Introduction: The Finance Budget, 2016 has proposed excise duty levy on manufacture of both branded and unbranded Jewellery which is effective from 01.03.2016. Since then the entire Jewellery sector across India are under protest demanding the Central Government to roll back the same. It has been close to a month
Remission Or Cessation Of Future Liability – Tax Impact
Income Tax Act, 1961(“Act”) provides for deduction of allowance or expenditure while computing business income chargeable to tax . However if after claiming the amount as expenditure earlier, any benefit is derived in subsequent year, such amount will be brought to tax by virtue of provisions of section 41 of
Frequently Asked Questions- Payment Of Bonus Act,1936
To which companies / establishments, the payment of bonus act shall be applicable? The Act is applicable to Factories employing 10 or more persons and other establishments employing 20 more persons on any day during the financial year. When once applicable, the Act will continue to be applicable even when
Proposed Caro, 2016 With Additional Reporting Requirements
Background On 9th February, 2016 the Ministry of Corporate Affairs has proposed new Companies (Auditor’s Report) Order (CARO), 2016. The Ministry had set-up a Committee on 16th September, 2015 to examine and recommend matter for inclusion in the statement to be attached with Auditor’s Report under Section 143(11) of the
Exploring The Controversy Of Service Tax Applicability On Goods Transport Operators
Introduction: Under the erstwhile positive based taxation scheme, service tax on road transport services was initially introduced in the year 1997 and the levy is on ‘Goods Transport Operators’. Considering the hue and cry from the truck operators across the nation, levy of service tax is withdrawn. Levy of service
Significance Of Internal Audit
Introduction: Internal audit provides effectiveness of organisation’s internal control system, risk management, governance. Internal audit looks beyond the financial transactions and extends to advisory services, organisation growth, policy matters, work environment and relevant recommendations to the management etc. Global regulations such as FCPA in US, UK Bribery Act, SOX Act,
Country By Country Reporting – Action 13 – BEPS Project
Action 13 of the action plan on base erosion and profit shifting (BEPS action plan, OECD, 2013) requires the development of “rules regarding transfer pricing documentation to enhance transparency for tax administration, taking into consideration the compliance costs for business. The rules to be developed will include a requirement that
Restraints On Termination Of Employment
Resource Inputs Limited Employment relations in India are governed by Labour Laws such as Industrial Disputes Act, Industrial Employment (Standing Orders) Act, Trade Union Act and also Constitution of India and collective and individual contracts and judicial precedents. Most of the labour and employment laws primarily apply to ‘workman’ as
Digital Signature Decrypted – E Lock
What are digital signatures? Digital Signatures are based on Public Key Technology that uses asymmetric cryptography. Each person’s identity is related to a key pair – a private key and a public key. These keys are nothing but mathematical codes generated on your computer. Overview The arrival of digital signatures,
Registrations & Returns Under FCRA
The Foreign Contribution (Regulation) Act, 2010 (for brevity ‘FC(R)A’) has been introduced with an objective to regulate the acceptance and utilization of foreign contribution or foreign hospitality by certain individuals or associations or companies and to prohibit the acceptance and utilization of foreign contribution or foreign hospitality for activities detrimental