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Archive: December, 2015

Posts in December, 2015

Why taxes are required?

December 1, 2015 3737 Views 0 comment Print

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.

ICAI President's Message – December 2015

December 1, 2015 3952 Views 0 comment Print

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 […]

Deemed Public Issues and way to avoid Penal Action : SEBI

December 1, 2015 2087 Views 0 comment Print

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.

ICSI issues Draft Guidance Note on Annual Return

December 1, 2015 2728 Views 0 comment Print

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 […]

Penalties under Service Tax w.e.f. 14.05.2015

December 1, 2015 65375 Views 8 comments Print

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.

GST – 2016 A Truth or Myth?

December 1, 2015 3783 Views 0 comment Print

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 […]

Credit Balance of Ed Cess & SHE Cess-Never Ending Story!

December 1, 2015 6226 Views 0 comment Print

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

Receipts on account of acquisition and processing of seismic data shall be taxed U/s. 44BB

December 1, 2015 548 Views 0 comment Print

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%.

FM expects economy to grow in the vicinity of 7.5% during current Financial Year 2015-16

December 1, 2015 232 Views 0 comment Print

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.

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