In case services of transportation of goods are availed from a domestic entity,service tax needs to be charged by the Indian shipping company, whereas such services being availed from any foreign entity would attract tax liability under the Reverse Charge Mechanism (‘RCM’). This amendment would come in effect from June 1, 2016 and its consequential effects are outlined below.
CA Rajesh Kumar T R CA Ashish Chaudhary Textile has been subjected to duty of excise at different point of time. In 2004, exemption was granted on textile articles falling under chapter 61, 62 and 63 from duty of excise by issuing Notification No. 30/2004-CE. It was again subjected to duty in 2011-12. After remaining […]
In this case in the show-cause notice the allegation is that the appellant availed input service credit on construction of shopping complex outside the factory premises whereas in the impugned order, the demand has been confirmed on the ground that the service provided and credit availed was not either directly or indirectly in relation to the manufacture of the appellant’s final product.
The Central Board of Direct Taxes had issued directions to the field offices that taxpayers whose tax has been deducted at source but not deposited to the Government’s account by the deductor, will not be asked to pay the demand to the extent tax has been deducted from his income.
In this video Super Prof KK Agrawal discusses the salient features of the CA, CS, CMA courses and presents the career prospects of each of these options so that students may then introspectively decide on their key strengths and choose the right career.
In terms of the provisions, any income arising from an international transaction or specified domestic transaction between two or more associated enterprises shall be computed having regard to the Arm’s Length Price.
Verification of Genuineness of Agricultural Income Shown In Income Tax Return by Assessees for Assessment Years 2011-12 to 2013-14- There is a PIL matter pending before Hon’ble Patna High Court wherein concerns have been raised that a few assesses may be engaged in routing their unaccounted/illegal money in the garb of agricultural income thereby not only claiming exemptions on such income but also engaged in the money laundering activities.
Where the audited accounts are more than six months old, the calculations with reference to buy back shall be on the basis of un-audited accounts not older than six months from the date of offer document which are subjected to limited review by the auditors of the company
Central Government hereby notifies that the debt to capital and free reserves ratio shall be 6:1 for government companies within the meaning of clause (45) of section 2 of the Companies Act, 2013 which carry on Non-Banking Finance Institution activities and Housing Finance activities.
Breaking the age old tradition of savings through depositing the money in the bank accounts, is the new scheme- Systematic Investment Plan (SIP). Germinated from a small sapling, SIP has now bloomed to a gigantic tree branching with each passing day.
