SECTION 276B
– By CA Puja Borar and Vivek Sethia
Compounding of offences and Section 276B
KnowledgeBase
RELATED PARTY TRANSACTIONS- HARMONISING AND REPORTING UNDER VARIOUS STATUES
Related Party Transactions – Harmonising and Reporting Under Various Statues
– By CA Niketa Agarwal
The “Related Party Transactions” (RPTs) are under heightened watch of various regulators and tax authorities not just in India but globally. The potential to misuse RPTs is a cause for concern all over the world to both regulators as well as investors as has been evident from various scams and frauds in India and globally.
The reporting and compliance under various different laws poses a challenge […] Read More >>
Consolidated Financial Statements
Consolidated Financial Statements
– By CA Vivek Newatia
– By CA Niketa Agarwal
Erstwhile only clause 32 of the listing agreement mandated listed companies to publish Consolidated Financial Statements. Neither the Companies Act, 1956 mandated the preparation of consolidated financial statements nor do the Accounting Standards require companies to prepare Consolidated Financial Statements. With insertion of Section 129(3) in the Companies Act 2013 (“Act”), all companies including unlisted and private companies with one or more subsidiaries will in addition to separate financial statements […] Read More >>
Depreciation as per the Companies Act, 2013
Depreciation as per the Companies Act, 2013
CA Niketa Agarwal
The provisions under Schedule II of the Companies Act, 2013 have a lot of impact on all the companies in India. So it is a dire need for all of us to understand these provisions, as it would affect accounting of depreciation of companies. Also, while doing audit, it is to be checked that depreciation charged is as per Schedule II of the Act.
Schedule II to the Companies Act 2013
Schedule II to the Companies Act 2013
By CA Aditi Chandak
With the introduction of the revamped Company Law, changes have been brought about in quite a few areas of interest. We’re focusing on the changes in depreciation in this article. Schedule XIV of the erstwhile Companies Act prescribed minimum SLM (straight line method) and WDV (written down value) rates for depreciation. The Companies could charge higher depreciation, if the useful life of an asset was shorter than that envisaged under Schedule […] Read More >>
Budget 2014
Budget 2014
-By Team S.Jaykishan
The article contains an analysis of the new provisions introduced and the amendments to the existing ones by the Union Budget 2014-15 presented by the Finance Minister on July 10, 2014. The first budget in 10 years by a non-UPA government has announced a roadmap of policy initiatives that is likely to lead the economy back to 7-8% growth levels in the next 3-4 years. The government also aims to stabilize the macro-economy with lower levels of […] Read More >>
Overview of Business Valuations
Overview of Business Valuations
By CA Niketa Agarwal
Valuation involves high degree of professional judgement, knowledge of business, analysis of facts, interpretation, developing financial models, methods and procedures, which may result into different conclusions in each given situation. It is both science as well as an art. Though quantitative in nature, the valuation methods require inputs that require quite a lot of subjective judgement. The Management of companies seek help of professionals like Chartered Accountants or Investment Bankers to value […] Read More >>
SECTION 276B
Offences u/s 276B and Compounding
By CA Puja Borar and Vivek Sethia
Section 276B of the Income Tax Act, 1961 deals with the failure to pay tax to the credit of the government and punishment under the said provision carries a rigorous imprisonment varying from three months to seven years of jail along with fine. But if there is no reasonable cause for such failure, then the application for compounding may be made. The Article seeks to discuss all the key aspects […] Read More >>
Payments to Non Residents – Grossing Up and Section 206AA
Payments to Non Residents – Grossing Up and Section 206AA
By CA Puja Borar
The provisions of Section 195 read with Section 206AA has been surrounded with increased controversies and complexities. This Article seeks to discuss the interoperability of Section 195, 195A and Section 206AA in the light of judicial pronouncements in relation to the same. It intends to analyze the various possible ways of determining the withholding tax in respect of remittance made to a non-resident beneficiary in the absence of […] Read More >>