RBI will periodically assess the extent of use of various OTC derivative instruments and will introduce reporting for other derivative instruments as and when market participants start actively using these instruments. Going forward, the reporting of OTC derivative transactions will facilitate RBI’s conduct of surveillance of OTC derivative markets, financial stability assessments, micro-prudential supervision of banks and PDs, etc., apart from enhancing transparency of the OTC derivative markets in India.
Notification No. 15/2012 covers following kind of services under reverse charge along with the percentage of tax liability payable by service provider and service receiver respectively. We have divided the services covered by the Notification under five categories for ease of reference.
Nepal the world itself is enough to describe the country. Nepal we know the most beautiful place in the entire globe, full of natural resources, The Great Himalayas, birthplace of Lord Buddha and the native land of Gorkhas. But as far as the economic status is concerned it could be said that most backward country […]
Section 43B which permits a deduction for payments made upto the due date for filing the ROI applies only to the employer’s contribution to the provident fund etc. It does not apply to the employees’ contribution.
Pursuant to the power conferred by Section 107 of the Delhi Value Added Tax Act, 2004 (“the Act”or “DVAT”), the Lt. Governor of National Capital Territory of Delhi, in the interest of general public provides for the Delhi Tax Compliance Achievement Scheme, 2013 (“the Scheme”), subject to fulfilling the eligibility conditions and compliance procedures as […]
Service tax on ‘club or association service’ which covers RWA, was introduced with effect from June 16, 2005 vide Section 65(105)(zzze) read with section 65(25a) [(25a) was later renumbered as (25aa)] of the Finance Act, 1994.
Many of the key things accomplished till date are chronicled for posterity and form part in this Page but one is tempted to choose certain game-changing occurrences which could alter the way we treat ourselves. ICSI is well and truly on its way to becoming a modern, technology driven educational institution providing seamless service delivery to its stakeholders; we may have some way to go before we could say we have arrived but we are surely on our well chosen track.
In the Maharashtra Value Added Tax Act, 2002, in SCHEDULE ‘D’, in entry 11, in column (2), for the words Brihan Mumbai Corporation and Pune District the words Brihan Mumbai Corporation, Pune Municipal Corporation and Raigad District shall be substituted.
CBDT has examined the matter afresh and clarified vide Circular No. 1/2014 dated 13-1-2014 (Produced Below) -“TDS under Chapter XVII-B of the Income-tax Act, 1961 on service tax component comprised of payments made to residents” that wherever in terms of the agreement/contract
Change in method of accounting was bona fide and with the compliance of the Accounting Standard – AS 9 – Revenue Recognition issued by the Institute of Chartered Accountants of India and provisions of S.5 of the Act.