In an era of zealous consumers wanting everything at the drop of a hat, we see a number of new start-ups mushrooming everyday with their unique and ingenuous ideas. We recently met the founderts of one such start-up that made us explore quite an interesting proposition. The start-up offers various items of clothing on rent to its customers including casual wear, party wear and designer wear which, for valuable consideration, are rented out to the customers for fixed number of days.
1.What is an overseas JV? 2. What is meant by wholly-owned subsidiary, first level subsidiary and second level subsidiary? 3. How can direct investments (DI)/ financial commitments (FC) in overseas wholly owned subsidiaries/JVs be made? 4. What are the conditions to be followed to invest or give FC in overseas JVs and WOS? 5. What is the overall exposure limits?
This write up deals with 1. What is start up? 2. Is this the same as we start up any new venture to get eligible for benefits of the government? 3. Difficulties or tough road for taking benefits under Govt Start up India Action Plan 4. Income Tax exemptions for 3 yrs for Startups 5. Appreciable Notings on Startup India Action Plans
(i) Whether by a unilateral amendment in the Income Tax Act, an interpretation of the same term in the Double Taxation Avoidance Agreement can be changed? (ii) Whether by merely terming an amendment as ‘clarificatory’ and making it retrospective infact renders its retrospectivity valid in law?
In exercise of the powers conferred by Rule 61 of the Maharashtra Value Added Tax Rules, 2005, the Government of Maharahstra, hereby notifies that, for the purposes of the said rule, the Bank Guarantee shall be obtained from any of the following Private Sector Banks, with effect from the 12th February 2016, namley
Recently a new phenomenon has emerged in the business in which sales are being conducted through on-line web portals. To tap the value added tax being collected on the sales being made through these web portals, the Commissioner, VAT, Govt. of NCT of Delhi has prescribed a periodical return for the persons engaged in providing facilities of electronic shopping (commonly known as E-commerce)
Notification No. 24/2016 – Customs (N.T.) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following amendment in the Notification of the Central Board of Excise and Customs No. 18/2016-CUSTOMS (N.T.), dated 4th February, 2016, with effect from 13th February, 2016, namely:-
Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 1 Dated : 11.02.2016 The Accounting Standards Board (ASB) of the ICAI has constituted ‘Ind AS Transition Facilitation Group’ (ITFG)1 for providing clarifications on urgent basis on various issues related to the applicability and /or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015, […]
GN (A) 35- Guidance Note on Accounting for Depreciation in companies in the context of Schedule II to the Companies Act, 2013 Background 1. Schedule II to the Companies Act, 2013, specifies useful lives for the purpose of computation of depreciation. The said Schedule II was further amended by the Ministry of Corporate Affairs (MCA) […]
Ministry of Corporate Affairs issued a notice dated February 09, 2016 invited for comments on Revised Schedule III applicable to a company required to comply with Ind AS. Internationally IAS 1 – Presentation of Financial Statements prescribes the minimum set of requirements for IFRS compliant financial statements. However, it does not prescribe the exact order […]
