INTRODUCTION: The GST Council in its last concluded meeting broke the deadlock on progress of GST implementation i.e. administrative control of the Centre and States. It is broadly agreed that revised target date for implementation of GST in India as 01st July, 2017. In the meantime, finalization of GST
Sec 206AA- Twist And Turns
History:– Finance Act (no.2) 2009 has introduced the provisions of section 206AA. It provides that the deductee should furnish his PAN to the person responsible for deducting the tax else the minimum rate of TDS applicable would be 20%. The requirement to obtain PAN is governed by the
Back To Basics – Internal Audit Recommendations
At the conclusion of an audit, findings and proposed recommendations are discussed with management and subsequently management action plans are developed to explain how the agreed recommendations will be implemented. Auditors should take care to communicate with the various stakeholders how their recommendations will help fix gaps and mitigate
GAAR -Clarifications – Circulars No 7 Of 2017
GAAR (General Anti-Avoidance Rules) is a broad set of provisions that have the effect of invalidating an arrangement that has been entered into by the taxpayer with the objective of obtaining a tax benefit. While GAAR may not cease legitimate tax planning in all cases, it does call for a
Applicability Of Service Tax On License Fee- Prohibhition & Excise
There were many audits conducted by the service tax authorities in and around Hyderabad during the last month on hotels, bars and restaurants. One of the common audit observation is the applicability of service tax on license fee paid to Government of Telangana to obtain license to sell alcohol in
Taxation Of Digital Transactions -Way Forward
Finance Act 2016 has introduced Equalization Levy w.e.f 01-06-2016 on specified services provided by non-resident not having Permanent Establishment (here in after referred as Specified Non Resident – SPN) in India. It is levied @6% on the amount paid to SPN. The levy refers to B2B transactions and not
Road Map To Indaian AS
Presently, the Institute of Chartered Accountants of India (ICAI) has issued 39 Indian Accounting Standards (Ind AS) which have been notified under the Companies (Indian Accounting Standards) Rules, 2015 (“Ind AS Rules”), of the Companies Act, 2013. The Rule specifies the Indian Accounting Standards (Ind AS) applicable to certainclass of
External Commercial Borrowings (ECB) In Foreign Currency (FC) By Indian Companies Whether Boon Or Bane??
RBI has issued ECB regulations viz., Foreign Exchange Management (Borrowing or Lending in Foreign Exchange)Regulations, 2000, Notification No. FEMA 3/ 2000-RB,dated May 3, 2000 read with Sec.6(3) of FEMA Act,1999 Indian companies are allowed to access funds from abroad in the following Methods: ECB FCCBs Preference Shares/Debentures FCEB
India-DTAA-Recent Developments
Indian Tax environment has been rapidly changing to absorb the global changes and the need to curb the tax avoidance and restrict the black money, which have been the primary objectives of the government. The recent developments provide us with a glimpse of India’s treaty policy to prevent double non-taxation,
Supreme Court On Disciplinary Proceedings 2016
Summary: Without following principles of natural justice no punishment should be imposed on the employee. Punishment should not be different to different employees who has committed the same or similar misconduct. In determining the quantum of punishment the Management should treat all the employee equally and there shall be