"22 September 2015" Archive

Notification No. 74/2015 – Income Tax Dated 22/9/2015

Notification No. 74/2015 - Income Tax (22/09/2015)

Notification No. 74/2015 - Income Tax section 10 of the Income -tax Act, 19161 (43 of 1960, the Central Government hereby declares that any income arising to Mi's Thales Systemes Aeroportes SAS, having its office at S.A. au capital de 81 007 176 Euros RCS...

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Advanced Depreciation Calculator as per Companies Act 2013

The Companies Act, 2013 requires companies to compute the depreciation in accordance with the Schedule II to the Companies Act which provides useful lives to compute the depreciation. Accordingly, provisions governing charge of depreciation in the erstwhile Schedule XIV to the Companies Act, 1956 have been replaced with Schedule II to the...

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Posted Under: Income Tax | ,

Delhi VAT- Stock taking will not be allowed of retail private vends licencees /Corporation vends

No. L-1/4/Ex./IMFL/2014-15/2815 (22/09/2015)

It has been decided henceforth that stock taking will not be allowed to any retail private vends licencees as well as Corporation vends. Therefore, final opportunity is hereby given to all retail licencees that they will take the stock before 25.09.2015. Thereafter, no stock take sold will be allowed. Thereafter no assumption of stock tak...

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5 Considerations to Finalize a Family Health Insurance Plan

A family is an anchor during rough waters. So, what are you doing to be the anchor? It’s quiet obvious that you are doing your best to offer a life of ease to your family; however, have you considered safeguarding your family’s health in case a situation of crisis comes up? If not, now is the time!...

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Posted Under: Income Tax |

Small Shareholders’ Director under Companies Act, 2013

Explanation of section 151(1) defines ‘small shareholder’ as a shareholder holding shares of nominal value of not more than twenty thousand. Here person elected by small shareholder as ‘director’ may or may not be a shareholder of a company but a person electing such ‘director’ shall be the ‘small shareholders’....

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Posted Under: Income Tax |

Surveillance on Internal Financial Controls under Companies Act 2013

Companies Act, 2013 on financial reporting is being aligned to international practices and the introduction of Internal Financial Controls (IFC) in the Act is reflective of this trend. The Act has imposed specific responsibilities on the Board of Directors/ Audit Committee as well as on Independent Directors towards the company’s intern...

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Posted Under: Income Tax |

Provisions related to Issue of Invoice under Service Tax

As per Rule 4A(1) of Service Tax Rules, 1994 every person providing a taxable service is required to issue an invoice or bill signed by such person or a person authorized by him in respect of taxable service provided or to be provided by him and such invoice or bill, as the case may be. […]...

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Posted Under: Income Tax |

Guard the Garden of Your Mind

The more free the mind, the more we can cultivate good thoughts into being. But our minds are full of clutter. We worry more about what others are doing, whether it concerns us or not. We judge people. We conclude how a person is based on whatever we come to know about them....

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Posted Under: Income Tax |

GST On Real Estate in India– A Broad Application Perspective

With the strong intent of the government in bringing the nation’s most awaited tax reform to reality we can now believe that implementation of GST in very soon going to become reality. With Recent speech of FM in Singapore indicating that GST being a transactional tax even if deferred from 1st April, 2016 can be […]...

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Posted Under: Income Tax |

Arrest of IT Service Company Director in Service tax evasion case

F.NO.INV/DGCEI/CHZU/ST/35/2015 (22/09/2015)

Officers of the Directorate General of Central Excise Intelligence (DGCEI), Chennai Zonal Unit, Chennai arrested the Director of a Limited Company based at Chennai providing Information Technology Software Service and Internet Communication Service, for collecting Service Tax of Rs.2.94 crores from 2010-2011 to 2014-2015 and not remitting...

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