Budget 2016: Expectations from the Finance Minister Come the budget season and the Finance Minister becomes Santa Clause. Everyone expects him to bring in some goodies. I also expect this Santa Clause to correct some anomaly in the income tax law and hand some goodies to the “Aam Admi” Let us discuss my wish list. […]
Why people should invest in ELSS in 2016 ELSS is one of the fancy products nowadays. More and more people are choosing ELSS and most of tax saver funds are getting overwhelming response. There are certain factors who have make it the best product among the all tax saving products
Service Tax- Concept of Service The meaning of the term ‘service’ is very important from the point of view of both assessee as well as department. This is the first place of reference in case any dispute comes up; this is the basis of taxability of any activity. If the activity carried out by assessee […]
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 […]