New Upgraded and Secure Portal for E-Filing of Applications for Foreign Direct Investment Launched Department of Economic Affairs, Ministry of Finance launched here today a new upgraded and secure user friendly web site for filing and processing of applications for Foreign Direct Investment (FD) requiring Government approval. Presently the applications are filed online at www.fipbindia.com […]
1 Service tax 1.1 Scope of the term ‘service’ should be restricted [Section 65B(44) of the Finance Act, 1994] Currently, Section 65B (44) of the Finance Act, 1994 (“Finance Act”) defines the term ‘service’ to include ‘any activity carried out by a person for another for consideration’. The scope of the present definition of term […]
DIRECT TAXES 1.1 Tax Rates – Companies/Firms/Limited Liability Partnership Issues The Finance Act (No. 2), 2014 had not modified the tax rate, which continue to be at 30% and the recently increased surcharge at 10% on domestic companies whose taxable income exceeds ₹ 10 crores (calculating the tax rate at 33.99% for domestic companies inclusive […]
Notification No. 17/2015 – Income Tax It is hereby notified for general information that the organization Academy of Scientific and Innovative Research (AcSIR), New Delhi (PAN – AAALA1352P) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read
Removal of capital goods has always been an arena of litigation. The various issues cropped up during litigation includes whether capital goods removed as such or after use? Whether Excise Duty is payable or not? If Excise Duty is payable, whether on depreciated value or on transaction value.
Now days everyone is busy like never before. You will not see a single person (Including a small kid) with free time. Area where a person spends time varies from person to person. One thing which GOD has kept common between all of us is the amount of time available with us. Now in provided time span of 24 Hours everybody is earning their bread & butter.
(a) after the second proviso, the following proviso shall be inserted, namely:- Provided also that Bhogat port is appointed to be coastal port for carrying on of coastal trade in crude petroleum
Ministry of Corporate Affairs notifies Roadmap for applicability of Indian Accounting Standards (Ind AS) for compliance by companies specified in roadmap.
Notification No. 16/2015 – Income Tax The approved entity undertaking agricultural extension project shall maintain separate books of account of the agricultural extension project notified under sub-section (1) of section 35CCC, and get such books’ of account audited by an accountant as defined in the Explanation below sub-section (2) of section 288.
Notification No.15/2015 – Income Tax 10. Conditions subject to which agricultural extension project titled ‘Animal Feeds Extension Project’ is being notified are as under: i. The approved entity undertaking agricultural extension project shall maintain separate books of account of the agricultural extension project notified under sub-section (1) of section 35CCC, and get such books of account audited by an accountant as defined in the Explanation below sub-section (2) of section 288.
