Welcome to Scribd. Sign in or start your free trial to enjoy unlimited e-books, audiobooks & documents.Find out more
Download
Standard view
Full view
of .
Look up keyword
Like this
1Activity
0 of .
Results for:
No results containing your search query
P. 1
Business Advisor - January 25, 2013 - Preview

Business Advisor - January 25, 2013 - Preview

Ratings: (0)|Views: 1,598|Likes:
Published by D. Murali
Mandatory CSR, One person company, Circular on recovery of tax demands, Where are we likely to move, Case laws update, Toothless GAAR. Articles by T. N. Pandey, Former Chairman, CBDT, Noida; Dr S. Chandrasekaran, Chandrasekaran Associates, Delhi; Dr Sanjiv Agarwal, Agarwal Sanjiv & Company, Jaipur; Dr B. Yerram Raju, Regional Director, PRMIA, Hyderabad; V. K. Subramani, Chartered Accountant, Erode. Cartoon by Bimbadhar Mishra, Andhra Bank, Hyderabad.
Mandatory CSR, One person company, Circular on recovery of tax demands, Where are we likely to move, Case laws update, Toothless GAAR. Articles by T. N. Pandey, Former Chairman, CBDT, Noida; Dr S. Chandrasekaran, Chandrasekaran Associates, Delhi; Dr Sanjiv Agarwal, Agarwal Sanjiv & Company, Jaipur; Dr B. Yerram Raju, Regional Director, PRMIA, Hyderabad; V. K. Subramani, Chartered Accountant, Erode. Cartoon by Bimbadhar Mishra, Andhra Bank, Hyderabad.

More info:

Published by: D. Murali on Mar 20, 2013
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

10/07/2014

pdf

text

original

 
Volume II Part 2 January 25, 2013 1
Business Advisor
 
Business Advisor
(Fortnightly inputs for professionals and executives) 
Volume II Part 2 January 25, 2013
 
 
Volume II Part 2 January 25, 2013 2
Business Advisor
 
Mandatory CSR
 T. N. Pandey -
“…All companies will have to spend 2% of averagenet profit during three preceding years on CSR.”
 
OPC: Success is doubtful
Dr S. Chandrasekaran -
“The concept of one person company 
(OPC) was first recommended by an expert committee constituted
under the leadership of Dr J. J. Irani, in 2005.”
 
Fragile circular on recovery of tax demands
Dr Sanjiv Agarwal -
“It would be fair and reasonable that no
coercive steps are taken during the pendency of stay 
applications.”
 
Where are we likely to move?
Dr B. Yerram Raju -
“‘Rational pessimism,’ to borrow JosephStiglitz’s phrase, has given way to ‘irrational hooliganism.’”
 
Toothless GAAR
Cartoon by Bimbadhar Mishra
Case laws update
V. K. Subramani -
“Inter
-corporate deposit written off in the first
 year not eligible for deduction as bad debt.”
 
(Cover images: Thiruvannamalai Srinivasa Perumal temple steps
Disclaimer
: "Management and editors do not necessarily agree with theviews of the authors in their articles and of the readers in their letters,and of the query editors in their replies. The editors, authors and / orpublishers shall not be responsible for any kind of result generated outof any action taken on the basis of suggestions, etc., made in any of thewrite ups, interviews contained in any part of the magazine or for any error, omission, commission to any person, whether subscriber orotherwise. The copyright of all the materials printed herein includingarticles, queries and replies etc., rests with the publishers".
 
 
Volume II Part 2 January 25, 2013 3
Business Advisor
 
Mandatory CSR
T. N. Pandey 
 
 The Companies Bill, 2012 (as passed by Lok Sabha)mandates corporates to contribute for social sectorresponsibilities. When passed by Rajya Sabha, the Billwill be legalising a practice which is being presently pursued by limited companies in the country concerningsocial sector responsibilities as corporate socialresponsibility (CSR). The Bill provides (vide clause 135)that all companies will have to spend 2% of its averagenet profit during three preceding years on CSR. TheExp
lanation to the clause provides that ‘average net profit’ shall be
calculated in accordance with the provisions of section 198 (and clause 198of the Bill mentions the method relating tocalculation of profits).
The legal provision in nutshell
(i) The Bill provides that the new law willapply to every company with a net worth of Rs 500 crore or more, turnover of Rs 1,000crore or a net profit of Rs 5 crore or moreduring any financial year;(ii) The amount has to be minimum of 2%of average profit as explained earlier. The amount has to be spent in 9 broad areas that results in social good asunder (as given in Schedule VII to the Bill). The areas are:-(i) eradicating extreme hunger and poverty;(ii) promotion of education;(iii) promoting gender equality and empowering women;(iv) reducing child mortality and improving material health;(v) combating human immunodeficiency virus, acquired immune deficiency syndrome, malaria and other diseases;(vi) ensuring environmental sustainability 
 
(For the full issue, subscribe at  http://bit.ly/ShriMagz  
 
All companies willhave to spend 2% of average net profitduring three preceding years on CSR.
 

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->