The following are few of the important changes will be applicable from 1st June 2015 in respect of Service Tax :- 1) Rate of Service tax has been changed from 12% to 14% 2) Education Cess & Secondary Education Cess removed 3) The definition of ‘chit’ has been omitted from the abatement notification 26/2012 4) […]
New Rate of Service Tax @ 14% applicable from 1st June 2015 Read More »
The TNVAT Department vide its Proceedings No. Acts Cell-5/20414/2014 dtd 12th March 2015 has notified new commodity codes in respect of Commodities chargeable to TNVAT. The existing Commodity codes have been recodified for betting accounting and accuracy in data. This is a step towards the Total Solution Project (TSP) of the TNVAT Department. These new
TNVAT New Commodity Codes notified Read More »
The Companies Act, 2013 had imposed certain restriction on acceptance of Deposits from Members, Directors & relatives. These were covered by Companies Acceptance of Deposits rules. There was no clarity on the deposits,loans accepted by the Private Limited Companies prior to 1st April 2014. In order to clarify the same, the Ministry of Corporate affairs
Important Relief to Pvt Ltd Companies regarding Loan from Directors,relatives… Read More »
Recently, the Tamilnadu Government, in its Budget presentation had proposed certain changes in the TNVAT Act which includes changes in rate of tax and provisions with regard to withdrawl of ITC reversal in respect of Inter-state Sales. These changes have come into effect from 1st April 2015. The relevant Gazette notification dtd 31st March 2015
Effective Date for TNVAT Amendment 2015 Read More »
The State Budget for the year 2015-16 was presented in the Legislative Assembly today. There were certain proposals proposed in the budget presented. The following are the proposed Changes in TNVAT :- 1) Electricity Tax on generating plants using Biomass (excluding bagassee) will be withdrawn to give a boost to green energy producers. 2) Input Tax Credit
TNVAT – Changes proposed in Budget 2015-16 Read More »
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Budget 2015 Tax proposals Read More »
These items are going to be costlier in 2015-16 :- 1) Your Telephone Bill (Increase of 1.64% in Service tax) 2) Your Mobile Bill (Increase of 1.64% in Service tax) 3) Your Restaurant outing Cost (Increase of 1.64% in Service tax) 4) Cost of your New House/Flat (Increase of 1.64% in Service tax) 5) Courier
Budget 2015 Highlights Read More »
All the Income-tax assessees, more particularly salaried employees will be busy in submission/compilation of tax saving declaration for the year 2014-15 for consideration of the same for the purpose of Tax Deduction at Source by the employers/Advance Tax Calculations. This article aims at providing an Handy reference to the most important tax saving options available
TAX SAVING OPTIONS FOR THE YEAR 2014-15 Read More »
The Reserve Bank of India vide its Notification No RBI/2014-15/363 DBR.RRB.BC.No.55/03.05.33/2014-15 dtd Dec 22 , 2014 has notified additional guidelines to RRBs with regard to levy of penal charges on non-maintenance of minimum balances in savings bank accounts. According to this notification, the RRBs shall adhere to the following guideline for levy of penal charges for non-maintenance
New RBI notification for RRB regarding charges on Minimum Balance in Savings Accounts Read More »
The Real Time Gross Settlement (RTGS) has become an intergral part of todays business irrespective of the size of the Business. Due to growing usage of the same and demand from the market, the RBI has decided to advance the RTGS Business hours to 8:00 hours from 9.00 hours and extend closing time of RTGS to 20.00
Extension of RTGS Time window – New initiative by RBI Read More »
Recently, TNVAT Department has made the e-payment of monthly taxes, mandatory in respect of assessees whose turnover during the previous year is more than 1 Crore. As a prelude to the complete computerization and online management system in TNVAT, many assessment circles have issued notices to all assessees irrespective of their turnover to make only
How to make e-payment of TNVAT? Read More »
As you are aware, the Ministry of Company Affairs (MCA) had announced a scheme Company Law Settlement Scheme (2014) (CLSS 2014) to facilitate corporate entities having backlog in filing the Annual Returns and Balance sheets with the Registrar of Companies. As per the scheme, a concession in the additional fees and also immunity from prosecution
Company Law Settlement Scheme 2014 extended again.. Read More »
Due to natural calamities in certain parts of the country, the Service Tax Department, Ministry of Finance , vide its Order No 02/2014 dtd 24th October 2014 , has extended the last date for filing the Half yearly returns in respect of Service tax for the period from Apr 2014 to Sept 2014. As per
Last date for filing Service Tax Half yearly returns for Apr-Sep extended.. Read More »
In view of the various representations received from the various stakeholders, the Last date for availing the Company Law Settlement Scheme has been extended to 15th November 2014. Originally, the scheme was to end on 15th October 2014. The stakeholders were put on hardship due to slowdown in the MCA portal . In view of
Company Law Settlement Scheme 2014 Last date extended… Read More »
The Ministry of Corporate Affairs vide its Circular No 34/2014 dtd 12th August 2014 has introduced a new scheme for Companies for filing their backlog Annual Returns. WHOM THIS SCHEME APPLIES? This scheme is applicable for defaulting companies which have made a default in filing of annual Statutory Documents. WHOM THIS SCHEME DOES
Company Law Settlement Scheme 2014 – Opportunity for Companies Read More »
