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Archive: 20 April 2016

Posts in 20 April 2016

FAQ on Applicability of Service Tax on Senior Advocates

April 20, 2016 12352 Views 1 comment Print

Prior to Finance Bill 2016, Legal Services were covered under reverse charge mechanism as per Notification No 30/2012-ST dated 20.06.2012. In respect of services received by any Business Entity [whose turnover exceeds Rs 10 lakhs in the preceding financial year] from an Individual Advocate or Firm of Advocates was chargeable to tax under reverse charge mechanism.

Section 115JB OF Income Tax Act, 1961(After Budget 2016)

April 20, 2016 190360 Views 5 comments Print

Section 115JB is nothing but the Minimum Tax that a company is required to pay. This section provides that in case the tax payable by a company is less than 18.5 % of its books profit in any assessment year beginning from 01.04.2012, then such book profit will be assumed to be the income of the company and tax payable by the company during that financial year will be 18.5 % of such book profit. This is provided u/s 115JB(1).

MAVT: Amendment to Schedule entry A-51 (Towel)

April 20, 2016 1660 Views 0 comment Print

In Schedule A Maharashtra Value Added Tax Act, 2002, in entry 51, in column (2), for sub-entry (vii), the following sub-entry shall be substituted, namely :— (vii) Towels.

Career of a CMA / CA in Information Technology Industry

April 20, 2016 27739 Views 7 comments Print

Article discusses about Career of a Cost & Management Accountant (CMA) / Chartered Accountant (CA) in Information Technology Industry (IT), their suitability for the job, Sustainability and the Job satisfaction.

Initiatives for Indian Start-Ups in RBI Policy Statement

April 20, 2016 3106 Views 0 comment Print

In the Sixth Bi-Monthly Monetary Policy Statement for 2015-16 and the press release dated February 2, 2016, the Reserve Bank of India had highlighted the steps being taken with respect to the Government’s initiatives to promote ease of doing business and contribute to an eco-system conducive for growth of entrepreneurship, particularly in respect of the start-up enterprises.

S.244A Interest payable on refund of excess self assessment tax

April 20, 2016 12202 Views 0 comment Print

Calcutta High Court held In the case of ADIT vs. Sh. Dhan Singh Sharma that clause 244A (1) (b) is residual in nature which prescribes interest on refund from the date of payment of tax in cases which are not covered by Section 244A (1) (a). Necessarily, it will cover interest on refund of excess self-assessment tax paid by the assessee.

Small tobacco pouches weighing less than 10 grams not subject to RSP based assessment

April 20, 2016 1756 Views 0 comment Print

CESTAT held that tobacco manufactured and packed in small pouches of 6-7 grams and again packed in a bigger packet are not subject to valuation based on retail price as the small pouches weighing less than 10 gms are exempt from requirement of fixation of retail sale price under Rule 34 of the Standards of Weight & Measurement Act.

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