This is a direct tax proposal introduced in Budget 2017-18 as a measure to prevent abuse of Section 10(38) through sham and bogus transactions. This article talks about Section 10(38), proposed amendment and resulting consequences learn why reporting income is important. Read More
“Money is like gasoline during a road trip. You don’t want to run out of gas on your trip, but you’re not doing a tour of gas stations.”
Indeed an apt quote by Tim O’Reilly, O’Reilly Media founder and CEO. Read More
This is the last quarter of the financial year 2016-17 and any guesses, what flashed in our minds?
For me, it was balance sheet and profit and loss statement! Read More
Definition under Companies Act:
Sec 2(15A) defines employee stock option as
“option given to the whole time directors, officers or employees of a company which gives such directors, officers or employees, the benefits or right to purchase or subscribe at a future date, the securities offered by the company at a predetermined price.”
Above definition can be analyzed to conclude that ESOP involve granting some ownership stake in the company to employees (some or all) in the form of options at reduced price than what prevails in the market. The personnel can exercise the options only after the vesting period elapses. Read More
Is it mandatory to prepare and submit cash flow statement for unlisted public companies and private companies, whether small or midsized in nature?
Philanthropy in India is a phenomena as old as India itself. Corporates have responsibility to the society also in which it works. Indian corporates even before the introduction of concept of corporate social responsibility into Companies Act, 2013 were in various ways involved directly or indirectly in various charitable and philanthropic activities integrating economic and social development for the benefit of human mankind at large.
Corporate Social Responsibility is a much wider concept than philanthropy and charity. Now Section 135 of Companies Act, 2013 provides for corporate social responsibility which runs as under:
Companies Act, 2013 requires the filing of various resolutions with the registrar of Companies of the state where the registered office of the company is situated. Section 117 prescribes the filing of these resolutions. It reads as under