The season to file income tax returns is on and most taxpayers will try to quickly wrap up the process. But most people ignore the importance of filing annual wealth tax returns. Govind Pathak, a certified financial planner, explains, “If you start paying wealth tax all of a sudden, officials can seek records of how you acquired this wealth. Filing wealth tax returns regularly helps you create evidence of ownership of assets and also how they have increased year-on-year.”
Meaning:- Section 65(105)(r) of Finance Act, 1994 defines taxable service as any service provided or to be provided to any person by a management or business consultant1 in connection with the management of any organization or business, in any manner. INTRODUCTION – Limits of management consultancy services
The provisions of Section 15 of FEMA permit compounding of contraventions and empowers Reserve Bank of India (“RBI”) to compound any contravention, except under section 3 (a) of FEMA on an application made by the person committing such contravention. In order to simplify the procedures for compounding, the Government of India notified Foreign Exchange (Compounding Proceedings) Rules, 2000 (“Rules”).
There is no change made in the SEBI (Foreign Institutional Investors) Regulations 1995, regarding the eligibility criteria for registration of FII or its sub-account. SEBI has also not defined the terms PCC / SPC / MCV. SEBI has not made clear what consequences would follow for existing PCC / SPC / MCV that have been already granted registration as FII / sub-account.
I have taken on rent particular premises. Later I entered into a partnership. The firm so formed is carrying on its business on the premises taken on rent by me. Does it amount to subletting? A. It does not amount to sub letting. When a person after taking premises on rent, enters into partnership firm to carry business, it did not amount to sub letting because the premises continues to remain in possession of the tenant.
The Hindu Civil Code, based on earlier religious practice, selected for the purpose, gives women to whom it applies various financial rights. This has been done through legal recognition of the ancient Hindu concept of stridhana. There is also an equal right to inheritance, under a separate law. Stridhana (woman’s wealth) consists of all the gifts a woman receives before, during and after her marriage from her family, friends and relatives, as well as from her husband and his family. It may be in the form of immovable property, jewellery or cash.
Ministry of Finance (Department of Revenue) , Government of India has issued as much as 43 notifications, viz Notification Nos 1 to 43 in 2010 so far , highest ever in just half year. Of these, 20 notifications have been issued on 22.6.2010 and afterwords. These pertain to the date of applicability of service tax on new services introduced by Finance Act, 2010 and certain exemptions to various taxable services. In three notifications , corrigendum have also been issued.
For students appearing in November 2010 examination, the amendments made by the Finance (No.2) Act, 2009, as applicable for assessment year 2010-11, are relevant. Therefore, the amendments made by the Finance (No.2) Act, 2009 which are not applicable for A.Y.2010-11 would not be relevant for students appearing for November 2010 examination.
The Ministry of Corporate Affairs had introduced the MCA21 e-Governance programme with a view to improve the speed and certainty in delivery of MCA services in a transparent manner. This improvement is ensured primarily through the mechanism of secure electronic filing (e-filing) and easy online payment for all the services provided by the Registrar of Companies. A network of facilitation centres at 52 locations throughout the country was set-up.
As an incentive for the candidates filling the Online CA examination application forms, the cost of application form of Rs. 100 will be waived off (which is used to be recovered from the candidates submitting the online application forms).
