Shivani Mangla Services covered under Reverse Charge Mechanism from 01.06.2015 (with % and type of person) S.No. Description of service Service Provider Service Receiver 1 Insurance Agency Services Insurance Agent Any person carrying on insurance business NIL (0%) 100% (14%) 1A Recovery Agent Services Recovery Agent Banking co./ Financial inst./NBFC NIL (0%) 100% (14%) 1B […]
Many people think retirement is relaxing in an easy chair at home after one’s active service in a job or vocation. Actually, life starts again after the so-called retirement; because it is the time when you need to re-establish your links with the old and forgotten relationships of friendship and kinship. In fact, it is after the retirement, a person has to take care of both self and spouse.
As per Section 194-IA If property is sold by resident than buyer requires to deduct TDS at 1% on sale Value. Whereas section 195 require deducting TDS on payment to Non-Resident at normal tax rate applies to transaction i.e. 20% in case long term held property and 30%+cess on short term held property.
In the case of DCIT vs. M/s Jindal Photo Limited in I.T.A. No. 814/Del/2011, the Delhi Bench of the Tribunal has also expressed similar view, in which it has been held that satisfaction of the Assessing Officer is pre-requisite to invoke the provisions of Rule 8D.
Indian Stamp Act, 1899 is a fiscal statute by which the Union and State Governments can garner more revenue. In India for every document, not exempted by the Act, executed whether in India by any person or outside India stamp duty has to be paid. Moreover, failure to pay stamp duty attracts heavy penalty.
This article is very special as it doesn’t relate to any career guidance or mentoring I generally do. This article is inspired from a real life incident that happened with me couple of weeks back when I acted in a way I shouldn’t have and later how I made it good by a simple apology. […]
G. Indhirani Vs. DCIT (ITAT Chennai) The only issue arises for consideration is with regard to levy of fee under Section 234E of the Income-tax Act, 1961 while processing the statement furnished by the assessees under Section 200A of the Act which was held as unsustainable
AST Instruction No. 136 The functionalities for passing orders u/s 143(1) (a)/ 143(3)/154/ appeal effects/ penalty exist on the system and, progressively, AOs are mostly issuing orders on the system from AY 2011-12 onwards. The CBDT has repeatedly instructed that in all cases orders must be passed on the system.
CIT Vs. Mechmen (Madhya Pradesh High Court) In this case court observed that satisfaction was not recorded by the AO before issuing notice u/s 153C which is a fact decided by ITAT. No paper or document was seized against the assessee in the search operation.
Foreign companies/entities desirous of setting up of Liaison Office / Branch Office (LO/BO) are required to submit their application in Form FNC along with the documents mentioned therein to the General Manager, Foreign Exchange Department, Central Office Cell, Reserve Bank of India, New Delhi Regional Office, 6, Parliament Street, New Delhi-110 001, India through an Authorised Dealer bank. This form is available at www.rbi.org.in
