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Where the element of service has been declared and brought to tax vide notification dated 6 June 2012, by which Service tax is levied on 40% of the billed value in restaurant, no VAT can be imposed thereon on such amount. Copy of the decision is enclosed herewith.
Advance VAT Levied on 5 more items W.E.F. 7th March, 2014 Under Punjab Vat Act, 2005 Punjab Government has levied advance tax on five new items in addition to the previous list of thirty items w.e.f. 7th March, 2014. The list of the items added are mentioned below: 31. Plastic Fabric and Bags 5.5% 32. Paper […]
1) The term of auditor holding the office in a company is increased to 5 years subject to ratification at every AGM as compared to one year in the previous act. 2) Mandatory rotation of auditors in case of listed companies, certain unlisted companies & certain private companies after 5 years.
Central Government has vide Notification No. GSR 225(E), Dated – 13-3-2014 fixed initial minimum subscription in PPF at Rs. 100 by amending the para 4 of Public Provident Fund Scheme 1968. Earlier there was no minimum fixed amount of deposit for opening of PPF account but the condition was that amount of initial subscription shall be integral multiples of Rs.5.
The Companies Act,2013 has retained only 4 of 16 schedules of the Companies Act,1956 with changes and introduces 3 new schedules to cover new concepts of Independent Directors, CSR and Infrastructural Projects.
An issue of secured debentures may be made, provided the date of its redemption shall not exceed 10 years from the date of issue. If a company engaged in the setting up of infrastructure projects may issue secured debentures for a period exceeding 10 years but not exceeding 30 years
This write-up invites the attention of readers to the seven sections / provisions (Sections 447 to 453) in the Companies Act 2013 (which replaces the 1956 Act). It’s very essential to understand these seven sections; and reading of this write-up will be useful for every professional, student and all stakeholders too.
In order to facilitate receipt of foreign inward remittances directly into bank accounts of the beneficiaries, it has been decided to allow foreign inward remittances received under Rupee Drawing Arrangement (RDA) to be transferred to the KYC compliant beneficiary bank accounts through electronic mode, such as, NEFT, IMPS, etc.
