Poem Rules Only For COS earning Over Rs 50 CR.

The Central Board of Direct Taxes, the apex direct taxes body, has issued a circular clarifying that the provisions relating to place of effective management (POEM) will apply to companies with over Rs. 50-crore turnover. The clarificatory circular comes after a CBDT press release specified this but the circular issued omitted a mention in chartered … Continue reading Poem Rules Only For COS earning Over Rs 50 CR.

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No GST Credit If Vendors are Not Paid In 90 Days.

The Government circulated draft of the GST Model Law requesting for suggestions from the industry. The industry and experts have been poring over the draft. The article seeks to highlight the need to reconsider one of the provisions related to input tax credits. The proposed GST Legislation appears to deny tax credit in relation to … Continue reading No GST Credit If Vendors are Not Paid In 90 Days.

India’s Growth Rate of More Than 7% is The Strongest Among G-20 Countries OECD Survey.

The Indian economy is expanding at a fast pace, boosting living standards and reducing poverty nationwide. Further reforms are now necessary to maintain strong growth and ensure that all Indians benefit from it, according to a new report from the OECD. The latest OECD Economic Survey of India 2017 finds that the acceleration of structural … Continue reading India’s Growth Rate of More Than 7% is The Strongest Among G-20 Countries OECD Survey.

Startup Brace For Legal War With I-T

With startup fever having waned over the past year or so amid concerns over profitability and competition, valuations have declined sharply. Last month, the tax consultancy firms in Delhi department challenged such reductions at about 100 startups and issued orders seeking 33% tax at the elevated levels that prevailed earlier. Lets Recycle, an Ahmedabad based … Continue reading Startup Brace For Legal War With I-T

Threshold Limit on ESI Increases To Rs. 21,000

As per notification issued by Ministry of Labour and Employment dt. 22nd December, 2016, in exercise of the powers conferred by section 95 of the Employees’ State Insurance Act, 1948, the Central Government, after consultation with the Employees’ State Insurance Corporation, hereby makes the following rules further to amend the Employees’ State Insurance (Central) Rules, … Continue reading Threshold Limit on ESI Increases To Rs. 21,000

GST Could Trip Make In India For Smartphones

India’s success in making firms such as Samsung, Xiaomi, and Micromax to locally produce phones could become a cropper, once the Goods and Services Tax (GST) comes into effect, as the new expats taxation regime could neutralise the cost benefits to make these phones in India in taxation services for expatriates “There is a near … Continue reading GST Could Trip Make In India For Smartphones

More Online Services May Face Google Tax

The government is likely to expand the scope of the equalisation levy, the so-called “Google tax”, to bring more digital transactions into the tax net in the upcoming budget to curb tax avoidance by multinational chartered accountant firms in mumbai. Online sales of goods and services; downloading of software, songs, movies and books; and online … Continue reading More Online Services May Face Google Tax