"27 May 2015" Archive

Export condition fulfilled even if payment is received in Indian Rupees

Sun-Area Real Estate Pvt. Ltd. Vs. Commissioner of Service Tax

Whether the conditions of export of services under the erstwhile Export of Service Rules, 2005 is satisfied when the payment was received in Indian Rupees through a Foreign Bank, who have issued Foreign Inward Remittance Certificate?...

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Posted Under: Service Tax |

Service U/s 143(2) – ‘Whether a Sword of Cooperation’

The provisions concerning the recuperative and the penal statutes are always to be construed strictly and stringently as per the profuse principles of interpretative jurisprudence available and codified into analogous legislative spheres. In what can be called as a formal invitation to invoke the jurisdiction of the adjudicating and arbit...

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Posted Under: Service Tax |

Companies (Amendment) Act, 2015

The Companies (Amendment) Bill received the assent of the President on the 25th May, 2015 and published in official Gazette of India on 26th May, 2015 and became “THE COMPANIES (AMENDMENT) ACT, 2015. This Act shall come into force on 26th May, 2015 (Date as The proposed amendments deal with related party transactions, fraud reporting b...

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Posted Under: Service Tax |

How to Calculate Interest U/S 234 of Income Tax Act

Interest u/s 234A is the Interest for default for Furnishing Return of Income u/s 139(1) or 139(4) or Return filed in response to notice u/s 142(1). 1.- CONDITIONS FOR LEVY OF INTEREST u/s 234A a) Where Return of Income (ITR) is not furnished by Assessee. b) Where Return of Income (ITR) is furnished by assessee after Due Date of furnish...

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Posted Under: Service Tax |

Detecting Fraud in Internal Audit

As per The IIA: Internal auditors support management's efforts to establish a culture that embraces ethics, honesty, and integrity. They assist management with the evaluation of internal controls used to detect or mitigate fraud, evaluate the organization's assessment of fraud risk, and are involved in any fraud investigations....

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Posted Under: Service Tax |

Can ICDS override the express decisions of various courts

Background-: 1. I am sure, you would be aware of the Income Computation and Disclosure Standard. This article is about the applicability of the ICDS. Issue-: 2. Can ICDS override the express decisions of honourable Supreme court and various high courts when there is no change in the basic ACT which defines meaning of income etc. [&hellip...

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Posted Under: Service Tax |

Restrictions on scope of Section 153A and Judicial pronouncements

Introduction-: 1.    Search u/s 132 is the sharpest weapon in the hands of Income Tax Dept. Thus a sharpest weapon must be used with great care as well. The law, as developed, in relation to section 153A is with the SOLE objective to achieve the purpose of safeguarding the interest of revenue and the rights […]...

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Posted Under: Service Tax |

Withholding Taxes – Applicable Section, Rules, Rates and Procedures

Any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest (not being interest referred to in section 194LB , 194LC or 194LD) or any other sum chargeable under the provisions of this Act (not being income chargeable under the head "Salaries" ) shall, at the time of credit of such incom...

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Posted Under: Service Tax |

Conversion of Public Company to Private Company

Doing Business in Corporate form gives various advantages such as limited liability, perpetual succession, access to external finance, enhanced Credibility , management expertise and many more. A Company may be public or private. Although Companies Act, 2013 has not differentiated between both in matter of Compliances to be done but still...

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Posted Under: Service Tax |

Anti-dumping duty on imports of Purified Terephthalic Acid

Notification No. 23/2015-Customs (ADD) (27/05/2015)

NOTIFICATION NO. 23/2015-Customs (ADD), Dated: May 27, 2015 Seeks to levy definitive anti-dumping duty on imports of Purified Terephthalic Acid, originating in or exported from Korea RP and Thailand for a period of five years from the date of imposition of provisional anti-dumping duty i.e. 25th July, 2014...

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Entrenchment Clause In Article of Association

The article may contain entrenchment provision. This is new concept under Indian companies act, as there was no such concept under the old act. The word Entrench is not defined under companies act 2013. As per oxford Dictionary the word entrench means to establish ( an attitude habit or belief ) so firmly that change is very difficult or ...

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Posted Under: Service Tax |

Black Money Undisclosed Foreign Income & Assets & Imposition of Tax Act 2015

22 OF 2015 (26/05/2015)

22 OF 2015 An Act to make provisions to deal with the problem of the Black money that is undisclosed foreign income and assets, the procedure for dealing with such income and assets and to provide for imposition of tax on any undisclosed foreign income and asset held outside India and for matters connected therewith or incidental thereto...

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Pradhan Mantri Suraksha Bima Yojana – All you need to Know

After a lot of speculation and anticipation about the social security schemes that the Modi government was set to announce, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) has finally been launched. The honourable Prime Minister announced a total of three social security schemes that aim to bring the overall population under the umbrella ...

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Service tax on Aggregators who are neither Provider nor Receiver

I recently received an email from Uber mentioning that the Finance Minister has recently asked the 'Aggregator' of taxi services to collect and remit Service tax on behalf of driver partners for fares on all rides. Consequently, they informed me that going forward (with effect from 1st March 2015), all taxi fares collected by the drivers ...

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Posted Under: Service Tax |

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