Himachal Pradesh High Court in the case of M/s Palam Gas Service Vs. CIT held that execution of outsourced transportation work without any assistance from the outsourcer is a clear case of sub-contracting making the person outsourcing his contract liable to deduct tax on the payments made to sub-contractors u/s 194C.
Under the scheme of Wealth Tax in India, Wealth tax is levied on the net wealth of the every individual, Hindu undivided family and company as on the valuation date. Net Wealth means the amount by which the aggregate value computed in accordance with the provisions of Wealth Tax Act of all the assets
Krishna, many companies are worried, as they will have to submit new return about deposits and loans before 30th June 2014, as stated in New Companies Act 2013. It is said that there are very strict provisions and rules in new companies act.
Ministry of Corporate Affairs published a Draft Notification on 24th June, 2014 which, by far if notified, will be of paramount importance and will restore the heydays for private companies. Clearing the air with respect to the same, the Ministry of Corporate Affairs published a draft notification on the inapplicability/ partial/modified applicability of certain provisions of Companies Act, 2013 to the Private Companies in exercise of powers under section 462 of Companies Act, 2013 which states as under:
Despite the fact that MSTs are highly subsidized, Ministry of Railway has now decided to modify the fair revision circular and hence a decision has been taken to increase the cost of existing MST fare by only 14.2% inclusive of FAC, i.e., the Monthly Season Tickets for both suburban and non-suburban shall now be charged at 14.2% over the existing rates rounded off as per extant instructions.
Many deductor file TDS filed correction statements, which include updations from Valid to Valid PANs, after a significant delay of over an year. Such delayed correction are liable for penalty and other consequences. We have listed below the Implications and action to be taken by deductor to avoid such mistakes.
Many deductor submit Invalid / Not Available PANs in the Quarterly TDS Statements filed by them. We have listed below the Implications of reporting Invalid/ Not Available PANs in TDS Statements and actions to be taken by deductors to avoid such mistakes in TDS returns/ Correct statement to be filed by them.
The Budget Session of Parliament will commence from 7th of next month. A press communiqué issued by the Rajya Sabha Secretariat states that subject to exigencies of business, the Session is scheduled to conclude on Thursday, the 14th of August, 2014. Source– Press Release dated 24.06.2014 by Ministry of Parliamentary Affairs Dates of First Rail […]
The Finance Minister Shri Arun Jaitley said that we expect the industry to show positive results in the coming months. The Finance Minister said that we also expect that the benefit of these duty concessions will be passed on to the consumers at large.
In continuation of the General circular No. 20/2013 dated 27/12/2013, it is clarified that the shares held by a company in another company in a ‘fiduciary capacity’ shall not be counted for the purpose of determining the relationship of ‘associate company’ under section 2(6) of the Companies Act, 2013.
