Extension of last date for complying with the CPE hours requirement for the block period 2011- 2013 - from 31st December, 2013 to 31st March, 2014. - (01-01-2014)

Subject: Extension of last date “for complying with the CPE hours requirement for the block period 2011- 2013” - from 31st December, 2013 to 31st March, 2014

This is for kind information of the members that it has been decided CPE Committee of ICAI, New Delhi  to extend the last date for complying with the CPE hours requirement for the block period 2011-2013 - from 31st December, 2013 to 31st March, 2014

Salary Cannot be taxed as Income from other sources without proving absence of master and servant relationship

COMMISSIONER OF INCOME TAX, NEW DELHI Versus UK. BOSE (Delhi High Court)

In the returns the assessee had claimeddeduction under Section 10(13A) on the basis of the rent paid by him which has been debited from his salary directly. This Section exempts any specialallowances specifically granted to an assessee by his employer to meet expenditure actually incurred onpayment of rent for residential accommodation occupied by the assessee, to such extent as may be prescribed, having regard to the area in which the accommodation is situated and other relevant considerations. Rule 2A of the Income Tax Rules prescribes the quantum of exemption available. The reason why the assessing officer disallowed the claim for exemption is that he considered the salary received from M/s Sahara India Mass Communication not under the head “salary”but under the head “income from other sources”. The reasoning of the assessing Officer as contained in theassessment order for the assessment year 2001-02 is as under:-

CBDT approves Aadhaar Card as valid identity, address proof for issuing PAN

The Income Tax Department will now accept Aadhaar Card as proof of identity and address for issuance of Permanent Account Number (PAN). The Central Board of Direct Taxes (CBDT) has issued  Notification No. 96/2013 Dated: December 23, 2013 expanding the list of documents admissible as proof of identity and address by including Aadhaar Card.

Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 effective from 01.01.2014

SECTION 1 OF THE RIGHT TO FAIR COMPENSATION AND TRANSPARENCY IN LAND ACQUISITION, REHABILITATION AND RESETTLEMENT ACT, 2013 - ENFORCEMENT OF ACT - NOTIFIED DATE OF ENFORCEMENT OF SAID ACT

NOTIFICATION NO. SO 3729(E) [FILE NO.13011/01/2013-LRD], DATED 19-12-2013

10 Qualities of Sachin Tendulkar That Can Make Your Professional Career / Studies Flourish

I just keep it simple. Watch the ball and play it on merit. – Sachin Tendulkar

I hated every minute of training, but I said, ‘Don’t quit. Suffer now and live the rest of your life as a champion.’ –Muhammad Ali

These are 10 most important qualities that each one us shall try to adopt in our lives to ensure a long and successful career and personal life. Let’s get started!!

Clarification with regard to applicability of provision of Section 372A of the Companies Act, 1956.

After some of the Companies Act 2013 Sections were notified, the Ministry of Corporate Affairs received several suggestions and representations regarding the notification of Section 185 of Companies Act 2013 (which deals with loans to Directors – and which corresponds to Section 295 of the Companies Act, 1956). This comes at a time when Section 186 of the Companies Act, 2013 is yet to be notified. Due to this, there was a lot of confusion in the industry whether a Company can give loans / acquire shares in its wholly owned subsidiaries having common directors.

Loans to Directors Etc

Section 185

Companies Act 2013

Loans to directors etc

(1) Save as otherwise provided in this Act, no company shall, directly or indirectly, advance any loan, including any loan represented by a book debt, to any of its directors or to any other person in whom the director is interested or give any guarantee or provide any security in connection with any loan taken by him or such other person: