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Taxation under MAT
Normally, a company is liable to pay tax on the income computed in accordance with the provisions of the Income-Tax Act, but the profit and loss account of the company is prepared as per provisions of the Companies Act. In the past, a large number of
Unutilised Cess lying as on 28th Feb
The Notification No. 12/2015-C.E(N.T) has created a havoc in the industry as to what to do with the unutilized Cess lying as on 28.02.2015 i.e before 01.03.2015. Before attempting on this issue, I must share that the sole intention behind issuance o
FAQ on exemption in papers
Frequently Asked Questions (FAQs) on �Exemption in a Paper/s� Please note that this paper is merely an attempt to provide answers to questions on the subject, posed to us, by the candidates from time to time, to the extent possible and w
Utilization of CESS: Whether industry has been fooled?
In a significant move towards Goods & Service Tax (GST), the Central Government had issued Notification No. 14/2015-CE and 15/2015-CE dated 01-03-2015 (as part of the Union Budget – 2015 Notifications) whereby it exempted all goods falling
Return of Income
Who has to submit return of income? Taxpayer Section under which return to be filed Minimum income to attract the provisions of filing return of income Company or firm 139(1) Any income/loss
Revised procedure for MVAT registration
Revised Procedure for MVAT\CST\PTRC\PTEC Registration by way of introduction to common e-Registration Form :Background : Initially separate applications were required to be made with the Registering Authorities for registration under MVAT, CST and PT
Public Provident Fund - Best investment destination
Introduction PPF is money that will be yours forever. Knowledge of the different features of the PPF account will help you when you want to take a loan against the account, withdraw from the account, re-activate a discontinued account etc. Here an a
CBEC clarifies - Clearance from DTA to SEZ is Export and eligible for rebate of duty
Dear Professional Colleague, CBEC clarifies - Clearance from DTA to SEZ is Export and eligible for rebate of duty Background: In the Union Budget, 2015 vide Notification No. 06/2015-C.E. (N.T.) dated March 1, 2015 (Effective from March 1, 2015), E
Taxation of Forex profit and loss under section 43A
From the ACT. Notwithstanding anything contained in any other provision of this Act, where an assessee has acquired any asset in any previous year from a country outside India for the purposes of his business or profession and, in consequence of a c
How to open PPF Account
How to open a PPF account Step 1: Head over to your nearest State Bank of India branch, or a branch of any of State Bank's subsidiaries. You can also open an account in select nationalized banks and the post office. Further, some private banks such a
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