BUDGET 2016 - DIRECT TAX HIGHLIGHTS

Direct Tax Referencer, 2015

Exemption to Private Limited Companies vide MCA Notification dated June 5, 2015

Cilck here to view MCA Notification dated 05-06-2015 

Key Amendments of Finance Act, 2015 effective from 1st June, 2015

No separate application required for issue of PAN / TAN in case of New Company - Apply in Form INC - 7

The CBDT vide Notification No. 38/2015, dated April 10, 2015 has amended the Income Tax Rules and prescribed that no separate application for issue of PAN / TAN need to be made. The same can be made through Form INC - 7.

The Link to the notification is given below.

Notification No. 38/2015, Dated: April 10, 2015

CBDT notifies Income Computation and Disclosure Standards

Notification No. 33/2015 [F. No. 134/48/2010-TPL] / SO 892(E): ​

Income Computation and Disclosure Standards under section 145(2) of the Income-tax Act, 1961

CBDT notifies the income computation and disclosure standards as specified in the Annexure to be followed by all assessees, following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax under the head “Profit and gains of business or profession” or “ Income from other sources”. 
This notification shall come into force with effect from 1st day of April, 2015, and shall accordingly apply to the assessment year 2016-17 and subsequent assessment years.

Click Hereto Download Full text of the Notification

Amount received by Private Companies prior to 1st April, 2014 shall not be treated as deposit under new Companies Act, 2013

1. The Ministry of Corporate Affairs (MCA), vide circular no. 5/2015 dated 30-03-2015, has clarified that amount received by private companies from their members, directors or their relatives prior to 1st April, 2014 shall not be treated as deposit under new Companies Act, 2013 and Companies (Acceptance of Deposits) Rules, 2014.

2. Private company shall disclose, in the notes to its financial statement for the financial year commencing on or after 1st April, 2014 the figure of such amounts and the accounting head in which such amounts have been shown in the financial statement.

3. Any renewal or acceptance of fresh deposits on or after 1st April, 2014 shall, however, be in accordance with the provisions of Companies Act, 2013 and rules made thereunder.

Circular of Ministry of Company Affairs is attached herewith.