Introduction: Services provided by employee to employer in the course of or in relation to his employment are excluded from the definition of ‘Service’ as given under Section 65B(44) of Finance Act, 1994. Hence no service tax is applicable on activities performed by employees to employers in course of employment.
Interests Under Section 234B And Section 234C – Certain ‘Interesting’ Issues
We all know that, every assessee as per section 208 of Income Tax Act, 1961 (“Act”), is required to pay income tax during a financial year in every case where the amount of such tax payable is ten thousand rupees or more. Such a tax is called as an advance
Trade Agreements Under Ftp – Certain Insights
The role of trade agreements, either free trade or preferential trade has contributed a lot to the international trade. India has also entered various agreements with various countries in order to reduce the tariff based barriers between the contracting parties. The objective of this article is to throw light on
Overview Of Income Computation & Disclosure Standard (ICDS)- III On Construction Contract
Brief about ICDS: The Finance Act (No.2) 2014 provides in Section 145(2)that the Central Government may notify in the Official Gazette from time to time Income Computation and Disclosure Standards(ICDS) to be followed by any class of assessee or in respect of any class of income. In exercise of the
Background And Initiative Steps Taken By Oecd And G20 & India Contribution, Involvement
OECD is an international economic organisation of 34 countries, founded in 1961 to stimulate economic progress and world trade. It is a forum of countries describing themselves as committed to democracy and the market economy, providing a platform to compare policy experiences, seeking answers to common problems, identify good practices
Registration And Recognition Of The Trade Unions
Trade Union Act was amended in the year 2001 which came into effect from 9th January 2002 and there has been a change in the requirements for registration of a trade union. According to the new provisions of the Act, no trade union of workmen shall be registered unless at
Foreign Trade Policy Vs Customs Law – A Case Study
We all know that Foreign Trade Policy (for brevity ‘FTP’) is laid down with an intention to encourage the exports and regulate the imports. Apart from such administration of the export and import of goods and services, it also formulates various export incentive schemes to encourage the exports and make
Recent Changes In FDI Regulations
In continuation of its thrust on liberalising the economy, bringing more funds into India and creating employment, the Central Government has announced key amendments in the FDI policy. The amendments have been announced by Press Release dated 12th November, 2015 followed by Press Note No. 12/2015, dated 24th November, 2015
ID Act – Do We Need Permission From Government To Retrench?
Most of the Industrial Establishments are not required to take permission from Government to retrench or closing down of the establishment as per the provisions of the Industrial Disputes Act. Yet many of us express our inability in this regard referring the ID Act. Similarly the other block in our
What Makes A Sucessful Internal Auditor In 21St Century
Overview Audits are first and foremost intended to give comfort to shareholders or investors on the integrity and quality of a company’s financial statements. – Audit engagement leaders are often required to carry out a number of business duties at any one time, which can impact strongly on an engagement.