Income Tax : A question which is coming in the mind of Taxpayers nowadays is do Rebate of income-tax under section 87A as available from FY 201...
Income Tax : The Income Tax Act provides deduction under section 80C against Principal Repayment and exemption under Section 24(b) on Interest ...
Service Tax : Through this article we would like to bring to the kind attention of all my professional friends about a small change made by Gove...
Service Tax : CA Sumit Grover Analysis of Notification No. 26/2014 – Central Excise (N.T.) Dated- 27th August, 2014 Service tax on transportat...
Service Tax : Hence, to broaden the tax base in Service tax, Sale of space or time for advertisements in broadcast media, namely radio or telev...
Income Tax : We are Enclosing herein below copy of Finance(NO.2) Act, 2014 assented by Hon’ble President of India. Download Download Fi...
Income Tax : Finance(No. 2) Bill, 2014 has received the assent of the President on 6th August, 2014, published in the Gazette of India, dated 6...
Income Tax : Finance bill 2014 Final was presented by Finance Minister Shri Arun Jaitley on 10th July 2014. The bill got approval of Lok Sabha ...
Corporate Law : Highlights of the Speech of Shri Arun Jaitley, Union Finance Minister of Finance Made While Presenting the Budget of the National ...
Company Law : Amendments in Companies Act Companies Act 2013 has been enacted only last year and so far a little more than half of its provision...
Service Tax : (a) private limited company shall have the same meaning as is assigned to private company in clause (68) of section 2 of the Compa...
Service Tax : Budget 2014- Changes in Place of Provision of Services Rules, 2012 Vide Notification No. 14/2014-ST Dated 11-7-2014 (Effective Fro...
Service Tax : (a) if payment is made within a period of six months of the date of invoice, be the date on which payment is made; (b) if payment ...
Service Tax : 18 per cent. for the first six months of delay; 24 per cent. for the period beyond six months up to one year and 30 per cent. for ...
Service Tax : G.S.R. 480(E).- In exercise of the powers conferred by clause (aa) of sub-section (2) of section 94 of the Finance Act,1994 (32 of...
Under Chapter XVII-B of the Act, a person is required to deduct tax on certain specified payments at the specified rates if the payment exceeds specified threshold. The person deducting tax (‘the deductor’) is required to file a quarterly statement of tax deduction at source (TDS) containing the prescribed details of deduction of tax made […]
Corporate Social Responsibility (CSR) Under the Companies Act, 2013 certain companies (which have net worth of Rs. 500 crore or more, or turnover of Rs.1000 crore or more, or a net profit of Rs.5 crore or more during any financial year) are required to spend certain percentage of their profit on activities relating to Corporate […]
Revised Rate of Interest w.e.f. 1.10.2014-Vide Notification No 12/2014-ST dated 11.7.2014, rate of interest to be charged on delayed payment of service tax has been enhanced w.e.f. 1.10.2014, based on period of delay. Thus, longer the delay period , higher would be the rate of interest payable. Accordingly, the rate of interest shall be as under :
Over the last decade the service tax collections have shown tremendous growth, thus it is becoming more important to the Government Exchequer. After the introduction of Negative List based Service Tax regime, to broaden the tax base of service tax, only option available is to snip the negative list and the exemptions. Thus, the following new services have been brought into service tax net:
Rule 4 of the CENVAT Credit Rules, 2004 provides the conditions for availment of credit. Amendment rules inserted a new proviso after the second proviso in Rule 4(1). The new proviso shall be inserted with effect from first day of September, 2014. The proviso has been reproduced as under:
Under the existing provisions contained in sub-section (1) of section 80CCD of the Act, if an individual, employed by the Central Government or any other employer on or after 1st January, 2004, has paid or deposited any amount in a previous year in his account under a notified pension scheme, a deduction of such amount […]
Section 153C of the Act relates to assessment of income of any other person. The existing provisions contained in sub-section (1) of the said section 153C provide that notwithstanding anything contained in section 139, section 147, section 148, section 149, section 151 and section 153, where the Assessing Officer is satisfied that any money, bullion, […]
In order to clarify that the standards notified under section 145(2) of the Act are to be followed for computation of income and disclosure of information by any class of assessees or for any class of income, it is proposed to provide that the Central Government may notify in the Official Gazette from time to time income computation and disclosure standards to be followed by any class of or in respect of any class of income.
The existing provisions of section 12A of the Act provide that a trust or an institution can claim exemption under sections 11 and 12 only after registration under section 12AA has been granted. In case of trusts or institutions which apply for registration after 1st June, 2007, the registration shall be effective only prospectively.
The existing provisions of section 271 G of the Act provide that if any person who has entered into an international transaction or specified domestic transaction fails to furnish any such document or information as required by sub-section (3) of section 92D, then such person shall be liable to a penalty which may be levied […]
