Forcing Husband to Stay Away From His Parents Amounts To Cruelty

The High Court came to the conclusion that there was no cruelty  meted out to the Appellant, which would enable him to get a decree of divorce,  as per the  provisions  of  the  Act.   The  allegations  with  regard  to  the character of the Appellant and the extra-marital affair  with  a  maid  were taken very seriously by the Family Court, but the High Court  did  not  give much importance to the false allegations made.  The constant  persuasion  by the Respondent  for  getting  separated  from  the  family  members  of  the Appellant and constraining the Appellant to live separately

article author Dharmesh Jain

Posted On:  2 weeks ago


Latest changes in new passport rules

In order to streamline, liberalize and ease the process of issue of passport, the Ministry of External Affairs has taken a number of steps in the realm of passport policy which is expected to benefit the citizens of India applying for a passport. According to press information bureau the steps introduced will benefit the process of issue of new passport. The official notification will be soon published by the government in the official gazette to give effect to the change. The details of the new rules of passport application are given below

article author CA Chirag Chauhan

Posted On:  2 weeks ago


Procedure for registration under Societies Registration Act 1860 – It’s Advantages, rights & duties & other relevant matter’s

Individuals who want to come together for doing something for the betterment & upliftment of the larger section of the society usually come across a number of hindrances. They are at times misguided or are ignorant of how to go about to work as a non-profit organization. One of the ways to get over this hindrance is formation and registration of a society.  However, most of us are not really aware of the process of the registration of society or how it is to be registered. Moreover, whether it is to be registered or not and what is the procedure etc are other question which come across are minds.

article author CA Chirag Chauhan

Posted On:  2 weeks ago


Step wise NPO Registration as Section 8 of Company

Intends to prohibit the payment of any dividend to its members, the Central Government may, by license issued in such manner as may be prescribed, and on such conditions as it deems fit, allow that person or association of persons to be registered as a limited company under this section without the addition to its name of the world “Limited”, or as the case may be, the words “Private Limited”, and thereupon the Registrar shall, on application, in the prescribed form, register such person or association of persons as a company under this section.

article author CA Chirag Chauhan

Posted On:  2 weeks ago


How much Gold you can Hold? Limit on domestic possession of gold in India

In current scenario the government is not giving any chance to the black money holders to escape from the black money radar, which can be generated through cash or gold. On 1st December 2016 CBDT clarified the common man regarding the limit of gold every person must own under his custody. The clarification was also earlier provided by the circular No dated 11-05-1994

article author CA Chirag Chauhan

Posted On:  2 weeks ago


Declaration form to be filled up by NRIs for depositing Specified Bank Notes (SBNs) on arrival

In terms of Gazette Notification No 2652 dated November 08, 2016 issued by the Government of India, 500 and 1000 denominations of Bank Notes of the existing series issued by Reserve Bank of India (hereinafter referred to as Specified Bank Notes (SBNs) ceased to be legal tender with effect from November 09, 2016 to the extent specified in the said notification.

article author One Roof Consultant

Posted On:  3 weeks ago


Enrolment under the new Goods and Service tax (GST) law

I am an existing taxpayer registered under Excise, Service Tax and State Tax Laws such as VAT, Entry Tax, Luxury Tax and Entertainment Tax. I received SMS/ E-Mail with Provisional ID and Password. What are next steps for me? How do I begin to enrol with the GST Common Portal with Provisional ID and Password? All the existing taxpayers and VAT dealers will be given a provisional ID and password. You need to first create your user name and password using the provisional ID and password at the GST common portal – www.gst.gov.in

article author One Roof Consultant

Posted On:  3 weeks ago


Top 9 landmark cases and judgments that brought a change in India

Vodafone was embroiled in a $2.5 billion tax dispute over its purchase of Hutchison Essar Telecom services in April 2007.  The transaction involved purchase of assets of an Indian Company, and therefore the transaction, or part thereof was liable to be taxed in India as per the allegations of tax department. Vodafone Group entered India in 2007 through a subsidiary based in the Netherlands, which acquired Hutchison Telecommunications International Ltd’s

article author Dharmesh Jain

Posted On:  3 months ago


GST Levy and exemption on different assesses

GST has been passed in the parliament and the Government is working eagerly to make this act let applicable from 1st April 2017 following the motto “One Nation One Tax”. After this act comes into force each person whether of Service background or of Manufacturing background or of any other back ground will come under one common tax net. Each person has to file common return whether he/she is of Service background or of Manufacturing background or of any other background. This article will give you information on the applicability and exemption on different assesses under the GST law/act.

article author CA Chirag Chauhan

Posted On:  3 months ago


False Copyright website

It has come to the notice of the Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce & Industry that a website www.copyright.in  is creating a false impression that it is the official website of the copyright registration office in India and inviting applications for protection of the various works i.e. literary, artistic, dramatic, musical, sound recording and cinematographic films along with its evidences.  This claim is totally fraudulent and creating confusion among general public.

article author One Roof Consultant

Posted On:  3 months ago


Know all about Tax Planning – What, Why and How?

