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Archive: 24 May 2016

Posts in 24 May 2016

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6318 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19341 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

IRDA issues Caution List of Service Providers (Outsourcing Entities)

May 24, 2016 2578 Views 0 comment Print

In pursuance to the Final Order No. IRDA/LIFE/ORD/MISC/267/12/2014 dated 1st December, 2014 in the matter of Future Generali India Life Insurance Co. Ltd., while conducting an audit by an independent Chartered Accountant firm (Verma Mehta & Associates, Mumbai) into the outsourcing arrangements and the structure/shareholding pattern/composition and existence of all the outsourced entities, it was reported that the following 24 entities were not traceable for physical visit and investigation/audit.

Point of Taxation of Krishi Kalyan Cess on Services

May 24, 2016 38773 Views 6 comments Print

The immediate question which generally arises in case of a new levy is its impact to cases where any of the following events such as services completion, invoicing or receipt of payment occur after the effective date of levy. In order to address this question, it is important that the nature of levy and the statutory provisions under section 67A of the Finance Act, 1994 (Act) read with the Point of Taxation Rules, 2011 (POT) be understood.

An Overview of Corporate Debt Restructuring (CDR)

May 24, 2016 49591 Views 6 comments Print

As the name suggests Corporate Debt Restructuring refers to the restructuring i.e. alteration of the Corporate Debts which generally may involve the alteration of re-payment period, amount repayable, amount of installment or the interest rate etc.

Service Tax- Dilemma of Interest on late payment

May 24, 2016 190780 Views 7 comments Print

Government has reduced the interest rate on late payment of service tax drastically from 18%/24%/30% w.e.f. 14.05.2016. In case the value of taxable services of assessee is less than Rs. 60 Lacs in previous year/years, then the rate of interest is further reduced by 3% and effective rate of interest will be 21% and 12% respectively.

Declaration & Payment of Dividend under Companies Act, 2013

May 24, 2016 116365 Views 1 comment Print

Article explains statutory provisions related to Declaration and payment of dividend. in this article I have covered section 123 to section 127 of Companies Act 2013. In this article I have made an attempt to analyse the provisions in in simple language and also produced the text from bare act.

DS-1 mandatory for movement of goods from Delhi to outside Delhi

May 24, 2016 9547 Views 2 comments Print

Govt. has prescribed an online form (DS-1) for outward movement of goods from Delhi to all places outside Delhi before the actual movement of goods occur. Earlier the Delhi Govt. prescribed form T-1 for outward movement of goods but that form was applicable for few commodities like petroleum products, tobacco and gutka. Delhi is a trading hub and manufacturing is negligible in this state which means almost all the goods are imported from outside Delhi and sold in local market to buyers of other states. The Govt. has collected extensive data for import of goods into Delhi through form ds-2 which was prescribed for import of goods into Delhi from 15thSeptember 2015. There is no exemption for filing of form DS-2 which means for a single consignment form Ds-2 needto be filed. As of now there is no exemption granted in the notification dated 19-05-2016 for any kind of commodity or goods for filing form DS-1. Now I will discuss each and every aspect of this form in detail manner with suitable illustrations if necessary.

Intermediary Services – Legal Overview under Service Tax

May 24, 2016 47776 Views 4 comments Print

Intermediary means a broker, an agent or any other person, by whatever name called, who arranges or facilitates a provision of a service (hereinafter called the main service) or a supply of goods between 2 or more persons but does not include a person who provides the main service

Tax Evaders! Bath in ‘Kumbh’ of Income Declaration Scheme 2016

May 24, 2016 5332 Views 1 comment Print

Income Tax Department has come up with the Income Declaration Scheme 2016 to purify the Tax evaders. The government has issued its forms, rules and other details on 20th May 2016. But what is this scheme? How can a taxpayer clear his sins of black money? Everyone should take this conversation as a means of gathering knowledge and not otherwise.

Uniform entrance examination at all dental educational institutions

May 24, 2016 775 Views 0 comment Print

There shall be conducted a uniform entrance examination to all dental educational institutions at the undergraduate level and post-graduate level through such designated authority in Hindi, English and such other languages and in such manner as may be prescribed and the designated authority shall ensure the conduct of uniform entrance examination in the aforesaid manner:

MVAT: Release of SAP based new registration functionality

May 24, 2016 10738 Views 3 comments Print

A Trade Circular as cited in the reference was issued giving information about the proposed changes in the processes of registration, filing of returns, applications for refund, requisitions for CST declarations, audit/assessments and appeals etc. It was also mentioned in the circular that the new SAP based system will be going live in a phased manner.

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