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 […]
It is proposed to provide that donations made by any donor to the Swachh Bharat Kosh and donations made by domestic donors to Clean Ganga Fund will be eligible for a deduction of hundred per cent from the total income. However, any sum spent in pursuance of Corporate Social Responsibility under sub-section (5) of section 135 of the Companies Act, 2013, will not be eligible for deduction from the total income of the donor.
Budget 2015-16 One hundred per cent deduction for National Fund for Control of Drug Abuse Under the existing provisions of section 80G, an assessee is allowed a deduction from his total income in respect of donations made by him to certain funds and charitable institutions. The deduction is allowed at the rate of hundred percent […]
Budget 2015-16 Relaxing the requirement of obtaining TAN for certain deductors Under the provisions of section 203A of the Act, every person deducting tax (deductor) or collecting tax (collector) is required to obtain Tax Deduction and Collection Account Number (TAN) and quote the same for reporting of tax deduction/collection to the Income-tax Department. However, currently, […]
Budget 2015-16 – Enabling of filing self-declaration in Form No.15G/15H for non-deduction of tax at source onpayment made under life insurance policy The Finance (No.2) Act, 2014, inserted section 194DA in the Act with effect from 1.10.2014 to provide for deduction of tax at source at the rate of 2% from payments made under life insurance […]
Seeks to notify the “resident firm” as the class of persons for the purpose of sub-clause (iii) of clause (b) of section 96A of the Finance Act, 1994. CBEC vide Notification No. 11/2015-Central Excise (N.T.), Dated: March 1, 2015, Notification No. 27/2015-Customs (NT), Dated: March 1, 2015 & Notification No. 9/2015- ST, Dated: March 01, […]
CBEC with effect from 1st April 2015 vide Notification No. 8/2015-ST, Dated: March 01, 2015 has amended the Abatement Notification No. 30/2012 dated 20.06.2012 as follows: (i) The taxable portion of service of transportation by rail, road and vessel shall be 30% subject to a uniform condition of non-availment of CENVAT Credit on inputs, capital goods and input services.
