Proposed Tax Exemption to Startups in India Startup India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower Startups to grow […]
Role of Audit Committee in Related Party Transactions Under the Companies Act, 2013, the whole concept of related party transactions has been capsulated in a single section, namely Section 188 which combines the erstwhile Sections 314 and 297 of the Companies Act, 1956 and also contains many new provisions within its scope. The section is […]
Reporting of Fraud by Auditors under Companies Act 2013 Under Section 143 of the Companies Act 2013, every auditor of a company shall have a right of access at all times to the books of account and vouchers of the company, whether kept at the registered office of the company or at any other place […]
Disallowance u/s 14A gets attracted even if a mix of interest bearing & non-bearing funds used to make investments earning exempt income Case Law Citation: –M/s Thermotech Engineering vs. ACIT, Pune (ITAT Pune), ITA No.- 533/PN/2013, Date of Pronouncement – 30.10.2015, Assessment Year-2009-10 Brief of the case: The ITAT bench of Pune in the case […]
Cancellation of Registration U/s 12AA(3) should be based on activities of Trust and not of Trustees Case Law citation:-Friends of WWB India Vs Director of Income Tax-Exemption (ITAT Ahmedabad), ITA No. 2076/Ahd/2014, Asstt year 2009-10, Date of decision – 14-08-2015 Appeal is raised by assessee against order of the Director of Income Tax (Exemption) issued […]