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26/12/2016

Who is Included in "Key Managerial Personnel " as per Companies Bill ?

Answer : “Key managerial personnel”, in relation to a company, means : -

(i) the Chief Executive Officer or the managing director or the manager;

(ii) the company secretary;

(iii) the whole-time director;

(iv) the Chief Financial Officer; and

(v) such other officer as may be prescribed.

[ Section 2(51) of Companies Act 2013 ]

Happy Dhanteras to all the Readers ! :)
28/10/2016

Happy Dhanteras to all the Readers ! :)

01/10/2016

General Circular 10/2016

Relaxation of additional fees for filing Form IEPF-1

http://mca21.gov.in/Ministry/pdf/Circular_102016_20160908.pdf

01/10/2016

What are the provisions regarding "Political contribution" in Companies act , 2013 ?

Answer : A company except for government company or a company which has been in existence for a period less than 3 financial years can make contribution to political party maximum to the tune of 7.5% of average net profits earned by the company during 3 preceding financial years. Political contribution is to be disclosed compulsorily in profit and loss statement of the company.

[ Section 182 of Companies act , 2013 ]

12/09/2016

What is principle of constructive notice ?

Answer : In companies law the doctrine of constructive notice is a doctrine where all persons dealing with a company are deemed (or "construed") to have knowledge of the company's articles of association and memorandum of association. The doctrine of indoor management is an exception to this rule.

10/09/2016

What is "Due Diligence" ?

Answer : An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to a sale. Offers to purchase an asset are usually dependent on the results of due diligence analysis. This includes reviewing all financial records plus anything else deemed material to the sale.It can be a legal obligation, but the term will more commonly apply to voluntary investigations.

08/09/2016

What is XBRL?

Answer : XBRL stands for eXtensible Business Reporting Language. It is already being put to practical use in a number of countries and implementations of XBRL are growing rapidly around the world. XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information.

07/09/2016

Which activities can be included in CSR ( Corporate Social Responsibility) activities as per Companies act ?

Answer : Activities relating to:—

(i) Eradicating extreme hunger and poverty;

(ii) Promotion of education;

(iii) Promoting gender equality and empowering women;

(iv) Reducing child mortality and improving maternal health;

(v) Combating human immunodeficiency virus, acquired immune
deficiency syndrome, malaria and other diseases;

(vi) Ensuring environmental sustainability;

(vii) Employment enhancing vocational skills;

(viii) Social business projects;

(ix) Contribution to the Prime Minister's National Relief Fund or any other fund set up by the Central Government or the State Governments prescribed; and

(x) Such other matters as may be prescribed.

01/09/2016

Forms DIR-3, INC-2, SH-11, CHG-4 and INC-4 are likely to be revised on MCA21 Company Forms Download page w.e.f 2nd SEP 2016.

30/08/2016

Is CSR Expense (Corporate Social Responsibility) which is required to be incurred u/s 135 of Companies Act , 2013 deductible under Income Tax Act , 1961 ?

Answer : CSR expense required to be incurred U/s 135 of Companies Act , 2013 shall NOT be deemed to be an expenditure incurred by the assessee for the purposes of the business or profession ( As inserted by Explanation to Section 37(1) of Income Tax Act). So , CSR expense is not deductible u/s 37(1) of Income Tax act. However , CSR expense can be incurred & claimed as "Deduction" in the below activities & sections :

Donation under section 35(1)ii , 35(1)(iia) , 35(1)(iii) , 35(2AA) , 35CCC , 35CCD & 35AC shall be Eligible for deduction range from 100% to 200% under Income Tax Act,1961 which shall also be eligible for 2% CSR Expense under Companies Act, 2013.

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