Companies Act 2013- Clarification on definition of term 'related party'

Order proposed to be issued under section 470 of the Companies Act, 2013

MINISTRY OF CORPORATE AFFAIRS

ORDER

New Delhi, the , 2014

S.O. _____ (E) Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on 29th August, 2013 and section 1 thereof came into force on the same date;

And whereas clause (76) of section 2 of the Act define the term `related party’ has commenced on 12th September, 2013.

And whereas in sub-clause (v) of clause (76) provides for that a public company in which a director or manager is a director or holds along with his relatives, more than two per cent. of its paid up share capital shall be related party.

And whereas difficulties have arisen regarding compliance with the provision.

Now, therefore, in exercise of the powers conferred by sub-section (1) of section 470 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following Order to remove the above said difficulties, namely :-

1. Short title and commencement .-

(1) This Order may be called the Companies 1st (Removal of Difficulties) Order, 2014.

(2) It shall come into force on the date of its publication in the Official Gazette.

2. It is hereby clarified that a public company in which a director or manager is a director and holds along with his relatives, more than two per cent. of its paid up share capital shall be related party.

Companies Act 2013 - Notificationof significant sections wef 01.04.2014

Today, The Ministry of Corporate Affairs (MCA) has notified 183 new sections of the Companies Act 2013 and some sub- sections of 13 sections which were already notified by notification dated 12th September 2013 and remaining schedule, in the fourth phase today, by way of notification dated 26th March 2014. These sections have been notified to come into effect from 1st April 2014. With the notification of these sections, now a total of 283 sections of the new Act stand notified.

With the notification of aforesaid sections, it can be assumed that relevant rules will also be notified shortly as most of them are dependent on rules.

The sections remaining to be notified are related to National Financial Reporting Authority, Investor and Education Protection Fund, Compromise and arrangement, oppression and mismanagement, winding up, sick companies ,special courts, national company law tribunal. Majority of these sections are not notified due to pending case in Supreme court with respect to the National Company Law Tribunal.

Useful for May and November- 2014 CA Final Exams

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7 simple hacks to save on taxes

It's that time of the year again when the HR department sends you an email reminding you to 'declare your investments' for the financial year, pronto.

Most of us just do the minimum to get over with it and hope that we aren't squeezed again by the taxman this year.

Time to change tracks. Why? Two reasons:

a.    You're don't want to pay more of your hard-earned money as taxes than absolutely necessary.

b.    It really IS simple to save some extra bucks on taxes

CBDT CIRCULAR ON TDS RETURNS OF GOVT DEDUCTORS

Circular No. 07/2014

F. No. 275/27/2013-IT(B)

Government of India

Ministry of Finance Department of Revenue

Central Board of Direct Taxes

New Delhi, the 4 th March, 2014

All Chief Commissioners of Income-tax 

All Directors General of Income-tax

Sub: Ex-post facto extension of due date for filing TDS/TCS statements for FYs 2012-13 and 2013-14 – regarding

The Central Board of Direct Taxes (‘the Board’) has received several petitions from deductors/collectors, being an office of the Government (‘Government deductors’), regarding delay in filing of TDS/TCS statements due to late furnishing of the Book Identification Number (BIN) by the Principal Accounts Officers (PAO) / District Treasury Office (DTO) / Cheque Drawing and Disbursing Office (CDDO). This has resulted in consequential levy of fees under section 234E of the Income-Tax Act, 1961( ‘the Act’).

2. The matter has been examined. In case of Government deductors, if TDS/TCS is paid without production of challan, TDS/TCS quarterly statement is to be filed after obtaining the BIN from the PAOs / DTOs / CDDOs who are required to file Form 24G (TDS/TCS Book Adjustment Statement) and intimate the BIN generated to each of the Government deductors in respect of whom the sum deducted has been credited. The mandatory quoting of BIN in the TDS/TCS statements, in the case of Government deductors was applicable from 01-04-2010. However, the allotment of Accounts Officers Identification Numbers (AIN) to the PAOs/ DTOs/CDDOs (a pre-requisite for filing Form 24G and generation of BIN) was completed in F.Y. 2012-13.  This has resulted in delay in filing of TDS/TCS statements by a large number of Government deductors.

Indian Railway Interim Budget- 2014

- No Increase in Passenger Fares and Freight

- Outlay of Rs 64,305 Crore Proposed for Rail Budget with A Budgetary Support of Rs 30,223 Crore

- 17 New Premium Trains, 38 Express Trains and 10 Passenger Trains Proposed

- Surveys For 19 New Lines and  Doubling of 5  Tracks to be Taken Up- Feasibility Study for High Speed Trains in Mumbai-Ahmedabad Corridor and Semi High Speed Projects to Taken Up on Select Routes

- To Prevent Fire Incidents Portable Fire-Extinguishers in Coaches and Induction Based Cooking Introduced in Pantry Cars

- Meghalaya and Arunachal Pradesh to be on Railway Map

Satya Nadella's letter to Microsoft employees

Speech by  new CEO of Microsoft

Microsoft Corp named India-born Satya Nadella as its next chief executive officer.Following is the text of Microsoft's new CEO Satya Nadella's letter toemployees. Today is a very humbling day for me. It reminds me of my very first day at Microsoft, 22 years ago. Like you, I had a choice about where to come to work. I came here because I believed Microsoft was the best company in the world. I saw then how clearly we empower people to do magical things with our creations and ultimately make the world a better place. I knew there was no better company to join if I wanted to make a difference. This is the very same inspiration that continues to drive me today. It is an incredible honor for me to lead and serve this great company of ours. Steve and Bill have taken it from an idea to one of the greatest and most universally admired companies in the world. I've been fortunate to work closely with both Bill and Steve in my different roles at Microsoft, and as I step in as CEO, I've asked Bill to devote additional time to the company, focused on technology and products. I'm also looking forward to working with John Thompson as our new Chairman of the Board.