"11 August 2015" Archive

Independence in 8th Month, but for Small taxpayer if, its profit above 8%

Income Tax Act has also given independence to the small tax payers for maintaining books of accounts and accordingly paying tax under section 44AD. These Businessman has 2 options, 1) show profit at 8% of turnover and has taxable income or 2) If he want to show less profit and have taxable income then tax audit is compulsory. Further if p...

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Posted Under: Income Tax |

Facility for Downloading Statements of Marks relating to IPC Exam held in May, 2015

 Facility for Downloading the Statements of Marks relating to Intermediate (IPC) Examination held in May, 2015. – (11-08-2015) Statements of Marks relating to Intermediate (IPC) Examination held in May, 2015 Physical copies of statement of marks in respect of Intermediate (IPC) Examination held in May, 2015, in the standard printed...

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Posted Under: Income Tax |

Amendment in Benami Transactions (Prohibition) Act, 1988

Any transaction within the definition of ‘benami transaction’ shall attract consequential action under the Benami Transactinos (Prohibition) Act, 1988 after the enactment of the Benami Transactions (Prohibition) Amendment Bill, 2015. Clause 4 of the Benami Transactions (Prohibition) Amendment Bill, 2015 defines a benami transaction to...

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Posted Under: Income Tax |

Details of Incentives and other relief to exporters and importers in India

Details of incentives and other relief, inter-alia, being offered to exporters and importers are as under: Duty Drawback to exporters to neutralize Customs, Central Excise Duty and Service Tax suffered on inputs/inputs services used in manufacture of export goods....

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Posted Under: Income Tax |

Notification No. 74/2015-Customs (N.T.) Dated: 11/08/2015

Notification No. 74/2015- Customs (N.T.) (11/08/2015)

In exercise of the powers conferred by clause (a) of sub-section (1) of the section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments to the ...

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Indirect Tax collection for July,15 shows growth of 39.1%

Indirect Tax Revenue (Provisional) collections have increased from Rs 40,802 crore in July-2014 to Rs. 56,739 crore during July - 2015. Thus an increase of 39.1% has been registered during July-2015 over the corresponding period in the previous year. This is an achievement of 32.6 % of the target fixed for BE 2015-16....

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Posted Under: Income Tax |

Export Related Exemptions against Scrips in Service Tax

Vide Notification Nos. 6/2013-ST, 7/2013-ST and 8/2013-ST, all dated 18.4.2013, Central Government had exempted the taxable services provided or agreed to be provided against a scrip by a person located in the taxable territory subject to certain conditions. Later, few other exemptions have been exempted vide Notification Nos. 10/2015-ST ...

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Posted Under: Income Tax |

Self-Acceptance: Ultimate Way to Happiness

Quite a few years back when I first read this word, ‘SELF-ACCEPTANCE’ I wondered what does it really mean. Why would anyone need self acceptance, I thought we as human beings always accept ourselves. But, there’s more truth to it than I knew. Self Acceptance is accepting ourselves, with all our flaws, deficiencies and shortcomings, ...

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Posted Under: Income Tax |

A brief on Money Laundering

Money Laundering is the processing of criminal proceeds to disguise its illegal origin. Terrorism, Illegal arms sales, Financial Crimes, Smugglings, Activities of Organized Crimes, Including drug trafficking, Prostitution rings...

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Posted Under: Income Tax |

All about National Company Law Tribunal (NCLT)

The Companies (Second Amendment) Act, 2002 had provided for the setting up of a NCLT and Appellate Tribunal to replace the existing Company Law Board and Board for Industrial and Financial Reconstruction. NCLT would be dealing in various matters pertaining to winding up of Companies, Revival and Restructuring which presently hitherto fall...

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Posted Under: Income Tax |
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