23 August 2014
FORFEITURE OF SHARES AND TAX IMPLICATIONS *BY CA A. K. JAIN & MS. SONI KUMARI The forfeiture of shares refers to loosing the right in the shares by the Share Holders for non-payment of call money or balance amount. Any action in this regard has tax implications for the company forfeiting the shares. Moreover, it should be carefully planned and executed with due compliance and consideration of the provisions of Companies Act. Regulation 28 If a member fails to pay any call, or installment of a ca...
Read more →11 August 2014
Income Tax Weapon of Search & Seizure Becoming Stingless By Shailendra Kumar In general public perception, the Income Tax Department is better known for its 'Raids' on corporate houses or politicians, falling out of the 'good books' of the Government. Even if we leave aside the controversial 'use' of such powers by the Government of the day, the purposive object of Search, Seizure and Surveys is to 'google' undisclosed income or assets and gather evidence which is otherwise not collectible by us...
Read more →1 August 2014
Finance Minister Presents Indian Budget For 2014-2015 The Current Economic Situation And The Challenges The state of world economy has been the most decisive factor affecting the fortunes of every developing country. The world economy has been witnessing a sliding trend in growth, from 3.9 percent in 2011 to 3.1 percent in 2012 and 3 percent in 2013. The economic situation of major trading partners of India, who are also the major source of our foreign capital inflows, continues to be under stre...
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