Government of Maharashtra hereby exempts the state tax on intra- state supplies of goods, the description of which is specified in column (3) of the Table below
Several Category I and II Alternative Investment Funds (AIFs) are registered with SEBI. With effect from Financial Year (FY) 2015-16, the tax ability of the income earned by AIFs is governed by a special tax regime as provided under Section 115UB of the Income tax Act, 1961 (the Act), which is summarized as follows:
Books are very important tools used by professionals to carry on their profession. Though expenditure on purchase of books is no doubt capital in nature, the books purchased by professionals’ have a very short shelf life of around a year or sometimes even less
Section 115U(2) read with Rule 12C requires that the person responsible for crediting or making payment of the income on behalf of a Venture Capital Company (VCC) or a Venture Capital Fund (VCF) and the VCC
An issue is under debate as to whether payments made by the Indian company to foreign company towards reimbursement of the salary costs of persons deputed to India would be treated as fees for technical services.
Who should generate the e-way bill and why? Registered Person– E-way bill must be generated when there is a movement of goods of more than Rs 50,000 in value to or from a Registered Person. A Registered person or the transporter may choose to generate and carry e-way bill even if the value of goods is less than Rs 50,000.
Even after due efforts taken by the Government to ensure compliance relating to filing of TDS returns by the deductors, the defaults on behalf of deductors continue for one or the other reason
Currently an assessee filing his income tax return needs to fill all the data manually wrt the taxes paid by him/ on his behalf (TDS) in excel utility. Since TDS returns are e-filed now days, an asseesee by manually punching the data relating to prepaid taxes like TDS is prone to committing errors.
The scope of filing return of income should be widened so as to include in its ambit the persons entering into the following transactions:
A plain reading of Section 35(2AB) of the Act may suggest that the weighted deduction is not with respect to expenditure on scientific research on in house R&D facility as approved by the prescribed authority.
