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Structuring of Business Entities in India

Written By S.Dhanapal, B.Com,B.A.B.L,A.C.S Practising Company Secretary STRUCTURING OF BUSINESS ENTITIES IN INDIA SOLE PROPRIETORSHIP MEANING:- The sole proprietorship is the oldest, simplest, and most common form of business entity. It is a business owned by a single individual. For tax and legal liability purpose, the owner and the business are one and the same.… Read More

Tags: AssetBusinessCompanies lawCorporationHindu Undivided FamilyIncorporationLegal personalitySole proprietorship

Service tax to be charged in Restuarants

In this year™s budget, there was a proposal to charge service tax on services provided by restaurants. But restaurants do charge VAT on the bill, then on what amount should the service tax be charged? ” Santosh Shetty The Finance Bill 2011, which is passed by both the houses, proposed to levy service tax from… Read More

eForms uploaded by CA, CS and CWAs to be Auto Approved by MCA

Chartered accountants, cost accountants and company secretaries will now be able to directly upload most of the certified e-forms  on MCA's portal, without prior approval of the ministry, while holding them responsible for such submissions. The move is seen as a major initiative towards expeditious e-filing. Now, practicing professionals registered as members of ICAI, ICSI… Read More

Competition Commission™s direction of investigation cannot be challenged before Appellate Tribunal

[2010] 98 CLA (Mag.)  35 Competition Commission™s  direction of investigation cannot be challenged before Appellate Tribunal Rules Supreme Court in Jindal™s case Mamta Bhargava In this brief note, Mamta Bhargava, Company Secretary, summaries decision of the Supreme Court in CCI v. Steel Authority of India [2010] 98 CLA 278 holding that the authority of the… Read More

Tag: Competition Commission

Procedure of E-Payment of Excise duty and Service tax online

1.   To pay Excise Duty and Service Tax online, the Assessee has to enter the 15 digit Assessee Code allotted by the jurisdictional Commissionerate. 2.   There will be an online check on the validity of the Assessee Code entered. 3.   If the Assessee code is valid, then corresponding assessee details like Name, Address, Commissionerate code  etc. as present in the Assessee Code Master will be displayed. 4.   Based on the Assessee Code, the duty… Read More

FAQs on Authority of Advance Rulings – CBEC

FREQUENTLY ASKED QUESTIONS   Q.1. What is the scheme of advance rulings? Ans. Appreciating the need for foreign investors to be assured in advance of their likely indirect tax liability, the Central Government has set up an Authority for Advance Rulings (Central Excise, Customs and Service Tax) to provide binding ruling on important issues so… Read More

Frequently Asked Questions and Answers on GST

Question 1 :   What is the justification of GST ?   Answer : There was a burden of tax on tax in the pre-existing Central excise duty of the Government of India and sales tax system of the State Governments. The introduction of Central VAT (CENVAT) has removed the cascading burden of tax on tax… Read More

Draft Point of Taxation (for Services Provided or Received in India) Rules

The Government of India proposes to issue Point of Taxation (for Services Provided or Received in India) Rules, 2010 in exercise of the powers conferred on it under Sec. 94 (2) (hhh) of the Finance Act, 1994. The purpose of these rules is to introduce clarity and certainty in the matter of levy and collection… Read More

Procedure of Advance Rulings in Customs and Central Excise

In terms of Section 28H of the Customs Act, 1962, Section 23 H of the Central Excise Act, 1944 and Section 96H of the Finance Act, 1994, the Authority for Advance Rulings,  Central Excise, Customs and Service Tax, has regulated its procedure in all matters arising out of the exercise of its powers under the respective Acts.… Read More

Stamp duty implications arising out of an issuance and transfer of debentures of an unlisted company

[2010] 98 CLA (Mag.)  5 Sidharrth Shankar ¢ Vatsal Gaur As part of any transaction involving issuance of debentures by a company, or transfer of debentures of a company, a crucial question which often arises is as to determination of the stamp duty payable on such issuance or transfer of debentures. The answer to this… Read More

Directors™ vicarious liability for dishonor of company cheque Landmark judgment of Supreme Court

[2010] 98 CLA (Mag.)  1 By Dr. K R Chandratre In this article Dr. K R Chandratre, Practising Company Secretary ; Past President, Institute of Company Secretaries of India, discusses standard penal provision which fastens vicarious liability on the directors of the company for offences committed by the company in the light of the landmark… Read More

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