KNOWLEDGE CENTER
Loan Received by private companies from members, directors or their relatives before 01.04.2014 is not deposit
MCA has issued clarification on the position of Loans Received by private companies from members, directors or their relatives before 01.04.2014, according to this clarification, the said unsecured loans which are received before 01.04.2014 will not be considered as...
No change in rate of Service Tax from 01.04.2015
Finance bill, 2015 has proposed to increase effective rate of Service Tax from 12.36% to 14%. It is wrongly reported in some quarters that the effective date of change in rate of Service Tax is 1st April, 2015. It is hereby clarified that the change in the rate of...
Share Application Money under Companies Act 2013
Position earlier to Companies Act 2013: Earlier, under old Companies Act regime, many companies accepted share application money under private placement and utilized the same for the business purpose even without allotment of shares. Position after enactment of...
Delayed Payment of TDS liable for Prosecution Proceedings
SECTION 276B/276BB As per the Income Tax Act, the Tax Deducted amount should be paid within the stipulated time to the credit of Central Government. Consequences Prosecution will initiated where the cumulative interest payable u/s 201(1A) for all the years...
TDS Returns cannot be filed without payment of Late Payment Fee U/s 234E
SECTION 200A: Amendment: The existing provision of Sec.200A does not provide mechanism for determination of late fee under Sec. 234E at the time of processing of TDS statements. It is, therefore, proposed to amend the provisions of Section 200A of the Act so as to...