CA Firms and Small & Medium Practitioners is a non-standing
Committee of the Institute of Chartered Accountants of India formed
under regulatory provisions of Chartered Accountants Act, 1949. This
Committee was formed in the month of February, 2010 by the President,
ICAI under nomenclature 'Committee for Capacity Building of CA Firms and
Small & Medium Practitioners' (CCBCAF & SMP) by combining
previously formed Committees, Committee for Capacity Building of CA
Firms and Committee for Small & Medium Practitioners. Initially,
this Committee was thought to establish for facilitating consolidation
and capacity building of CA firms in order to address various problems
faced by CA firms and to conceptualize and implement various means for
strengthening their capacity as well as providing comprehensive
guidelines for consolidation of CA firms. read more...
Service tax news
Article : Service tax
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- Article : Company Law (1)
- Article : Customs (1)
- Article : Excise duty (1)
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- Article : Service tax (1)
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Written By Admin on Monday 25 March 2013 | 07:11
India's greater worry is the current account
deficit - will need more than $75 billion this year and next year to
fund deficit. Fiscal deficit currently is at 5.3% of GDP this year and
is expected to be 4.8% of GDP in 2013-14. The revenue deficit for the
year 2013-14 has been fixed at 3.3 %.
Fiscal consolidation cannot be affected only by cutting expenditure, therefore wherever possible, revenue also must be augmented.
Currently India is the 10th largest economy in the world. By 2017, it can be 8th or perhaps 7th largest economy. It can be among the top 5 by 2025 if the right policy framework and proper implementation is followed.
Fiscal consolidation cannot be affected only by cutting expenditure, therefore wherever possible, revenue also must be augmented.
Currently India is the 10th largest economy in the world. By 2017, it can be 8th or perhaps 7th largest economy. It can be among the top 5 by 2025 if the right policy framework and proper implementation is followed.
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CA Students
Custom rate
The Finance Minister, as expected, has
outlined the roadmap for ushering in the GST regime by specifically
allocating a sum of Rs.9,000 crore towards the first installment of the
balance of CST compensation. It is hoped that the consensus of the States would be obtained and the Constitutional Amendment Bill as well as the GST Bill would be introduced in the Monsoon session
of the Parliament. The Finance Minister has also assured to bring in
the Direct Taxes Code Bill back before the end of the Budget Session. It
is hoped that the new DTC, giving due weightage to the recommendations
of the Standing Committee, would ultimately incorporate the best global
practices, and at the same time, maintain the right balance between
simplicity and equity.
|
Union Budget: 2013-14-Proposal on Economics |
Finance minister P Chidambaram presented one of the
most highly anticipated Budget of recent years, as the government looks
to rein in a bloated fiscal deficit and restore confidence in Asia's
third-largest economy. He stressed on development to be sustainable
economically and ecologically. Sufficient allocation has been made to
programmes relating to women and child. Health and education for all
will be the priority for the government. India’
|
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Article : Customs
Excise duty
The proposed introduction of investment allowance @ 15% to a manufacturing company investing more than Rs.100 crore in plant and machinery during the period 1.4.2013 to 31.3.2015, exemption of Investor Protection Fund (set-up by a depository for the protection of interest of beneficial owners) from income-tax, extension
of “eligible date” for projects in power sector for availing benefit
under section 80-IA would certainly go a long way in giving a boost to
economy by attracting more investments. Also, considering the low phase of readymade garment industry, the restoration of “zero-excise duty route” for cotton and man-made sector at the yarn, fabric and garment stages would provide the much needed relief.
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Article : Excise duty
Service tax charge
Significant thrust has been placed
on “non-adversarial tax administration” by proposing to constitute a Tax
Administration Reform Commission to review the application of tax
policies and tax laws. This would facilitate our tax systems to
adopt best global practices, which is a reflection of an emerging
economy. The proposal to provide for MRP based valuation in respect of
branded medicaments of non-allopathy systems of medicine, will bring
more clarity in law and reduce disputes. However, non-rationalization of the complex and restrictive credit provisions is a major disappointment.
