Government needs resources to run the administration of the nation. Taxes are levied since the history of administration began with the rule of kings. It’s a system for collection and distribution of the surplus held by the rich to the have-not’s in the society.
Dear Friends, The word bravery that was once associated more with people who had great physical strength and courage, is now meant for people who have courage-to respect others, their fundamental rights (right to equality and freedom, cultural and educational rights) and existence. Bravery is not just the act of daring to act, but also […]
Post April 01, 2014, any offer or allotment of securities shall be considered as public issue if the number of offerees / allottees exceeds 200 persons in a financial year under the Companies Act, 2013 as against the cap of 49 persons provided in the Companies Act, 1956.
Section 92 read with rule Rule 11(1) of the Companies (Management and Administration) Rules, 2014 requires every company to prepare and file the Annual Return in Form No. MGT-7 containing the particulars as specified under section 92 as they stood on the close of the financial year and file with the Registrar within sixty days […]
Finance Act 2015 has drastically amended the penalty provisions under the Finance Act 1994 (Service Tax law) in order to ensure nondiscriminatory form of penalties. Earlier penalties u/s 76 (for short payment of S/Tax) and u/s 78(Suppression of facts) used to be at Rs 100/- per day or 1% per month whichever is higher. This lead to the number of litigation upon the calculation of penalty.
Advocate Anandaday Misshra Recently, Prime Minister of India, Mr Modi, during his trip to Singapore aired that GST is about to roll out in 2016 in India. This was a big statement, amidst various speculations and political changes in the country. The timing of the meeting between existing PM and previous PM Mr Manmohan Singh alongwith […]
The announcement of the exemption to the levy of Education Cess and SHE Cess levied on Excise duty with effect from 01.03.2015 and that levied on service tax with effect from 01.06.2015 created new hopes in the minds of the assessees as regards ‘Ease of doing business’ with reduction in the compliance procedure for maintaining separate accounting records for Education Cess and SHE Cess
ADIT, International Taxation, vs. M/s. Fugro Geoteam AS (ITAT Delhi) Assessee had offered gross receipts from the said contracts with M/s. ONGC Limited and M/s Petrogas E&P LLC and had applied provisions of 44BB thereon and computed income at DPR of 10%.
The Finance Ministry further observed that the growth is being mainly driven by pick-up in the manufacturing sector, which has grown by 9.3 per cent in the Second Quarter. Similarly, the Fixed Investment is showing a sign of revival as it has grown by 6.8 per cent in the Second Quarter of current Financial Year 2015-16. Further, the Service Sector growth is still robust at 8.8 per cent in Q2 of 2015-16, with the trade and transport services leading the way. Overall, the Ministry is expecting the economy to grow in the vicinity of 7.5 per cent in FY 2015-16.
