Internal Financial Control - A New line of Defence

Internal Financial Control (IFC) – A New Line of Defence

Posted on Leave a commentPosted in Constitutional Acts

Internal Financial Control (IFC) The 2013 Companies Act (“Act”) marks a major step towards raising the bar on corporate governance in India. The Companies Act has re-emphasised the importance of robust internal control environment by introducing the term ‘Internal Financial Controls’, casting specific responsibilities on the Board, Audit committee, Management as well as the Auditors. […]

Provisions of Companies Act 2013 on Dividend

Provisions of Companies Act 2013 on Dividend

Posted on Leave a commentPosted in Accounting and Finances, Constitutional Acts

Section 2(35) of the Companies Act, 2013 says: “dividend” includes any interim dividend. Section 123 of the Act: Declaration of Dividend: No Company to declare and pay except: Out of the profits (after depreciation), or out of the accumulated profits (after depreciation), or out of both; Out of money provided by the Central or State […]

Section 269SS & 269T of Income Tax Act

Section 269SS & 269T – A Small Anti Black Money Step by Government

Posted on Leave a commentPosted in Constitutional Acts, Taxation

The Finance Act, 2015 amended Section 269SS and Section 269T to include transactions in immovable property in order to curb black money circulation. However, the term “Immovable property” has not been defined in the amendment for the purpose of the Income Tax Act. The meaning assigned to the term “immovable property” in section 269UA(d) is […]