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Penalty Chart For Company Act 2013

Penalty Chart For Company Act 2013 – This file contains the important penalties on Companies Act, 2013 applicable May 2016 exam.The Companies Act, 2013 (2013 Act) was assented by the President of India on 29 August 2013 and published in the Official Gazette on 30 August 2013.The implementation of the same applied in phased manner where first 92 sections implemented from 12th September and remaining sections got implemented in full from 1st April 2014 where the various replacement and introduction of new provisions leading to Stringent penalty and / or imprisonment for failure to comply with the section and/or Rules under the new law came into picture. Therefore, one should look into the same to avoid such implications and as a professional one shall guide the client from not to make failure otherwise penalty have been replaced with higher amounts and punishment provisions as compared to the earlier Companies Act 1956.

Scroll down and Download CA Final DTL Complete List of Penalties Under Income tax Act 1961

CA Final Direct Tax (DT) Selected Case Law & Summary 2017

Penalty Chart For Company Act 2013 – ICAI CA Final Direct Tax Selected Case Laws for May 2017 & Nov 2017 are over 140 in number and the Case Law Summary of the entire Direct Tax part is provided here. These CA Final Direct Tax Selected Case Laws are issued by ICAI. It is a tough task to cover all these Case Laws in less time. Therefore, We are providing a complete summary of all the Direct Tax Case Laws applicable for CA Final May 2017 Exams

These Case Laws were divided chapter wise for easy revision. Profits from Business of Professions has the highest concentration of the case laws. These case laws will be asked in the exam for 16-20 marks for the CA Final Direct Tax paper.

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DT Selected Case Law Summary

  • What is the nature of liquidated damages received by a company from the supplier of plant for failure to supply machinery to the company within the stipulated time- a capital receipt or a revenue receipt?Ans: Capital Receipt
  • Can capital contribution of the individual partners credited to their accounts in the books of the firm be taxed as cash credit in the hands of the firm, where the partners have admitted their capital contribution but failed to explain satisfactorily the source of receipt in their individual hands?Ans: No
  • Whether section 14A is applicable in respect of deductions, which are permissible and allowed under Chapter VI-A?Ans: No
  • Case where the application for registration of a charitable trust is not disposed of within the period of 6 months as required under section 12AA(2), can the trust be deemed to have been registered as per provisions of section 12AA?Would not amount to “deemed registration”
  • Where a charitable trust applied for issuance of registration under sec 12A within short time span ( Nine months, in this case) after its formation , Can registration be denied by the concerned authority on the ground that no charitable activity has been commenced by the trust ?No
  • In a case where properties bequeathed to a trust could not be transferred to it due to ongoing court litigation and pendency or probate proceedings, can violation of the provisions of section 11(5) be attracted?No
  • Is the approval of Civil Court mandatory for amendment of trust deed, even in a case where the settler has given power to the trustees to alter the trust deed?No
  • Can notional interest on security deposit given to the landlord in respect of residential premises taken on rent by the employer and provided to the employee,be included in the perquisite value of rent-free accommodation given to the employee?No
  • Can the limit of Rs. 1,000 per month per child be allowed as standard deduction, while computing the perquisite value of free or concessional education facility provided to the employee by the employer?Rs.1000, is Not a standard deduction
  • Whether the rental income derived from the unsold flats which are shown as stock-in-trade in the books of the assessee would be taxable under the head ‘Profits and gains from business or profession’ or under the head ‘Income from house property’, in a case where the actual rent receipts formed the basis of computation of income?“Income from house property”
  • Can the rental income from the unsold flats of a builder be treated as its business income merely because the assessee has, in its wealth tax return, claimed that the unsold flats were stock-in-trade of its business?“Income from house property”
  • Under which head of income is franchise fee received by an assessee in tourism business, against special rights given to franchisees to undertake hotel business in asessee’s property, taxable?Business Income (Reason : Special conditions stipulated in the contract)
  • Would the provisions of deemed dividend under section 2(22)(e) be attracted in respect of financial transactions entered into in the normal course of business?No
  • Can winnings of prize money on unsold lottery tickets held by the distributor of lottery tickets be assessed as business income and be subject to normal rates of tax instead of the rates prescribed under section 115BB?No, Rate u/s:115BB is applicable i.e 30%
  • Can the loss suffered by an erstwhile partnership firm, which was dissolved, be carried forward for set-off by the individual partner who took over the business of the firm as a sole proprietor, considering the succession as a succession by inheritance?No, since it is not a case of succession by inheritance.
  • Can unabsorbed depreciation of a business of an industrial undertaking eligible for deduction under section 80-IA be set off against income of another non-eligible business of the assessee?Yes

Download CA Final DTL Complete List of Penalties Under Income tax Act 1961

CA Final DTL Complete List of Penalties Under Income tax Act 1961

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Penalty Chart For Company Act 2013

Penalty Chart For Company Act 2013

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Preparing for CA Final? - Must read below
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2 comment(s) on “Penalty Chart For Company Act 2013

  • very good

  • as per section 185 loan to directors and others in case of contravention of said section co. Shall be punishable with a fine of Rs.5lakh – 25 lakh
    ie. fine shall not be less than Rs.5lakh but may be extended to Rs. 25 lakh instead of 1lakh -5 lakh specified in your chart so please rectify that and check other provisions also

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