Section 40(a)(ia) of the act was introduced in the Income Tax Act, 1961 by the Finance (No 2) Act, 2004 w.e.f. 01.04.2005 with the view to augment the revenue through the mechanism of tax deduction at source. This provision was bought so as to disall
Introduction Service tax is a levy on provision/rendition of service in India. Chapter V of Finance Act, 1994, introduced Service tax in India and it came to force from July 1994. Finance Act, 1994 is the only parent
Avoiding Dispute Alternative Best Practices?-By Madhukar N HiregangeOne of the major challenges for the assessee is avoiding of the disputes with the department. To avoid/ reduce such disputes with the department, one must understand
Dear Professional Colleague,Exemption Notification cannot be forced upon assessee No legal bar on paying duty & availing benefit of Modvat schemeWe are sharing with you an important judgement of the Honble High Court of Delhi, in t
A NOTE ON INDEPENDENT DIRECTORS The term Independent Director is not a new for us. Provisions in relation to Independent Director was well incorporated by the SEBI in the listing Agreement. Now the Companies Act, 2013 also introduced the definition a
Many a time, when we hear in news that Indian rupee depreciates or appreciates against US dollar, a common question that arises in the our mind is How are
Before understanding the meaning of first check and second check in Customs, we understand what is Customs? As per the Oxford dictionary Customs mean usual behavior. In other wards we may say it is a usual pract
To facilitate shooting in foreign locations for film and TV Indian production houses utilizes services of overseas entities, the issue then arises whether these payments are subject to tax in India, in the hands of overseas parties. Endemol
MSME Entrepreneurs:YOU ARE THE PRIORITY CUSTOMERBanks lending to the Micro and Small enterprises is reckoned for priority sector advances. Priority sector lending include only those sectors as part of the priority sector, that impact large se
Despite doing away with the service-specific descriptions, there will be some descriptions where some differential treatment will be available to a service or a class of services. Section 66F lays down the principles of interpretation of specified de
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