"26 May 2015" Archive

S. 35AC Notified Eligible institutions ,Projects or Schemes- Notification No. 124/2015 Dated-26-5-2015

Notification No. 124/2015 - Income Tax (26/05/2015)

Notification No. 124/2015 - Income Tax S.O. 1411(E) - In exercise of the powers conferred by sub-section (I) read with clause (b) of the Explanation to section 35AC of the Income Tax Act, 1961 (43 of 1961), the Central Government, on the recommendation of the National Committee for Promotion of ...

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Foreign Exchange Management (Current Account Transactions) Amendment Rules, 2015

Notification G.S.R. 426(E) (26/05/2015)

5. Prior approval of Reserve Bank.-Every drawal of foreign exchange for transactions included in Schedule III shall be governed as provided therein: Provided that this rule shall not apply where the payment is made out of funds held in Resident Foreign Currency (RFC) Account of the remitter....

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Master Circular for Stock Exchange and Clearing Corporation

Master Circular No. CIR/MRD/DP/9/2015 (26/05/2015)

Securities and Exchange Board of India (SEBI) has been issuing various circulars/directions from time to time. In order to enable the users to have an access to all the applicable circulars/communications at one place, Master Circular in respect of Stock Exchange & Clearing Corporation has been prepared....

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Pay as you earn – Advance TAX

Ankit Gupta 1.- Section 208 An assessee is liable to pay Advance Tax only if his ‘Advance Tax’’ Liability is Rs.10,000 or more during the  previous year. An individual whose age is 60 years or more at anytime during the previous year is not required to pay  Advance Tax if his Total Income does not […]...

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Posted Under: Income Tax |

Fast Track Formation of Company In India

Overview: INC-29 will give you the facility to avail of various services for a new business through a single e-form. Form INC 29 is the integration of the following existing forms DIR 3 – Applying for DIN. INC 1 – Checking for Name availability. INC 7 – Incorporation of Company. DIR 12 – Appointment of […]...

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Posted Under: Income Tax |

Disqualification of Director under Companies Act, 2013

Section 164 of companies act 2013, deal with Disqualification of Director. Subsection 1 of section 164 list disqualification of Directors for appointment as a Director of a company. Appointment shall include reappointment but not continuation to be in office. ...

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Posted Under: Income Tax |

State Govt did not have power to legislate Rule 21(8) of Punjab VAT Rules

Jalandhar Vs State of Punjab and others (Punjab & Haryana High Court)

Punjab & Haryana High Court in the case of The Jalandhar Iron and Steel Merchants Association(Regd), Jalandhar vs State of Punjab has held that the State Government did not have power to legislate Rule 21(8) of Punjab VAT Rules, 2005 before 01.04.2014 so as to restrict ITC on stock of iron and steel goods as existing on the date of reduc...

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LLP Incorporation In India

Concisely, to register a LLP anywhere in India, you need to first apply for a Designated Partner Identification Number (DPIN), which can be done by filing eForm for acquiring the DIN or DPIN. You would then need to acquire your Digital Signature Certificate and register the same on the portal. Thereafter, you need to get the LLP name appr...

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Posted Under: Income Tax |

Levy of service tax on transportation of passengers by rail

Commercial Circular No. 32 of 2015 (26/05/2015)

In terms of Board's letter of even no. dated 26.06.2012 service tax of 3.708% is levied on the total fare. As per General Budget 2015-16 announcement, the 'Education Cess' and 'Secondary & Higher Education Cess' shall be subsumed in the new service tax rate and service tax rate is proposed to be increased from 12% plus Education Cesses to...

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Import, trading & re-export of rough diamonds by notified entities in Bharat Diamond Bourse, BKCC, Mumbai – Reg.

Circular No. 17/2015-Customs Duty (26/05/2015)

Circular no. 17/2015 - Customs, Dated 26th May 2015 The Central Government had announced its intent to permit the trading of rough diamonds in India by leading diamond mining companies of the world by creating a ‘Special Notified Zone’. For this purpose, Dept. of Commerce / GJEPC have sought a regulatory framework under the Customs Ac...

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