International Financial Services Centre (IFSC) An International Financial Services Centre (IFSC) is set up at Gandhinagar, Gujarat as a part of a Special Economic Zone (SEZ). To operationalise the IFSC, a Notification under the Foreign Exchange Management Act, 1999 (FEMA) shall be issued by Reserve Bank of India (RBI) in March 2015, making regulations relating […]
The Finance Minister Shri Arun Jaitley while presenting the Budget announced in the Lok Sabha steps to broaden the Tax Base that will maximize benefits to the economy. The Service Tax rate is being increased from 12% plus Education Cesses to 14%. The new service tax rate shall subsume the ‘Education Cess’ and ‘Secondary and […]
Finance Minister Shri Arun Jaitley Outlines Measures to Curb Black Money in Budget 2015-16 The Finance Minister, Shri Arun Jaitley signaled the government’s intent to curb generation of black money in real estate in the Budget 2015-16. Presenting the Budget in the Lok Sabha today he proposed amendments in the Income Tax Act prohibiting acceptance […]
The Central Government will impose a Swachh Bharat Cess on all or certain taxable services at a rate of 2% from a date to be notified. The Finance Minister Shri Arun Jaitley announced in his Budget Speech that the proceeds from this Cess would be utilized for Swachh Bharat initiatives. In a related development, the […]
Section 94 of the Andhra Pradesh Reorganisation Act, 2014 inter alia provides that the Central Government shall take appropriate fiscal measures, including offer of tax incentives to the State of Andhra Pradesh and the State of Telangana, to promote industrialization and economic growth in both the States.
Budget 2015-16 -Rationalisation of provisions relating to Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) Under Chapter XVII-B of the Act, a person is required to deduct tax on certain specified payment at the specified rate if the payment exceeds the specified threshold. The person deducting tax (‘the deductor’) is required to […]
It is proposed to amend the provisions of the section 194A of the Act to expressly provide from the prospective date of 1st June, 2015 that the exemption provided from deduction of tax from payment of interest to members by a co-operative society under section 194A(3)(v) ) of the Act shall not apply to the payment of interest on time deposits by the co-operative banks to its members.
New Investment Pattern For Non-Government Provident Funds, Superannuation Funds And Gratuity Funds With Effect From 1st April, 2015 Government notifies the Investment Pattern for Non-Government Provident Funds, Superannuation Funds and Gratuity Funds. This is reviewed from time to time and revisions are effected based on the developments in the financial market and economy. The investment […]
चुकी कम्पनीज एक्ट 2013 जब से आया है एक कंपनी को फण्ड रेज करने के ऊपर बहुत सारे कंडीशन लग गया है I जैसे कंपनी प्राइवेट या पब्लिक निम्न के अलावा किसी से लोन नहीं ले सकती है:- (a) अपने डायरेक्टर से( लेकिन डायरेक्टर लोन लेकर कंपनी को लोन नहीं दे सकती है) (b) किसी ऐसे कंपनी से जहाँ कॉमन डायरेक्टर ना हो (c) किसी बैंक या फाइनेंसियल Institutions से . यदि कंपनी उपरोक्त के अलावा किसी से लोन लेती है तो इसे पब्लिक deposit माना जायेगा, इस तरीके से फण्ड रेज करने का दायरा बहुत ही सिमित कर दिया गया है,पहले प्राइवेट लिमिटेड कंपनी अपने किसी रिलेटिव से, अपने शेयर होल्डर्स से अपने किसी ग्रुप कंपनी से लोन लेकर फण्ड रेज कर लेती थी लेकिन अब फण्ड रेज करने का ये सब तरीका समाप्त हो गया है कंपनी एक्ट के नए प्रावधानों के अनुसार.
The existing provisions of section 9 of the Act deal with cases of income which are deemed to accrue or arise in India. Section 9(1)(i) provides a set of circumstances in which income is deemed to accrue or arise in India, and is taxable in India. One of the conditions for the income of a […]
