ITAT Ahmedabad held In the case of ACIT vs. Rupam Impex that the AO has justified the mistake on record on the ground that it is attributed to the assessee. The income tax proceedings are not adversarial proceedings.
Goods and Service Tax (GST) will be levied on taxable supply of goods and services. GST will be levied on value addition on each stage of supply of goods and services by allowing setoff facilities at each stage to avoid double taxation. GST is the demand of the country. The Central Government is very serious in this regard and we hope that it will be enforced after 1st April, 2016.
Krishna, Honorable Finance Minister Mr. Arun Jaitley will declare Finance Budget of 2016-17 on 29th February in the Loksabha. As it is 2nd budget in the tenure of P. M. Modi, everyone is excited for the Budget. What’s there in Magician Jaitley’s Potli (Bag) this year?
Previously-in contravention of this section it was provided that 20% of the expenditure will be disallowed in case payment in excess of 20000/- is made otherwise than by crossed a/c payee cheque or Draft. At present it is provided that in contravention of this provision the whole expenditure I e 100% of the expenditure will be disallowed.
1st April 2016 onwards- Through Notification no. 6/2016-ST dated 18.2.2016, Central Government appoints 1.4.2016 as the date from which the provisions of Section 107(1) of Finance Act, 2015 shall come into effect.
SEBI has recently revamped its Listing Agreement that the companies need to enter into with the stock exchanges while listing its securities with the new SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Comparative Analysis between a Private Limited Company, One Person Company and Limited Liability Partnership S.No Particulars Private Limited Company One Person Company (OPC) Limited Liability Partnership(LLP) 1. Minimum Number of Directors and Shareholders Members/Shareholders – 2 Directors – 2 Note: Directors and members may or may not be same. Only a natural person can […]
Government has vide Notification No. 07/2016-ST provided Service Tax exemption wef 01.04.2016 on Services provided by Government or a local authority to a business entity with a turnover up to rupees ten lakh in the preceding financial year.
Startup India is an action plan to develop an ecosystem to promote and nurture entrepreneurship across the country. This is aimed at promoting bank financing for start-up ventures to boost entrepreneurship and encourage startups with jobs creation. The launch of Start Up India plan has generated huge enthusiasm among young entrepreneurs.
One way of reducing burden of tax on export has been to grant refund of service tax under Notification No. 41/2012-ST on services used in relation to export of goods outside India. The refund was allowed in relation to taxable services used beyond the place of removal for export of goods. The intention was to grant refund of tax paid on services used in the course of export of goods from the factory or any premises to port/airport.
