RBI has issued the press released as on 3rd March 2014 and extended the date of exchanging the currency note to 1st January 2015. It is also informed that majority of notes which was issued prior to 2005 are already been withdrawn through banks and only a limited number of notes … [Read more...]
Maharashtra Government started single window online services for Investors for 31 different types of services
The Maharashtra government has started Maharashtra Industry, Trade & Investment facilitation cell (MAITRI). The Investor facilitation service enable domestic as well as cross border investors to submit regulatory documents at one web portal. This will improve faster clearance time and also … [Read more...]
Negative List of Services under service tax as amended up to interim budget 2014
After the recent amendments in service tax laws, we have quite often come across the words “Negative List”. Simply put, a negative list of services means a list of services which will not be charged to service tax. This also means that, all other services, other than those mentioned in the negative … [Read more...]
Highlights of the Maharashtra State Interim Budget 2014
(Kindly refer the following link for highlights of Maharashtra State additional budget 2014-15. http://taxclick.org/type/mvat-cst/maharashtra-state-additional-budget-2014-2015---highlights-of-tax-proposals) The deputy chief minister (Finance), Ajit Pawar presented the Maharashtra State Interim … [Read more...]
Personal penalty to directors and other officers of the company under section 78A of Service Tax
Section 78A of Finance Act 2013 prescribes for personal penalty on employees, Directors, managers or secretary of company. The penalty provided under section 78A is in addition to penalties prescribed for the company. As per section 78A : "Where a company has committed any of the following … [Read more...]
Highest interest on saving account paying banks in 2014
Saving Accounts Most of salary earners use the saving accounts in India. Account holder can withdraw the amount any time form ATM or by issuing cheque / withdrawal Slip. All the Nationalized Banks, Private Banks and all cooperative banks provide saving bank account facility. The account holder is … [Read more...]
Highlights of Interim Budget 2014 and Finance Bill 2014
Finance Minister P Chidambaram presented the Interim Budget for 2014-15 on Monday, 17th Feb, 2014. Here are the some highlights of that budget. 1) Excise duty on Small Cars, Motorcycles, SUVs and lager and mid size cars is reduced - The above concessions aimed at the middle class and to boost the … [Read more...]
Interim Budget 2014-2015 Speech of Finance Minister
Madam Speaker, INTRODUCTION I rise to present the Interim Budget for 2014-15. The Current Economic Situation 2. As I prepared to write this speech, I found that whether it is a regular Budget for the full year or an interim Budget, some things remain the same. For example, our goals are the … [Read more...]
Service Tax on transportation of goods by road
Meaning As per Section 65B (25) of Finance Act,1994; "goods" means every kind of movable property other than actionable claim and money; and includes securities, growing crops, grass, and things attached to or forming part of the land which are agreed to be severed before sale or under the … [Read more...]
Deduction in respect of Health Insurance Premium – Sec 80D of Income Tax Act
Under Section 80D of the Income Tax Act, deduction in respect payment made towards Health Insurance Premium and Preventive health check-up is allowable as deduction from total income. Who can claim the deduction & for what? – Individual or HUF can claim deduction under this section in respect … [Read more...]
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