Background: Ever since the Entry into force of Indo-Mauritius treaty in 1983, there has been a lot of hue and cry on the Capital gains exemption and the treaty shopping being planned around it. The government has been proposing several initiatives including Circular No. 789, dated 13-4-2000 and Circular No.
Methods of Audit Sampling
Introduction: SA530 deals with Audit sampling. It came into effect from 1st April 2009. It deals with the Auditor’s use of statistical and non-statistical Sampling when designing and selecting the audit sample and evaluating results from the sample. The application of audit procedures to less than 100% of items within
The Companies Amendment Bill,2016 [Bill 73 Of 2016]- A Review Part-1
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The provisions of the Companies Act, 2013, came in to force with effect from 12.09.2013, and out of the 470 sections, 282 sections are in force, mostly effectivefrom 01.04.2014. The rest of the sections are still to be notified. With in a period of 15 months of the commencement,
Copmpounding Of Offences By RBI-Under Foreign Exchange Management Act,1999
Foreign Exchange Management Act, 1999 (hereinafter referred to as “FEMA”) which has replaced the erstwhile the Foreign Exchange Regulation Act, 1973 is a big leap in the management of Foreign Exchange Reserves of the Country. The erstwhile regime of approvals has been replaced with automatic approvals and principle of management
Consrtuction Services To GovernmentalAuthority-Patna High Court Widens The Scope Of Exemption
Certain infrastructural construction services provided by any person to Government, local authority and Governmental authorities are being exempted from service tax under entry 12 of Notification 25/2012-ST dated 20.06.2012. The said entry is reproduced as under; “12. Services provided to the Government, a local authority or a governmental authority
Assessment On Deceased Assessee
“Only two things are certain in life: Death and taxes- Benjamin Franklin”. We all agree with the above quote. Death will certainly put end to so many issues but not tax issues! In this article, we shall understand the assessment proceedings pertaining to a deceased assessee with the help
Draft Foreign Tax Credit (FTC) Rules
Background: With globalization, International Trade is growing at a rapid pace. There are several aspects which the parties to a transaction consider while transacting international trade. One of them being Income tax. Clarity with regard to the Income tax exposure in the Resident Country and the other Country is of
FAQs On Equalisation Levy
What is the objective of Equalization Levy? Equalization levy is introduced to reduce the unfair advantage enjoyed by multinational digital enterprise over its Indian competitors and ensure fair market competition. Is Equalization Levy an income tax? No. Equalization levy is not tax on income. It is levied on payments. For
Prevent Fraud From Occurring – The Fraud Prevention Check List
Organizations face numerous risks to their success; economic risk, disaster risk, supply-chain risk, regulatory risk, and technology risk all affect organizations in different ways and to varying degrees. While fraud risk is just one of the many entries on this list, it is universally faced by all business and government
Content Supply Services Vs Sale Of Space For Advertisement – Impact Under Service Tax
Service tax on sale of space or time for advertisement was introduced with effective from 01.05.2006. This entry covers other modes of advertisements like advertisements in internet, motion pictures, television serials, video and music albums, mobile phones, ATMs, films and television serials. The said entry also covers advertisements on vehicles