Solutions of Sec185, Updates & Conference on Real Estate @Rs 500/600 at Hotel Park,Kolkata, 6 CPE
Nitesh More
1) Solutions of Sec 185:
Say , A Pvt Ltd want to grant loan to B Pvt Ltd:
i) Find out "total number of family members & other persons , who can be appointed as director of A Pvt Ltd", say, total 10 persons (who can be appointed as director of A Pvt Ltd)
ii) Find out who are shareholders (say 6 persons) & directors (say 2 persons) of B Pvt Ltd i.e. total 8 persons
iii) Appoint other 2 persons as director of A Pvt Ltd.
2) IT: CBDT extends the last date of filing Income Tax return in Gujarat only. Earlier the last date was 31st August, now 7 September 2015.
3)IT: Sum received for permitting installation of Telecom Tower on terrace is taxable as income from house property- Niagara Hotels & Builders (P.) Ltd.[2015] 60 taxmann.com 83 (Delhi).
4) IT: For computing income u/s 80I or 80 IA only losses and deductions of eligible business has to be considered from initial A.Y.- CIT Vs K Rajinikanth (Madras High Court).
5) Co Law: MCA has released the Companies (Management and Administration) Amendment Rules, 2015. Form No. MGT-7 has been substituted and the new Form MGT-7 has been published therein in the said notification.
6)Job: A Medium size CA Firm having office in New Alipur requires CA/ CS with 1 year post qualification experience. Salary offered Rs 25K pm. Interested candidate immediately apply to apply@ chunderkhator.com or call Mr Rajdeep at 9007487834
7) Service of Assessment order by hand delivery to kitchen boy of assessee company is bad service–The Hon’ble Supreme Court in the case of Saral Wire Craft P. Ltd.
[Civil appeal no 5631 & 5632 of 2015; date of pronouncement 20th July, 2015, arising out of SLP(CIVIL) NOs 22905-22906 of 2014]
8)Real Estate Conference on Hotel Park, 6 CPE@Rs 500/600 only
Register for "ACAE 6CPE Real Estate Conclave" on Saturday, 5 Sep@ Hotel Park, ACAE Members:Rs 500,Others:600 only. Speakers from All over India on Direct & Indirect tax & legal & funding Issues. Call 8820154348, 2210772
Register online:
i) ACAE Members(fees 500): https://www.instamojo.com/acae/acae-real-estate-conclave-5th-sep-park-hotel-7305e/
ii) Others(fees 600): https://www.instamojo.com/acae/acae-real-estate-conclave-5th-sep-park-hotel/
9) Job: Required Article Clerk / Paid Up for Kolkata. email efilli...@gmail.com
10) CBDT lays down criteria for manual selection of scrutiny cases during FY 2015-16: (Instruction No. 8/2015 dated 31 August 2015)
Relevant extract is as under:
A) In supersession of earlier Instructions on the above subject, the Board hereby lays down the following procedure and criteria for manual selection of returns/cases for scrutiny during the financial-year 2015-2016:-
a) Cases involving addition in an earlier assessment year in excess of Rs. 10 lakhs on a substantial and recurring question of law or fact which is either confirmed in appeal or is pending before an appellate authority.
b) Cases involving addition in an earlier assessment year on the issue of transfer pricing in excess of Rs. 10 crore or more on a substantial and recurring question of law or fact which is either confirmed in appeal or is pending before an appellate authority.
c) All assessments pertaining to Survey under section 133A of the Income-tax Act, 1961 ('Act') excluding those cases where books of accounts, documents etc. were not impounded and returned income (excluding any disclosure made during the Survey) is not less than returned income of preceding assessment year. However, where assessee retracts the disclosure made during the Survey, such cases will not be covered by this exclusion.
d) Assessments in search and seizure cases to be made under section(s) 158B, 158BC, 158BD, 153A & 153C read with section 143(3) of the Act and also for the returns filed for the assessment year relevant to the previous year in which authorization for search and seizure was executed u/s 132 or 132A of the Act.
e) Returns filed in response to notice under section 148 of the Act.
f) Cases where registration u/s 12M of the IT Act has not been granted or has been cancelled by the CIT/DIT concerned, yet the assessee has been found to be claiming tax-exemption under section 11 of the Act. However, where such orders of the CIT/DIT have been reversed/set-aside in appellate proceedings, those cases will not be selected under this clause.
g) Cases where the approval already granted u/s 1O(23C)/35(1)(ii)/35(1)(iii)/10(46) of the Act has been withdrawn by the Competent Authority, yet the assessee has been found claiming tax-exemption/benefit under the aforesaid provisions. h) Cases in respect of which specific and verifiable information pointing out tax-evasion is given by Government Departments/Authorities. The Assessing Officer shall record reasons and take prior approval from jurisdictional Pro CCIT/CCIT/Pr. DGIT/DGIT concerned before selecting such a case for scrutiny.
B) Computer Aided Scrutiny Selection (CASS): Cases are also being selected under CASS on the basis of broad based selection filters. List of such cases shall beb separately intimated in due course by the Pr.DGIT(Systems) to the jurisdictional authorities concerned.
I,CA Nitesh More, seek your valuable support in the forthcoming EIRC Regional Council Election. I had tried to work for CA Fraternity from last 3 years.
CA NITESH KUMAR MORE
CA Nitesh Kumar More is an FCA. He had spoken in more than 60 conferences, seminars & cpe programs on Corporate Law in last 500 days in more than 16 cities. He has contributed more than 200 Write-ups/Articles in various magazines, web sites, newsletter & google groups etc.
He had been member of various committee of EIRC of ICAI (such as Permanent Research Committee, Research Committee, Company Law Committee, Internal Audit Committee). He had been Co-chairman of Company Law Committee of DTPA, Kolkata. He is an Executive Committee member of DTPA & Views Exchange. He is life member/member of Views Exchange, DTPA, VIP Road & Vitta Salahkar CA Study Circle.
Some of his noteworthy services to profession are as under:
ü He had represented to MCA & IT Department & many of his suggestions, such as exemption of MGT14 for Pvt Ltd Co, option to assessee to allow c/f of TDS etc , has been implemented.
ü He is a moderator of India’s largest Google Group (Member Strength of more than 1,20,000 Professionals).
ü He provided All India phone helpline for TAX AUDIT REPORT support to CAs (working 6am to 11 PM)
ü He raised more than Rs 5 Lakhs for a CA suffering from Kidney problem by email Appeal from his google groups.
ü He was man behind organization of many free seminars on Company Law at Kolkata.
ü Many of his articles have provided support to professionals & business community all over India on many critical issues such as, AGM can be held on Sunday, Companies are not required to transfer fund to IEPF always ,Simple process to allot shares, How to save cost to file MGT14? etc.
ü He had actively worked for Members Ready Referencer of EIRC,ICAI .
ü He had been a conference committee member of many Conferences for CAs.
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On Sat, Aug 29, 2015 at 12:59 PM, Nitesh More <nmor...@gmail.com> wrote:Hi
On Aug 25, 2015 10:18 PM, "Nitesh More" <moreas...@gmail.com> wrote:EMPANELMENT OF MEMBERS TO ACT AS OBSERVERS AT THE EXAMINATION CENTRES FOR CA EXAMINATIONS NOVEMBER / DECEMBER 2015 - (25-08-2015)Applications are invited for empanelment as examiner in respect of the Chartered Accountants Examinations.Format of the application for empanelment can be downloaded from www.icai.org (Click Here).