The re-introduction of tax deduction at source on sale of immovable property, where the consideration exceeds Rs.50 lakhs, is certainly the need of the hour to curb tax evasion by way of undervaluing or non-reporting of immovable property transactions. Introduction of withholding tax @ 20% of profits distributed by unlisted companies to shareholders through buyback of shares would prevent significant revenue leakage. Likewise, levy of higher rate of tax on royalty and fee for technical services to non-resident to prevent categorizing distribution of profits by a subsidiary to a foreign parent company as royalty is expected to plug the loophole and prevent escapement of income.
The re-introduction of tax deduction at source on sale of immovable property, where the consideration exceeds Rs.50 lakhs, is certainly the need of the hour to curb tax evasion by way of undervaluing or non-reporting of immovable property transactions. Introduction of withholding tax @ 20% of profits distributed by unlisted companies to shareholders through buyback of shares would prevent significant revenue leakage. Likewise, levy of higher rate of tax on royalty and fee for technical services to non-resident to prevent categorizing distribution of profits by a subsidiary to a foreign parent company as royalty is expected to plug the loophole and prevent escapement of income.
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Article : Service tax
Budget
The aim of Budget 2013-14 aptly addresses the need of
the hour i.e., to accelerate growth through sustainable development and
inclusive growth. The tax proposals are also in tandem with this
overall aim of the budget, proposed to be achieved by focusing on key
areas, such as bringing in stability in tax regime, ensuring a
non-adversarial tax administration, curbing tax evasion and increasing
voluntary compliance. Also, the budget reinforces its faith on the progressive system of taxation,
by proposing levy of surcharge on the affluent, higher taxes on luxury
& sin goods, provision of additional deductions to specified
categories which do not encompass the rich (like additional interest on
housing loans upto a specified limit, total income cap of Rs. 12 lakhs
for new investors to avail the benefit of deduction of investment in
Rajiv Gandhi Equity Savings Scheme), lower abatements for service tax in
case of houses of high value.
The stability in tax regime is to be achieved by maintaining status quo with respect to basic exemption limit and income-tax slabs. The rates for all the three central indirect taxes, namely, excise duty, customs and service have also not been tinkered with. The proposals to continue the benefits relating to deduction for new investors investing in equity market as well as the lower rate of tax on dividend received from foreign companies and the proposal to make minimum addition in the negative list of services introduced last year are in line with this objective. Further, another notable feature in ensuring stability is that no major retrospective amendment has been proposed this year.
The stability in tax regime is to be achieved by maintaining status quo with respect to basic exemption limit and income-tax slabs. The rates for all the three central indirect taxes, namely, excise duty, customs and service have also not been tinkered with. The proposals to continue the benefits relating to deduction for new investors investing in equity market as well as the lower rate of tax on dividend received from foreign companies and the proposal to make minimum addition in the negative list of services introduced last year are in line with this objective. Further, another notable feature in ensuring stability is that no major retrospective amendment has been proposed this year.
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Article : Income Tax
Salient Features
The Board of every company referred to in sub-section (1) shall:
(a) After taking into
account the recommendations made by the Corporate Social Responsibility
Committee, approve the Corporate Social Responsibility Policy for the
company and disclose contents of such Policy in its report and also
place it on the company's website, if any, in such manner as may be
prescribed; and
(b) Ensure that the activities as are included in Corporate Social Responsibility
Policy of the company are undertaken by the company.
(5) The Board of every
company referred to in sub-section (1), shall ensure that the company
spends, in every financial year, at least two per cent of the average
net profits of the company made during the three immediately preceding
financial years, in pursuance of its Corporate Social Responsibility
Policy: Provided that the company shall give preference to the local
area and areas around it where it operates, for spending the amount
earmarked for Corporate Social Responsibility activities: Provided
further that if the company fails to spend such amount, the Board shall,
in its report made under clause (o) of sub-section (3) of section 134,
specify the reasons for not spending the amount.
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Article : Company Law
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