MCA:
MCA has issued Clarifications for filing Form INC 27 for conversion of Company from Public to Private under the provisions of the Section 14(1) new Act. As the said Section is yet to be notified, MCA clarifies that the power for conversion of Public Limited to Private Limited shall remains with the ROC as was delegated in the Section 31 of the earlier Act (1956) till the remaining provisions came into effect. Applications for such conversions, therefore, have to be filed & disposed as the earlier provisions.
Income Tax:
Central Government vide Notification No. 31/2014 dated 11th June, 2014, has notified “1024” as Cost Inflation Index for Financial Year 2014-15. This Cost Inflation Index is required for the purpose of computation of Capital Gains while providing benefit to the assessee for the cost incurred in the previous years.
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