Tax planning can be defined simply as planning your cash outflow towards payment of taxes in legitimate manner most beneficial to you. It draws attention to “Payment of taxes”, here question to be answered is how one can reduce that taxes or one can postpone it to future date using tax planning tools. “Legitimate Manner” means it should not be tax evasion using illegal tools of tax saving and hiding certain transactions.

article author CA Chirag Chauhan

Posted On:  3 months ago


Supreme Court Judgement on Transfer of Flat to Nominee

Land Mark Judgement: Nominee of Deceased Member is absolutely entitled for the Ownership by transfer, Co-op. Soc can't challenge the right of Nominee a settled Law of the land. No legal heirship, court order or succession certificate is required. Please circulate, important for society members and  office bearers.

article author CA Chirag Chauhan

Posted On:  3 months ago


CBI arrests an Income tax officer and Inspector of income tax in a bribery case

The Central Bureau of Investigation has arrested an Income Tax Officer for accepting a bribe of Rs. Three Lakh and an Inspector of Income Tax for accepting a bribe of Rs.5000/- from the Complainant. A case was registered U/s 7 of the PC Act, 1988 against the ITO 30(1)(3) BKC, Mumbai for demanding an amount of Rs.3 lakh for himself and Rs.5000/- for his staff from the complainant for passing a favourable Assessment Order and not imposing penalty in scrutiny of ITR of the complainant for the AY 2014-15. CBI laid a trap and caught the two accused red handed. Searches were conducted at the official

article author CA Nikesh Sheth

Posted On:  3 months ago


Income Computation and Disclosure Standard I relating to accounting policies Preamble

This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of accounts. In the case of conflict between the provisions of the Income-tax Act, 1961 (‘the Act’) and this Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent

article author One Roof Consultant

Posted On:  4 months ago


MVAT- Extension of due date for filling of refund application for the year 2014-15

The due date for submission of refund application in Form e-501 ups 51 of MVAT Act, 2002 for the period 2014-15 was 30.09.2016. The facility of uploading e-501 was not available on system from 28.09.2016 to 30.09.2016 resulting into inability to upload the refund application. Representations were received for extension of this date. Considering the difficulties faced by the trade, the due date for submission of refund application in Form e-501 for the year 2014-15 has been extended by 7 days and now the dealer can upload the refund application upto 08.10.2016.

article author One Roof Consultant

Posted On:  4 months ago


Guidelines for arrest in relation to offences punishable under the Finance Act, 1994 and Central Excise Act, 1944

I am directed to draw your attention to the fact that the arrest provisions in Service Tax were introduced with effect from 10.05.2013 vide sub-sections (J) and (K) of section 103 of the Finance Act, 2013 which introduced sections 90 and 91 in the Finance Act, 1994 and also amended section 89 of the Finance Act 1994. Vide sections 155, 156 and 157 of the Finance Act 2016, with effect from 14.05.2016, sections 89, 90 and 91 of the Finance Act, 1994 have been amended.

article author One Roof Consultant

Posted On:  4 months ago


Constitution of Expert Group to look into issues related to Audit firms

Several audit firms have represented about adverse impacts on Indian audit firms due to the structuring of certain audit firms leading to circumvention of various regulations, manner in which auditor rotation requirements is being implemented by companies, and imposition of restrictive conditions by foreign investors with regard to auditor appointment by companies. In order to examine the above and related issues and make

article author One Roof Consultant

Posted On:  4 months ago


Note on summary of the recommendations of the Committee to draft a Code on Resolution of Financial Firms (“Committee”)

The Insolvency and Bankruptcy Code, 2016 enacted by the Parliament earlier this year provides for resolution and liquidation of non-financial firms. Recent experience and research have shown that resolution of financial institutions requires a special regime that is faster than any traditional insolvency procedure, where rights of the creditors and other stakeholders can be overridden in the interest of the financial system (including the consumers) and the economy. The draft Bill proposes to establish a special resolution regime for financial firms in line with international best practices.

article author One Roof Consultant