The assessee is engaged in manufacturing of plywood where imported timber is being used. During the relevant previous year assessee has imported wood logs from outside India. Assessee has made payment of Rs.32,46,905/- to the exporter on its sale these woods to the assessee on F.O.R. basis.
Prima-facie, according to the provisions of section 194C r.w. definition given of “work” under the explanation to section 194C, the case of the assessee has to be accepted that assessee could be under bonafide belief for non-deduction of tax from the type of payments upon which it has been held that assessee is liable to deduct tax at source.
Ever since the draft notifications were placed before the Parliament, companies have been eagerly waiting for the approval and promulgation of the same. Finally the exemption notifications saw the light of day with MCA releasing 4 exemption notifications in bulk on June 05, 2015. Among the four notifications, one notification pertains to Government Companies (‘Govt. […]
1. Introduction Stock market is all about dealing in securities. It is a specialized market. Stock markets are formed under the Securities Contracts (Regulation) Act,1956 and the operations are regulated by the Securities Contracts (Regulation Rules,1957. SEBI formed as per the Securities and Exchange Board of India Act, 1992 is the regulator of the market. […]
Manshi Baid The definition of Related Party is given in Clause (76) of section 2 of Companies Act 2013 . This section provides that a related party for a company are :- 1. A director or his relative 2. A key managerial personnel or his relative 3. A firm in which director , manager or […]
It has been decided that the holidays as specified in the Annexure -I to this O.M. will be observed in all the Administrative Offices of the Central Government located at Delhi/New Delhi during the year 2016. In addition, each employee will also be allowed to avail
Therefore it is clarified that regardless of the amendment notified vide Notification No. 08/2015-2020 dated 04.06.2015 (through which export turnover relating to services of units operating under SEZ Scheme or supplies of services made to such units has been deleted from the list of ineligible categories under SEIS thereby making supply of a ‘service’ from SEZ to other countries eligible for SEIS benefits), supply of a ‘service’ by units located in DTA to SEZ units was and shall continue to remain ineligible for rewards under SEIS as explained in para 3 above.
This paper estimates sacrifice ratios for the post liberalization period for India. Around the late 1970’s, tight monetary policy created a disinflationary situation resulting in recession for many advanced economies. This highlighted the cost of reducing trend inflation in the interim period. In this context, the concept of ‘Sacrifice Ratio’ was introduced as the loss of output sustained by the economy to achieve reduction in the long-run inflation by one percentage point.
or the limited purpose of proof of address the following additional documents are deemed to be OVDs under ‘simplified measures’. Utility bill which is not more than two months old of any service provider (electricity, telephone, postpaid mobile phone, piped gas, water bill); Property or Municipal Tax receipt; Bank account or Post Office savings bank account statement;
The extant guidelines for subscription to the chit funds have been reviewed in consultation with the Government of India and accordingly, it has been decided to permit Non-Resident Indians (NRIs) to subscribe to the chit funds, without limit, on non-repatriation basis subject to the following conditions:
