"20 June 2016" Archive

Importance of passing Board Resolutions by Circulation

After the enforcement of Secretarial Standard on meeting of the Board of Directors of a Company [SS-1] w.e.f. 1st July, 2015, importance of passing of Board Resolutions by Circulation, pursuant to provisions of Section 175 of the Companies Act, 2013, has increased manifold, unless it is required by Statute or Articles of Association of th...

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Posted Under: Company Law |

Valuation as per GST Valuation Rules 2016

As per Section 15 of the Model GST Law the supply of goods and services shall be taxable to GST at the transaction value subject to Rule 7 of GST Valuation Rules 2016. Section 15(4) provides for various situations where the valuation rules shall be applied: (i) the consideration, whether paid or payable, is not money, wholly or partly; ...

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Posted Under: Company Law |

Gist of New Service Tax Notifications effective from 1st June, 2016

(i) Where a taxable service is exempt under any notification / special order or Service Tax is otherwise not payable, such service shall be exempt from levy of whole of KKC. (ii) KKC shall be leviable only on that portion / percentage of taxable service which is subject to Service Tax after availing abatement under Notification No. 26/201...

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Posted Under: Company Law |

An Overview on Different Types of Income Tax Deductions in India

Income tax can be defined as the percentage of your income which you pay to the government in order to fund infrastructural development. Taxes account for a major portion of the income which is earned by the Indian government. In most cases these taxes can prove to be very harsh on the taxpayer. Hence the government has made some provisio...

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Posted Under: Company Law |

Radical changes in FDI policy; Most sectors on automatic route

Government has decided to introduce a number of amendments in the FDI Policy. Changes introduced in the policy include increase in sectoral caps, bringing more activities under automatic route and easing of conditionalities for foreign investment. ...

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Posted Under: Company Law |

No Fee for MSME Registration

Ministry of MSME has clarified today, that Udyog Aadhar Memorandum is the only form of registration for MSMEs in India and there is no fee for the registration. This has been clarified in view of some complaints received by the ministry, regarding fee charged by certain agencies for facilitating the registration....

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Posted Under: Company Law |

Interest Rates on Small Savings Schemes w.e.f. 01.07.2016 to 30.9.2016

On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Accordingly, the rates of interest on various small savings schemes for the second quarter of financial year 2016-17, on the basis of the interest compounding/payment built-in in the schemes, shall be as under: ...

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Posted Under: Company Law |

S. 80IA Initial assessment year means 1st year opted by assessee for deduction

The D.C.I.T Vs M/s Yamuna Power & Infrastructure Ltd. (ITAT Chandigarh)

The assessee being eligible had option to start claiming deduction from any of the assessment years within time frame of Ay 2004-2005 to AY 2019-2020. Assessee exercises the option in AY 2008-09. AO made the disallowance by holding that assessment year 2004-05 is the initial AY. ITAT issued order in favour of Assessee....

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Interest U/s. 244A on Excess self Assessment Tax Payment cannot be denied

CIT Vs Birla Corporation Limited (Calcutta High Court)

scope of section 154 does not extend to a debatable issue and hence the assessing officer in exercise of power u/s 154 could not have withdrawn the interest u/s 244A(1)(b) on the refund of excess self assessment tax....

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Offshore supply of equipments not taxable in India

M/S Nortel Networks India International Inc. Vs DIT (High Court Delhi)

An enterprise of a Contracting State shall not be deemed to have a permanent establishment in the other Contracting State merely because it carries on business in that other State through a broker, general commission agent, or any other agent of an independent status, provided that such persons are acting in the ordinary course of their b...

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