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Archive: 20 June 2016

Posts in 20 June 2016

Join Us for an Exclusive Webinar: GST on Corporate Guarantees

December 4, 2024 897 Views 0 comment Print

Join us on 8th Dec for a live webinar on GST and corporate guarantees. Learn valuation, co-guarantor liability, cross-border impacts, and practical examples.

Course on Mastering GST Sections Effortlessly with Memory Techniques!

November 28, 2024 4710 Views 0 comment Print

Simplify GST learning with memory techniques. Join live sessions, master CGST sections, and retain knowledge effortlessly. Register now for practical GST mastery!

Importance of passing Board Resolutions by Circulation

June 20, 2016 5545 Views 0 comment Print

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 the Company or any Contractual obligation to pass the resolution at Board Meeting only or a Board Meeting is mandatorily required to be held as per Section 173.

Valuation as per GST Valuation Rules 2016

June 20, 2016 11899 Views 0 comment Print

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; (ii) the supplier and the recipient of the supply are related; (iii) there is reason to doubt the truth or accuracy of the transaction value declared by the supplier;

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

June 20, 2016 14740 Views 1 comment Print

(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. 26/2012-ST dated 20.06.2012. (iii) Value of taxable services for the purpose of KKC shall be determined as per Service Tax (Determination of value) Rules, 2016.

Radical changes in FDI policy; Most sectors on automatic route

June 20, 2016 1399 Views 0 comment Print

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.

No Fee for MSME Registration

June 20, 2016 2890 Views 0 comment Print

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.

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

June 20, 2016 6697 Views 0 comment Print

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:

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

June 20, 2016 3871 Views 0 comment Print

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.

Offshore supply of equipments not taxable in India

June 20, 2016 4357 Views 0 comment Print

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 business.

Interest rates on Small Savings Schemes for 01.07.16 to 30.09.16

June 20, 2016 5944 Views 0 comment Print

On the basis of the decisions of the Government, interest rates for small savings schemes are to be notified on quarterly 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 :

Factors Affecting Your Personal Loan Interest Rate

June 20, 2016 2311 Views 0 comment Print

Quick approval, low-risk, and collateral-free are some of the reasons why personal loan is one of the most feasible options to generate fund. However, as it is an unsecured loan, the interest rates can tilt towards the higher side. As of now, the average rate of interest for personal loans is between 11.49% – 20%.

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