Comments

Post a Comment

Popular posts from this blog

7th March Daily Updates

Image
1)  Kerala Assembly speaker G Karthikeyan passed away: i. Senior Congress leader and Kerala Assembly Speaker G Karthikeyan passed away in Bangalore, Karnataka. He was 66. ii. A prominent Congress leader in Kerala, Karthikeyan has entered into politics through Kerala Students Union, the student outfit of Congress. iii. He had been elected to the state assembly in 1982, 1991, 1996, 2001, 2006 and 2011. iv. In Congress government headed by A K Antony in 1995, Karthikeyan had been power minister. He had served as civil supplies minister in the Congress government in 2001. 2)  Snooker shortlisted for Tokyo 2020 Olympics: The green baize game of snooker, played with multi-coloured balls, has been short-listed among three sports to be included in the 2020 Olympic Games in Tokyo, according to Captain P.V.K. Mohan, president of the International Billiards and Snooker Federation (IBSF).   3)  Saina Nehwal advanced to All England Badminton Final : ...
Read more

Cheque & Types

Image
Cheque:  Section 6 of the Negotiable Instruments Acts, 1881, states "A cheque is a bill of exchange drawn on a specified banker, and not expressed to be payable otherwise than on demand." So, a cheque is a written instruction to a bank (also called the drawee bank) asking it to pay a specific sum of money to the person/company whose name is written on it. The person issuing the cheque is called the drawer and the one to whom it is issued is called the payee. Types of cheques  cheques are of basically four types Open cheque: A person holding an open cheque can  i. Receive payment over the counter at the bank ii. Deposit the cheque into his account iii. Pass it to another person by endorsing the cheque on the reverse side Crossed Cheque: Payment of a crossed cheque cannot be made over the counter at a bank; it can only be credited into the payee's account. Cheques can be crossed by drawing two parallel lines across the top left corner. Bearer Cheque: A be...
Read more

Government introduces “Place of effective management” (POEM) in IT Act

Image
Shell companies are the companies located abroad but controlled from India, to evade taxes. Government aims to curb them by introducing “Place of effective management” (POEM) in IT Act. Thereby, such offshore companies will be taxable in India, if key Management decisions are taken from India. Shell companies based abroad would have to pay taxes on their global income for a year if their  place of effective management (POEM)  is India. According to the Union Budget 2015-16, shell companies would be considered tax resident of India if their POEM is India, even for one day in a financial year. The key companies likely to be impacted are the Indian groups that have overseas subsidiaries that lack substance. Many Indian companies have subsidiaries in tax havens abroad which, in turn, do businesses in other countries. With this amendment — proposed to be made effective from the next financial year — all these companies will be bought under the Local tax jurisdictio...
Read more