The Companies Law Committee (CLC) was set up on the 4th June, 2015 to make recommendations to the Government on the issues arising from the implementation of the Companies Act, 2013 as well as on the recommendations received from the Bankruptcy Law Reforms Committee, the High Level Committee on Corporate Social Responsibility (CSR), the Law Commission and other agencies.
One of the biggest tax saving bonanza by the Finance Act-2015 was insertion of sub-section 1B to section 80CCD in the Income Tax Act-1961 whereby an additional deduction of Rs. 50,000/- is offered to the taxpayer for contribution in the National Pension Scheme (NPS).
Following the mention of startup friendly measures in its Sixth Bi-monthly Monetary Policy for the year 2015-16, Reserve Bank of India has clarified that the relaxations available to other businesses are applicable to startups as well. Following are the clarifications brought about by the RBI pursuant to the said monetary policy.
Taxes are an important source of revenue to any Government. The government devises mechanism aimed at detecting cases of revenue leakage. It has been witnessed over last few years that there is increased emphasis on making interaction with taxpayers and requiring them to submit various information/records through online or electronic mode. This assists in cross verification of information furnished by assessee before various departments.
Principles of natural justice are those rules which have been laid down by the Courts as being the minimum protection of the rights of the individual against the arbitrary procedure that may be adopted by a judicial, quasi-judicial and administrative authority while making an order affecting those rights.
In Exercise of the powers conferred by sub-rule (2) of Rule 17A of the Maharashtra Value Added Tax Rules 2005, the Commissioner of Sales Tax, Maharashtra State hereby in respect of the periods starting on or after 1st April 2016, substitutes the returns in forms 231, 232, 233, 234 and 235 for the purpose of rule 17, 18 and 45 namely.
In exercise of the powers conferred by sub-rule (1) and sub-rule (2) of Rule 17A of the Maharashtra Value Added Tax Rules, 2005, the Commissioner of Sales Tax, Maharashtra State in respect of the periods starting on or after 1st April 2016, for the purpose of provisions of sub-rule (3) of rule 40A of the Maharashtra Value Added Tax Rules, 2005,
In exercise of the powers conferred by sub-rule (2) of Rule 17A of the Maharashtra Value Added Tax Rules, 2005, the Commissioner of Sales Tax, Maharashtra State hereby in respect of the periods starting on or after 1st April 2016, substitutes return in form 424 for the purpose of clause (d) of sub-rule (1) of rule 40 namely :-
ITAT Bangalore held in the case of GXS India Technology Center Pvt. Ltd. vs. ITO that a company which is engaged in development of software products and services cannot be compared to a company which is purely software development services provider.
The facts leading to the filing of the writ petition is that the petitioner provides labour in the construction of buildings to various builders under a works contract. It is alleged that under the agreement the petitioner is liable to pay service tax w.e.f. 01.07.2012.
