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If I were the Finance Minister of India
People of India were hugely disappointed with lackluster performance of Man Mohan Singh. Narendra Modi rode to power with absolute majority for the sole reason that promises were made by him and on his behalf that he will fix the economy and deliver
Cost sharing by companies and service tax
BackgroundA group company could procure resources such as server space, software licenses, office space and various other facilities from vendors. When a company say Co Aof Karnataka procures such
IFRS 15: Revenue recognition from contracts with customers
IFRS 15: Revenue recognition from contracts with customers - Major changes in the offing for some industriesA new Standard, laying down revised guidance for recognising revenue from contracts with customers has been introduced by International Accoun
Company Law in India - Objects Clause?
We all know about the requirements of forming a Company in India. Incorporation of a Company, as a secretarial practice, may not be a complicated exercise. It is not difficult to get the Director Identification Numbers (DIN) for the proposed direct
Karniti Part-10: After Diwali,Take care of health exps & Income Tax
Medical Expenses and Income Tax Arjuna: Madhava, just now Diwali festival has been celebrated. On the occasion of Diwali, we have discussed how books of accounts to be maintained and if one has to start new business then which tax laws are required
Tax Rebate under Section 87A
If your taxable income is below Rs 5 lakh in the financial year 2022-23 (assessment year 2023-24), you may be eligible for a tax rebate under Section 87A of the Income Tax Act, 1961.
Circular for Input Service Distributor
Circular for Input Service Distributor: Ate, drank absolutely nothing, and broke the glass worth twelve cents INTRODUCTION: There may be more than one factory registered under Central Excise and running under the same management. In order to facili
The IL&FS Default
I would like to share my analysis and views on one of the biggest defaults in recent times in the country, the IL&FS Default.
About 80JJAA: Deduction in respect of employment of new employees
Eligible assessee: Any assessee engaged in business and liable for tax audit u/s 44abDeduction: 30% of Additional employee cost for 3 consecutive yearsMeaning o...
No simultaneous penalty under Sec 76, 78 of Fin Act, 1994
Can simultaneous penalties under various sections of the Finance Act be imposed for non-payment of Service tax? Law loses its sheen if not enforced. Penalties form a very vital part of any law to ensure its enforcement. However, many a time law enfor
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