Section 86 provides a second stage appellate platform for making appeal against the orders under section 73, 83A or 85.
The penalty in this case has been levied and further upheld by the lower appellate authority on the ground that providing ATM machine to bank after bringing them from outside the State of Punjab, is a transfer of right to use goods and is covered by the definition of sale as per Section 2 (zf) (iv) of the Punjab Value Added Tax Act, 2005
Third proviso to section 123(1) of the 2013 Act provides that no dividend shall be declared or paid by a company from its reserves other than free reserves. Rule 8.1 – A company may declare dividend out of the accumulated profits earned by it in previous years and transferred by it to the reserves, in the event of inadequacy or absence of profits in any year, subject to the fulfillment of the following conditions :
Section 128 of the Companies Act, 2013 provides for Maintenance of books of accounts under the new Companies Act. The erstwhile corresponding section 209 on Books of accounts to be kept by company of Companies Act, 1956 dealt with the books of accounts required to be maintained to give a true and fair view of the state of affairs of the company or branch office and to explain its transactions and also specify the place of keeping and period for which such books to be kept by the company.
Gold, in any form, in respect of which the benefit of entries at serial number 321 and 323 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed
The higher education and school education are exempt from service tax since the inception of the old service tax regime. For example, under the business auxiliary service head, activity of job work in relation to education was exempt, under the commercial coaching or training services, pre-school coaching/training or any educational qualification recognised by law was exempt; under outdoor catering service head, service relating to mid day meal scheme for school were exempt ;
Service tax was introduced vide the Finance Act, 1994 and since then the same has undergone with various changes and modifications in its growth from infancy to literal maturity. Service Tax has maintained the notorious trait and over time has evolved a web of complex and confusing provisions.
The definition of service in the first instant is very wide to cover any transaction done for a consideration. However, there exist few activities which would overlap with the other levies of state with a marginal difference, thereby questioning the constitutional validity of the levy under service tax.
No export or import of an item shall be allowed under Advance Authorisation / DFIA if the item is prohibited for exports or imports respectively. Export of a prohibited item may be allowed under Advance Authorisation provided it is separately so notified subject to the conditions given therein.
The ICAI has issued this exposure draft on Investment Entities which includes amendments to Ind AS 110 Consolidated Financial Statements, Ind AS 112 Disclosure of Interests in Other Entities and Ind AS 27 Separate Financial Statements. The exposure draft is open for public comments till 13 December 2013. Download Exposure Draft on Investment Entities (Amendments […]
