Section 55 of the MVAT Act, 2002 was provided for Advance Ruling. However, though in existence since 2005, it was not brought into force. New Provision: Now, existing Section 55 has been substituted by new section 55 and brought into force with effect from 15t May 2016. Section 56 of the MVAT Act, 2002 providing for determination of disputed question (DDQ) has been deleted with effect from 15t May, 2016.
Seeks to exempt taxable service provided by State Government Industrial Development Corporations/ Undertakings by way of granting long term (thirty years, or more) lease of industrial plots to industrial units from so much of service tax which is leviable on the one time upfront amount (called as premium, salami, cost, price, development charges or by any other name) payable for such lease.
MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 63/2016 New Delhi, the 22nd September, 2016 S.O. 3019(E).-In exercise of the powers conferred by sub-section (I) read with clause (b) of the Explanation to Section 35 AC of the Income Tax Act, 1961 (43 of 1961), the Central Government, on the recommendation of the National Committee […]
S.O. 3018(E).-In exercise of the powers conferred by sub-section (I) read with clause (b) of the Explanation to Section 35 AC of the Income Tax Act, 1961 (43 of 1961), the Central Government, on the recommendation of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee, mentioned in column (2) of the Table below
Until the e-mail address and office telephone number of Assessing Officers are automatically printed on notices u/s. 143(2), the Assessing Officers should put a stamp/mention the details of their official email address and office telephone number on notices u/s. 143(2) before sending it to the assessees.
The clarification regarding Sec. 138 of the Income tax Act, 1961 with reference to CBDT earlier notification No. SO 576 dated 23/05/2003, which was issued on 21st September, 2016 vide F.No. 225/120/2016/ITA.II, is hereby withdrawn. This may be brought to the notice of all concerned.
The Goods and Service Tax is a levy on supply. All intra-states supplies attract Central and State GST whereas all the inter states supplies attract IGST. Hence, Supply is at the root of GST. This is our second article in the series wherein we discuss on the term supply and its relevance in current tax structure.
The Model GST Law was kept in the public domain in June 2016. It is a race against the time in order to implement the GST across the entire country by 1st April 2017.From origin based taxation system (in case of Excise and VAT/CST), GST will shift to consumption based tax system (i.e. the Taxes will go to the states where the goods and / or services are consumed).
As per Section 47(2), Equity shareholders shall have a right to vote on every resolution while preference shareholders shall have a right to vote only on those resolutions which directly affect the rights attached to their preference shares and, any resolution
Becoming a parent is like a blessing from the almighty. Since the day, a couple is blessed with an offspring, his/her security and well-being becomes the primary concern for the parents. Taking care of your child’s complete growth and development that includes everything from his overall well-being and a good education, is challenging.
