Employee Pension Scheme – It is a a defined benefit plan and is also known as EPS. A part of the employer contribution at 542 per month, being 8.33% of the pay, is remitted towards the pension scheme. The pay for this purpose is limited to 6,500 per month. The central government adds in a contribution of 1.16% to the pension fund of the employee. To be eligible for pension, contributions should be made for a minimum period of 10 years.
The employer contributions (12% of pay less contribution to pension of 542 pm) is not considered taxable. The employee contributions (12% of pay) are entitled for a deduction of up to 1 lakh while computing the taxable income (under Section 80C). The interest on employer contributions at rates specified is not taxable to the extent the credit does not exceed government-specified rates (currently at 9.5% pa). The Interest on employee contributions is not taxable to the extent the credit does not exceed government-specified rates (currently at 9.5% pa). The withdrawal of the balance on retirement is not taxable if the employee has rendered continuous service of five years.
After carefully considering the submissions made by both the sides we find that it is an admitted fact by both the sides that the construction of road does not require payment of service tax. The Revenue’s only appeal is that construction of driveway cannot be equated with the construction of road in as much as such driveway was not for public utility purpose but the same was in connection with the petrol pump owned by the owner.
1. On LLP website (www.llp.gov.in ), every designated partner has to associate his/her digital signature under the tab “Associate DSC” along with personal information like name, father’s name, PAN, Date of Birth & email address. 2. If you have allotted DPIN under LLP system then Before associating DSC, please check the new DIN/DPIN under the tab Check Unique DPIN.
The Enforcement Directorate has issued foreign exchange violation notices to those individuals whose names have figured in the LGT Bank accounts for stashing illegal funds. The Central Board of Direct Taxes (CBDT) has referred 17 cases to the ED in this connection as the Income Tax department has initiated prosecution action in these cases. The ED has initiated action against these account holders in Mumbai, Delhi and other cities.
In view of the order dated 23rd August, 2011 passed in Co. Appl. 1633/2011 in Co. Pet. No. 265/1998 as well as the fact that sale deeds in the present applications have been executed and some payments have been paid only after appointment of Provisional Liquidator, this Court finds no infirmity in the decision rendered by the One Man Committee. It is pertinent to mention that the sale deeds have been executed contrary to a specific injunction order dated 05th June, 1998 and the payments made by the applicants after the appointment of Provisional Liquidator have not been received by the Official Liquidator. Further, no transparent procedure of sale/auction has been followed as is normally done in cases after appointment of Provisional Liquidator. Consequently, this Court is of the opinion that even though the applicants are entitled in law to invoke the jurisdiction of the Court under Section 536(2) of the Companies Act, 1956, yet keeping in view the totality of the facts of the case, this Court is not inclined to grant any relief under the said Section.
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The IASB is responsible for the development and promulgation of International Financial Reporting Standards (IFRSs), required or permitted for use by companies in more than 100 countries. IFAC supports the independent International Public Sector Accounting Standards Board (IPSASB), which is responsible for developing International Public Sector Accounting Standards (IPSASs). IPSASs are used by an increasing number of public authorities, including national and local governments, agencies and regulatory bodies from around the world, and by many international organisations.
Over a score of black money hoarders in the capital, most of them businessmen, will pay Rs80 crore as taxes to the Income Tax department on undisclosed income of about Rs500 crore following searches made across the city on the basis of a classified list of account holders in HSBC bank, Geneva. Sleuths of the enforcement and investigation wings of the I-T department carried out searches in the last two months on 22 individuals based in Delhi who have admitted to holding accounts and stashing funds in the foreign bank.
1. Web aggregator shall display the particulars of validity of approval obtained from the Authority on its web site. 2. Web aggregator shall state clearly and unequivocally that insurance is the subject matter of solicitation. 3. At no point of time of its functioning, a web aggregator shall have net worth below rupees ten lakhs. 4. At no point of time of its functioning, a web aggregator shall have referral arrangement with any Insurer or act as an insurance broker, corporate agent, microinsurance agent, TPA, Surveyor or a loss assessor.
