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CIRCULAR No. 4/2015,A number of representations have been received by the Board stating that the purpose of introduction of Explanation 5 was to clarify the legislative intent regarding the taxation of income accruing or arising through transfer of a capital asset situate in India. Apprehensions have been expressed about the applicability of the Explanation to the transactions not resulting in any transfer, directly or indirectly of assets situated in India.
Only a private company can be classified as a small company. Holding company, subsidiary company, charitable company and company governed by any Special Act cannot be classified as a small company.For a small company, both conditions to be fulfilled the paid up capital should not exceed Rs. 50 Lac or the turnover as per last statement of profit & loss should not exceed Rs. 2 Crore.
The Petitioner Company is conducting a business of providing preprinted Sodexo Meal Vouchers (For short “the said Vouchers”). The case made out in the Petitions is that the Petitioner Company enters into a contract with its customers for issuing the said vouchers.
With a view to facilitate accounting of all the Government transactions for the current financial year (2014-2015) by March 31, 2015, it has been decided to conduct special clearing at all clearing houses across the country on March 30 and 31, 2015 as detailed below:
What is the Liberalised Remittance Scheme of USD 125,000? Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 125,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.
