Budget 2016 – Government subsidies must be specifically excluded from income. General discussion: Basically subsidies are given to provide a support a socio –economic cause and public welfare. Subsidies which provide long-term benefits improves infrastructure. For example, education subsidies to educational institutions and students improve education, knowledge and as a result ‘improved human resources in […]
Valuation of goods under captive consumption Facts of the case, In ITC LTD VS. CCE 2014 (7) TMI 696 – CESTAT CHENNAI Chennai CESTAT M/s. ITC Ltd. (Packing and Printing Division) is one of the Units/Divisions of M/s. ITC Ltd., engaged in the manufacture of packaging materials. The main raw material in the manufacture of […]
Some leeway for Small Company and One Person Company The Ministry of Corporate Affairs had, on 4th June, 2015, constituted a Companies Law Committee (CLC) to make recommendations on issues arising from the implementation of the Companies Act, 2013 (the Act). The CLC has submitted its Report to the Government on 1st February, 2016 which […]
Know your tax saving limit – The complete guide WHAT ON EARTH IS TAXES? With layman’s direct tax is usually a compulsory contribution that all one who brings in an income as well as comes in the taxpaying area has got to pay on the authorities since authorities has got to launch a lot of […]
Refund of service tax on services used beyond factory for export of goods Seeks to amend notification No. 41/2012- ST, dated the 29th June, 2012 so as to allow refund of service tax on services used beyond the factory or any other place or premises of production or manufacture of the said goods for the […]