In the recent past there has been constant conflict between the employers and the Employees Provident Fund Organisation (EPFO)enforcement authorities on the issue of ‘basic wages’ on which contributions are required to be made. In this paper an attempt is made to collate the information on the subject based on
Companies Amendment Bill 2016- part 2
Contributed by CS DVK Phanindar Sl. Section(s) under the CA, Clause No. in the Proposed amendment relating to Remarks/Comments/Penalty No. 2013, amended Amendment Bill 30. Section 123 31 Substitution
New Law Under Service Tax -The Age Of Old Canon And The Paradox
Introduction: Section 66B provides for levy of service tax on services provided or agreed to be provided. On the other hand, we have Rule 5 of the Point of Taxation Rules, 2011(POT Rules) which can extend its arms to tax even those services which are provided prior to effective
DTTA-Few Issues
Legal History: Section 90 of the Income Tax Act, 1961(Act) empowers the Central Government to enter into agreement (Tax Treaties-aka DTAA) with Government of any country outside India or specified territory outside India for granting relief in respect of doubly taxed income or income tax chargeable under this
Reporting Of Frauad Under Companies Act 2013
The financial and corporate frauds in recent years in India have revitalized the thought on the need for high standards of corporate governance and arduous provision to handle fraud. This prompted to the introduction of stringent provisions in the new Companies Act 2013. The Companies Act 1956 too has provision
FDI Inflows – Indias Trajectory
Today majority of the Indians are reaping the benefit of Industrial Liberalization and Globalization of the Indian economy. The then Prime Minister Mr. P V Narasimha Rao with the guidance and support of the then Finance Minister Mr. Manmohan Singh, has made paradigm shift in Industrial Licensing policy, Public Sector
BEPS Impact-OECD Revised TP Guidelines 30.6.2016
On 23 May 2016, the OECD Council approved the amendments to the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations (“Transfer Pricing Guidelines”), as set out in the 2015 BEPS Report on Actions 8-10 “Aligning Transfer Pricing Outcomes with Value Creation” and the 2015 BEPS Report on Action 13
Frequently Asked Questions- Service Tax On Ocean Freight
Service tax on ocean freight is made effective from 01.06.2016. Since, this being a new levy, we have come up with a list of frequently asked questions to gear up to this levy and pay the appropriate taxes without attracting interest and penalties at a later point of time. Hence,
Income Declaration Scheme (2016)
Chapter IX of the Finance Bill, 2016 introduced the Income Declaration Scheme, 2016(“scheme”). It shall come into force from 1stday June, 2016. Salient Features of the Scheme:- All persons who have not declared income correctly up to Financial Year 2015-16can come forward and declare such undisclosed income(s); Where
Corporate Governance And Internal Audit
What is corporate governance? The IIA definition of corporate governance, included within the International Standards is Governance is the combination of processes and structures implemented by the board in order to inform, direct, manage and monitor the activities of the organisation towards the achievement of its objectives. Although there is