The details of the tax rates of the major countries of Asia have been taken from the KPMG Report on Global Rates, 2015. Indian tax rates for direct taxes are higher than the average tax rate among Asian countries.
CBI FILES CHARGESHEET AGAINST THEN ADDITIONAL COMMISSIONER OF CENTRAL EXCISE IN A DISPROPORTIONATE ASSETS CASE The Central Bureau of Investigation has filed a chargesheet against then Additional Commissioner, Central Excise, Vadodara (Gujarat) for possessing alleged disproportionate assets to the tune of 488.25% (approx) U/s 109, 120-B, 419, 420, 465, 471 of IPC and Sec. 13 […]
It has been brought to the notice of the Board that the provisions of law regarding buy-back of shares since introduction of dividend distribution tax (‘DDT’) under section 115Q of the Act w.e.f. 01.04.2003 till 31.05.2013 are being interpreted in a conflicting manner by the tax authorities and taxpayers, thereby giving rise to disputes on this issue.
In the present case, the capital assets has never come into existence and accordingly ITAT has allowed travelling expenses or ore testing charges only as revenue expenditure. The travelling expenses or manganese ore testing charges pertaining to the existing mine allowed by the ITAT
A plain reading of reasons, gives rise to doubts whether some lines have gone missing or some punctuation marks have been left out. Grammatically also the reasons recorded make little sense. It is well settled that the reasons recorded for reopening the assessment have to speak for themselves.
In its endeavour to ease the process for FDI applications, Government launched a new secured FIPB website namely http://fipb.gov.in in 2015. Website offers increased portfolio services to applicants in an efficient manner and also allows more transparent way of business to keep applicant informed on the current status of their applications.
It is clear that the assessee was under the bonafide belief that the provisions of Section 44AB were not applicable to a Club, while supplying beverages, liquor etc., to its members as it was not engaged in any business
After a seemingly endless amount of time, the salaried class seeks after a ‘typical man cordial’ Budget that may oversee family unit spending plans, regardless of expansion. Key procurements in direct duties that might be taken a gander at in this Budget, especially for the salaried class of people, are the following:
Union Budget 2016 is likely to focus more on rural spending, defense and housing. According to my opinion Some proposed Direct Tax Changes should be : Tax on Companies/ Firms/LLPs: Corporate Tax rate to be reduced to 25% from the current 30%. Further the same should be inclusive of surcharge and education cess.
The wise see knowledge and action as one; they see truly ….. so go the words of wisdom in the Bhagavad Gita, which are worth emulating by one and all, specifically in the present scenario when a new cohesive team of elected members is commencing its fresh tenure as representatives of the Indian CA fraternity. A beginning is only the start of a journey to connect another beginning.
