International Financial Reporting Standards (IFRS) is the set of accounting standard. IFRS is developed and published by International accounting standard board (IASB). IFRS becomes the global standard for preparation of financial statements. More than 150 countries have adopted the IFRS as accounting standards and most of the countries are on the way of adopting. As … Read more
RBI has extended the date for exchanging the pre-2005 bank note from 1st April 2014 to 1st January 2015. Bank has issued the notification as on 3rd March 2014. The RBI has also given the Dos and Don’ts regarding the withdrawal of currency note issued prior to 2005. Do 1. Bank should make the general … Read more
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 It is also informed that majority of notes which was issued prior to 2005 are already been withdrawn through banks and only a limited number of notes remain with the … Read more
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 improve the transparency. On http://ifc.mahaebiz.com investor can apply online for different services of pre-commission … Read more
(Kindly refer the following link for highlights of Maharashtra State additional budget 2014-15. https://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 budget speech, today, on 25Th February 2014. There is neither new tax proposal nor revision in existing tax laws. However, commodities of daily use such as food grains, pulses, … Read more
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 list will be taxable. (For latest amendment of … Read more
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 contraventions, namely:— (a) evasion of service tax, or (b) issuance … Read more
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 required to maintain the minimum balance according … Read more
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 automobile sector that … Read more
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 same and the … Read more