What is Service Tax? Whether it is direct or indirect tax? Service tax is an indirect tax levied on certain services provided by certain categories of persons/firms/agencies. Service sector was not taxed for considerably very long time. For the fir
Greetings of the Day to all the members of CCI Family. So Professionals September season is going to start & i know everyone will be busy with their respective Audits. The same thing is happening with me & i am also fed up of 6 A.M TO 10 P
Indian economy has been recently downgraded by global rating agency. Well that is the half hearted knowledge being carried by one simple investors, broker and among the financial community.Well why half hearted and where are the loopholes between i
Ministry of Corporate Affairs has issued various Cost Audit Orders in Financial year 2011-12, some of which applicable from Financial Year 2011-12 itself and some become applicable in Financial Year 2012-13. Various industries are being brought
It is known that while some loan transactions with the Bank like Housing Loan, Educational Loan etc. are very simple, some commercial loan transactions are very complex in nature. The Bank may provide various loan facilities to the Borrower and mo
MAINTENANCE OF COST ACCOUNTING RECORDS As per notification issued by Ministry of Corporate Affairs, dated 3rd June, 2011; The Companies (Cost Accounting Records), Rules 2011 shall apply to every company, including a foreign company, which is engag
Beauty of case laws- Whether its Direct tax law or Indirect tax law or corporate or allied laws, case laws are very important to digest the provisions of law conceptually. The beauty of case law is that it is not only interesting but also clarifies
Note on Cash Basis of Accounting followed by non-corporate entities in India Non-corporate entities in India may include an individual, a proprietory concern, a Hindu Undivided Family (HUF), a partnership firm, a LLP, a trust, etc. Unlike a
In continuation of my previous article, this article highlights the consequential impact of having two sets of functional currency (one for GAAP reporting and other Tax submissions) on deferred tax computation under Ind AS 12, which again is based
The definition of input services in the Cenvat Credit Rules to submit that all the services which are used by the manufacturer whether directly or indirectly till the place of removal are eligible as input service credit.
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