The Honorable Finance Minister, during his Budget speech, spoke about moving towards a non adversarial tax regime which would be in consonance with global policy. In doing so, he has tried to address the concerns of foreign investors by making significant changes to the indirect transfer tax provisions under the Income Tax Act, 1961 (Act).
The fundamental principle of sales tax is that there should be sale of goods involving buyer and seller, there should be transfer of property in goods from the seller to the buyer and flow of consideration from the buyer to the seller. In case of samples issued by the assessee as a part of promotion program, first of all there is no buyer and seller, there is no transfer of property in goods and there is no consideration.
♠ Schedule II to the Companies Act, 2013 requires depreciating the asset over its useful life. The depreciable amount of an asset is the cost of an asset or other amount substituted for cost, less its residual value. ♠ The useful life of an asset is the period over which an asset is expected to […]
Cenvat credit in respect of input to be claimed within six months from the duty paying document with effect from 01.09.2014. [ Notification no. 21/2014- Central Excise dated 11.07.2014 ]- insertion of third proviso to rule 4(1).
Whether the levy of interest under section 234A, 234B and 234C of the Income Tax Act, 1961, (the “Act”) is mandatory and whether or not Assessing officer should give a specific direction in his order to levy of such interest. There are some important case law laid down by Supreme court of India on issue […]
Meaning of NBFC Section 45I of the Reserve Bank of India Act, 1934 defines ‘non-banking financial company’ as– a financial institution which is a company; a non-banking institution which is a company and which has as its principal business the receiving of deposits, under any scheme or arrangement or in any other manner, or lending […]
A share Certificate is a document issued by company evidencing that the person named in the certificate is owner of number shares of Company as specified in the Certificate. TIME PERIOD FOR ISSUE OF SHARE CERTIFICATES: In case of Incorporation: With in a period of 2 (Two) Month from the date of Incorporation to the subscriber of Memorandum. In case of Allotment: With in a period of 2 (Two) Month from the date of allotment of shares. In case of Transfer: With in a period of 1 (One) Month from the date of receipt of instrument of Transfer by the Company
In exercise of the powers conferred by clause (a) of section 152 of the Customs Act, 1962 (52 of 1962), the Central Government hereby directs that the powers of the Central Board of Excise and Customs under section 4 and section 5 of the said Act
In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Joint or Additional Commissioner of Customs, Mundra to
In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints
