"24 August 2015" Archive

'Raksha' to Seller and 'Bandhan' to Buyer under MVAT

Krishna, the festival of Raksha Bandhan is coming soon. On this occasion Maharashtra Sales Tax Department has issued a Trade Circular for businessman for collecting taxes. Arjuna, Raksha Bandhan means expressing love, strengthening relations between brothers and sisters. Elder should save the younger. But Sales Tax department has done opp...

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Income Tax cases relevant for CA Final Nov 2015 Exams

CA Shishir Agrawal CA FINAL- DIRECT TAX (Income Tax)- Ready reference of case laws relevant for November 2015 About Notes: The case laws are summarized from supplementary study material issued by The Institute of Chartered Accountants of India for the Final Examination to be held in May 2015. For detail case study, please visit http://res...

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Additional Security for 'Fly by Night' Dealers under DVAT Act

CA Vinod Kaushik Introduction: While presenting regular budget of Delhi for the year 2015-16 the Govt. has projected to get Rs. 34661 crores from taxes in which Rs. 24000 crores has been proposed to be collected from Value added taxes only. In order to achieve the above target the Govt. machinery especially the VAT department […]...

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Guidance Note on SEBI (Prohibition of Insider Trading) Regulations, 2015.

1. Does the contra trade restriction (for a period not less than six months) under clause 10 of Schedule B of the Regulations also apply to the exercise of ESOPs and the sale of shares so acquired?...

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Differences between Company, LLP and OPC

Differences between Public Limited Company, Limited Liability Partnership (LLP), Private Limited Company and One Person Company [OPC]...

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Killer Provisions of The Companies Act, 2013

If economic activity and growth are analogous to a wheel, then provisions of section 185 and 188 of the Companies Act, 2013 are surely analogous to disc brakes!!! Efficiency of production requires efficient choice and free movement of resources. Ideally, economic models assume complete mobility of resources and perfect competition through...

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Analysis of Service Tax Rules, 1994

Service Tax in India is 21 years old now. When it was introduced vide Chapter V of the Finance Act, 1994 (32 of 1994) from 01.07.1994, the rules were also notified from that date, to administer this law, taking authority from section 94 (2) of the said Act. These rules are called the Service Tax Rules, 1994. These rules are the basic rule...

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MSMED Act, 2006 overview

The Micro, Small and Medium Enterprises Development (MSMED) Act was notified in 2006 to address policy issues affecting MSMEs as well as the coverage and investment ceiling of the sector. The Act seeks to facilitate the development of these enterprises and enhance their competitiveness. ...

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CBEC should be in readiness to implement GST : FM

The Finance Minister Shri Arun Jaitley said that GST is a monumental reform that will benefit all segments of business, increase tax base, augment the revenues and is favoured by the State Governments and all other stake holders. He said that the Constitutional Amendment Bill will soon see the light of the day. ...

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FMC – SEBI merger – Proposals for commodity derivatives exchanges and their members

PR No. 216/2015 24/08/2015

The Board approved the draft amendment to the regulations to be notified on September 28, 2015 pursuant to the proposed repealing of the Forward Contracts Regulation Act, 1952 (FCRA) making way for merger of Forward Market Commission with SEBI. These regulations will enable functioning of the commodities derivatives market and its brokers...

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