STATUTORY DATES FOR THE MONTH OF JULY’ 2015 05-07-2015 Service Tax – Service Tax Payment by Companies for June. – Service Tax Payment by Other than Companies for April to June. Central Excise – Payment of Excise Duty for all Assesses (other than SSI Units) for June.( if Excise Duty / Service Tax paid electronically …
Mandatory Compliance before Annual Filling As per Companies Act, 2013 following are the mandatory compliance: Preparation of MBP-1(Disclosure of interest of Director), DIR-8(Disqualification of director) as per Section-184 & 164 respectively of the Companies Act, 2013. Adoption of Memorandum & Articles as per Companies Act-2013. Recording of minutes as per Secretarial Standard-1(Board Meeting Minutes) & Secretarial Standard-2(General …
Proactive Actions & Expectations of Indian Company Goods and Service Tax (‘GST’) is an efficient, effective and modern mode of taxation which facilitates effective tax administration with minimum tax collection cost. The globe is having around 195 countries and out of that, around 140 countries are working on the GST model. Few developed countries like …
APPLICABILITY OF SECTION 44AD ON SPECULATIVE BUSINESS Section 44AD- Section 44AD of the Income Tax Act allows eligible small taxpayers (individuals, HUFs, and partnership firms excluding LLPs) to declare income on a presumptive basis at 8% of turnover (6% for digital transactions) and without maintaining detailed books of account or audit (subject to turnover limits). …
After Delhi HC Gujarat HC also held that ITAT can extend stay beyond 365 days if delay isn’t due to assesse ITAT may extend stay of demand beyond 365 days if delay in disposing appeal not attributable to assessee By section 254(2A) of the Act, it cannot be inferred a legislative intent to curtail/withdraw powers …
Section 2(47), read with section 45 of the Income-tax Act, 1961 – Capital gains – Transfer -Year in which transfer took place Where in terms of development agreement, assessee handed over physical possession of property to builder allowing it to enjoy 60 per cent of land in lieu of 40 per cent of constructed area, …
Relaxation of additional fees and extension of last date of in filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the Companies Act, 2013 MCA has extended the last date of filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) upto 31/10/2015, as electronic versions of Forms AOC-4, AOC-4 XBRL and MGT-7 shall …
CBDT introduces Electronic Verification Code (EVC) system as an alternate mode of verification to manually signed ITR-V (acknowledgment) CBDT Notification No. 2/2015 Dated 13-July-2015 regarding EVC, a ten digit alpha-numeric code, to be provided using any of the 4 methods, namely – Internet banking AADHAR authentication Bank ATM card and Combination of registered email and …
OPTION TO USE OF DIGITALLY SIGNED INVOICES/RECORDS IN CENTRAL EXCISE AND SERVICE TAX New Finance Budget, 2015 has provided facility to issue digitally signed invoices by inserting Rule 4(C) in Service Tax Rules, 1994 along with the option for maintenance of records in electronic form and their authentication by means of digital signatures. However, conditions …
Compliance window under Black Money Act – An insight The Hon’ble Finance Minister in his budget speech for 2015-16 had proposed introduction of Black Money Bill in the Parliament. The Bill was passed by the Parliament in its budget session. The Bill received the assent of the President on May 26, 2015 and it became …