Britain has voted to leave the European Union to take greater control of its economy and its borders, shattering the stability of the continental unity. Britain has had a troubled relationship with the EU since the beginning and has made various attempts to break away from it.
Tax deducted at Source (TDS) is governed under Section 31 of MVAT Act,2002 read with Rule 40 of MVAT Rules, 2005, is a form of deduction which shall be made by the Employer (dealer) at the time of making payment to the Contractor (supplier) for execution of works contract awarded within the state of Maharashtra, at the rates prescribed.
In order to curb the cash economy, Finance Act 2016 has amended section 206C of the Income-tax Act to provide that the seller shall collect tax at the rate of one per cent from the purchaser on sale in cash of certain goods or provision of services exceeding two lakh rupees.
These FAQs on Consolidated Financial Statements have been issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI). The purpose of these FAQs is to illustrate and to assist in clarifying the requirements regarding preparation of Consolidated Financial Statements
Even after amendment of the Trust Deed the main object of the trust was to promote education. Letting out was incidental and not the principle activity of the assessee trust.Thus carrying out such incidental activity and the income derived from it is used for the educational institute and not for any particular person & thus newly inserted proviso to section 2 (15) will apply only to entities.
Assessee had provided a corporate guarantee on behalf of its associated enterprise M/s. Thomas Cook Mauritius Operations Co. Ltd. for banking facilities availed by it from HSBC bank to the extent of Rs.6,01,80,000/-.
The Assessee filed application with AAR for for determination of the question regarding taxability of its profits arising from offshore sales. The AAR rejected the applications as notice Section 143(2)/ 142(1) were already issued prior to the filing of the application before the AAR, the transaction in respect of which the ruling of the AAR was sought was filed before the date of the application.
