IamSMEofIndia releases CHANGES IN SERVICE TAX
IamSMEofIndia releases another Important Publication on
IMPORTANT GUIDELINES FOR MSMEs- CHANGES IN SERVICE TAX
Some C & F Agents, have started asking for Service Tax on reimbursements like Haulage Charges, Consultant Charges, Documentation Charges etc.
Some CAs, Architects, and Designers have started asking for Service Tax on Telephone , Transport, and Conveyance Costs.
Are they correct as per law?
Is there any recent change in law or its interpretation or application?
The Answer is Yes, they are correct and there is an important change in law.
Our Business And Taxation Literacy & Compliances Cell have prepared a Special note with background and advice in simple layman's language to MSMEs can understand.
Three parts of this note include:
Excerpts from the Valuation Rules, 2006, on this topic
Delhi High Court Decision
Latest change in Law, Finance Act, 2015
We acknowledge the contribution of Mr. Sangeet Gupta, CA, and Counsel IamSMEofIndia in writing the document for benefit of our members.
IamSMEofIndia and FSIA Members can ask for FREE COPY by writing to: email@example.com
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IamSMEofIndia- Centre of Excellence for Lean Manufacturing, Business Restructuring & Advisory, Technology & Energy Efficiency for MSMEs
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Loans for Directors & Relatives allowed in Private Ltd Companies
The much awaited relief to Private Limited Companies announced by Ministry of Corporate Affairs on 15th September 2015:
Private Limited Company can accept unsecured loans from Directors and their Relatives, provided that the Director or Relative of the Director furnishes a declaration in writing that the amount is not being given out of funds acquired by borrowing or accepting Loans or Deposits from others.
In simple words, these funds should NOT be from loans or borrowed funds. These should be from OWN SOURCES.