Latest Blogs from SBS and Company LLP

    Non Banking Financial Company (“NBFC”) in generally is a financial institution that provides banking services without having the banking license. These companies are regulated by the Reserve Bank of India (“RBI”).NBFCis a company (either public or Private) registered under the Companies Act, 2013 (or 1956)which is engaged in the business of giving loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property.

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    INTRODUCTION 

    As we know ‘Service’ is intangible, it is this nature which makes difficult to identify the point of time at which service was provided or completed. Therefore,Point of Taxation Rules 2011 (for brevity ‘POTRules’) was introduced in Service Tax Law to ensure tax collection on accrual basis and is in harmony with other Indirect tax laws.‘Point of taxation’ means the point in time a service is deemed to have been provided/received and such framework is based on the principleof ‘Specific rule over General rule’. 

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    Oct 2016 Interns Digest

    Key Topics Covered:

    • Income Tax Act 1961
    • Audit
    • Indirect Tax
    • FEMA

    Updates

    • Income Tax
    • FEMA
    • Companies Act, 2013
    • Indirect Tax

    This article is contributed by Partners of SBS and Company LLP - Chartered Accountant Company. You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

    Oct – 2016 (Volume-27)

    Key Topics Covered:

    • International Taxation
    • FEMA
    • Audit
    • Income Tax
    • Companies Act, 2013
    • Indirect Tax

    Updates

    • Income Tax
    • FEMA
    • Companies Act, 2013
    • Indirect Tax

    This article is contributed by Partners of SBS and Company LLP - Chartered Accountant Company. You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

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    Introduction:

     

    The Constitution (One Hundred and First Amendment) Act, 2016 (hereinafter referred to as ‘GST Constitutional Amendment Act) is been recently passed by Parliament, ratified by majority of the States and received President’s assent on 08.09.2016. Subsequently, Central Government has notified various provisions of the GST Constitutional Amendment Act through notifications issued on 10.09.2016 and 16.09.2016. The President has constituted the GST Council with effect from 15.09.2016. The passage of the said Act is considered to be a major breakthrough in implementation of GST in India. In fact several legal issues are instigated during the phase of its enactment only. Let us now discuss some of the key legal issues that emanate from this GST Constitutional Amendment Act.

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