Article discusses about Scope of Reporting under Section 143(3) and 143(11) of the Companies Act, 2013 and in particular on the Existence, Adequacy and Effectiveness of Internal Financial Controls.
It is imperative that Trade and Industry should understand key provisions in the Draft Model GST law including the intention of the legislation along with the probable impact on their business operations. We are summarising herewith an overview and key highlights of Draft Model GST Law for easy digest:
Tax Deduction at Source is not a new concept in Indirect Taxes. The TDS Provision were already prescribed in Existing VAT Laws. The Provision of TDS were held Valid by Allahabad High Court in case of V.K. Singhal Vs. State of U.P. ( 1995) 97 STC 355.
We have a lot of verdicts and planning’s as discussed above, but due to the length constraint of a single article, we will be sharing with you some more valuable articles in a near future, till then enjoy the above cases and save your lakh of hard earned money and spend it in something more valuable.
At the outset, the relevance of the certificate has to be clearly understood. It is not a substitute for verification by the refund sanctioning authority. It will ensure diligence on the part of the claimant and the statutory auditor, which will make him eligible for a provisional payment of 80% of the claimed amount.
GST is a destination based consumption tax levied at multiple stages of production and distribution of goods and services, with taxes on inputs credited against taxes on output. GST is going to be big game changer and will be one of the most significant tax reforms in the fiscal history of India to consolidate present multiple layers of Indirect taxation.
After issuing Joint Committee Reports on registration, refund, tax payment and filing of return last month, the government has issued draft model law on GST. There would be separate Acts for CGST, SGST and IGST. The model Act would guide for drafting GST Act for each of the state.
Understand the Income Tax Rates and Slabs for A.Y. 2016-17 & 2017-18. Find out the tax rates based on taxable income for different categories of taxpayers.
I am sure that you are completely surprised by the title because nobody has yet pointed out such an anomaly!! You heard it right and please do let me explain. The Finance Act, 2016 has amended Section 206C(1D) to provide that the seller shall collect the income-tax at the rate of 1% from the buyer on sale in cash of any goods or for providing of any services exceeding Rs. 2,00,000/-.
Since March, 2016 there has been number of amendments has been made in respect to service tax on legal services and the same has been discussed as under. Notification No. 18/2016-ST dated 01.03.2016 has amended Notification No. 30/2012-ST dated 20.06.2012 due to which, in respect of legal services which were covered under full reverse charge has been amended as follows
