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.
Finance Bill, 2015 vide Clause 107 has proposed certain amendments in the Negative List of services given under Section 66D of the Finance Act thereby removing certain services from the Negative List. Now, in this case, the issue may crop up that the services rendered prior to the date of notification are exigible to Service […]
The Union Budget, 2015 has proposed an increase in the rate of Service tax from 12.36% to flat 14% with abolishment of Education cess and Secondary & Higher Secondary Education cess. Further pursuing with Mr. Narendra Modi’s Dream of Swachh Bharat, a new Chapter VI has been inserted in the Finance Bill, 2015 that contains a […]
Impact of Change of Service tax liability structure from partial reverse charge to full reverse charge on manpower SUPPLY AND SECURITY services in transition period As discussed Supra, Notification No. 30/2012-ST dated 20-06-2012 has been amended vide Notification No. 7/2015-ST dated 01-03-2015, there by shifting the Supply of Manpower and Security services from Partial Reverse […]
This Article Covers the following Topics- 1. Increase in rate of Service tax 2. Swachh Bharat Cess – Enabling Provision 3. Changes in relation to the Negative List – Section 66D of the Finance Act, 1994 4. Various other Sections under the Finance Act, 1994 5. Service Tax Rules, 1994 amended vide Notification No. 5/2015-ST […]
Article Covers the following Topics → Exemption widened on Service provided by transport of export goods by road from the place of removal to a land customs station (LCS) vide Notification No. 4/2015-ST dated 1-03-2015 (Effective From 1-04-2015) → Service Tax Rules, 1994 amended vide Notification No. 5/2015-ST dated 01-03-2015 → Changes in Mega Exemption […]
