1 Service tax 1.1 Scope of the term ‘service’ should be restricted [Section 65B(44) of the Finance Act, 1994] Currently, Section 65B (44) of the Finance Act, 1994 (“Finance Act”) defines the term ‘service’ to include ‘any activity carried out by a person for another for consideration’. The scope of the present definition of term […]
DIRECT TAXES 1.1 Tax Rates – Companies/Firms/Limited Liability Partnership Issues The Finance Act (No. 2), 2014 had not modified the tax rate, which continue to be at 30% and the recently increased surcharge at 10% on domestic companies whose taxable income exceeds ₹ 10 crores (calculating the tax rate at 33.99% for domestic companies inclusive […]
Notification No. 17/2015 – Income Tax It is hereby notified for general information that the organization Academy of Scientific and Innovative Research (AcSIR), New Delhi (PAN – AAALA1352P) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read
