1. Applicability All assesses except companies are liable to pay AMT if the tax payable under the normal provisions of income tax is lesser than AMT. In simple words, Tax payable under income tax < AMT However AMT is not payable by:- Individual HUF AOP/BOI Artificial Juridical person If the ADJUSTED TOTAL INCOME* OF SUCH […]
CONTRACT OF GUARANTEE – SCHEME OF CONTRACT ACT,1872 1(a) It is submitted that Sections 133, 134, 135, 139, 140,141 and 145 of the Indian Contract Act, 1872 provide as follows. 133. DISCHARGE OF SURETY BY VARIANCE IN TERMS OF CONTRACT.—Any variance, made without the surety’s consent, in the terms of the contract between the principal debtor and the creditor, discharges the surety as to transactions subsequent to the variance.
Finance Minister Calls for Prudent Expenditure Management; Asks Officers of Indian Cost Accounts Service to Upgrade Their Professional Skills and Expertise in Order to Play a Proactive Role in Assisting the Government in Achieving the Highest Level of Cost Efficiency in Its Projects, Schemes and Operations; Inaugurates the First Indian Cost Accounts Service Day
The Government of India has launched e Tourist Visa on November 27, 2014. The scheme has been extended to 77 countries at nine airports designated for providing e-Tourist visa service till now. The Centre is now going to extend this facility to 36 more countries from August 15, 2015. The new countries being included in […]
Due to some technical reasons, the MEIS/ SEIS licence cannot be registered in the EDI system (ICES 1.5v). Until the EDI module of the MEIS/SEIS scheme is operationalised, following procedure is prescribed for the Manual Registration of Duty Credit Scrips issued under Merchandise Exports from India Scheme (MEIS) and Service Exports from India Scheme (SEIS):
The ITAT Lucknow in the case of Sharad Mishra vs. ITO held that the arrival of assessee in India at night cannot be treated as his stay for the complete day. Thus, the actual hours of the day stayed only could be counted as stay in India on that day.
The Hon’ble Supreme Court in the case of Poonam Spark Limited held that the process of assembling various parts bringing into existence Water Purification & Filtration System amounts to manufacture as the assembled component is different commercially known product with distinctive use.
Input tax credit is the amount of tax paid by the dealer on purchases for which the dealer is entitled to claim a credit. The input tax credit has to be claimed by a dealer against tax invoice which can be adjusted against tax liability of the dealer. As we know that the current framework of tax structure allows limited inter-levy credits between excise duty (tax on manufacture) and service tax
Companies Act mandates every company to keep its books of accounts and other related books, papers along with financial statements at the Registered Office of the company. This provision has been given under section 128 of the companies act, 2013. But in many cases, the registered office of the company is being situated a place […]
Section 58(4) of the LLP Act, 2008, provides that notwithstanding anything contained in any other law for the time being in force, on and from the date of registration specified in the certificate of registration issued under the Third Schedule— (a) there shall be a limited liability partnership by the name specified in the certificate of registration registered under this Act;
