Leena Ambwani & Associates

24/10/2022

07/11/2018

Celebrate the magic and joys of Diwali. HAPPY DIWALI

30/10/2016

28/07/2016

The GST would replace the following taxes currently levied and collected by the Centre:

a. Central Excise duty

b. Duties of Excise (Medicinal and Toilet Preparations)

c. Additional Duties of Excise (Goods of Special Importance)

d. Additional Duties of Excise (Textiles and Textile Products)

e. Additional Duties of Customs (commonly known as CVD)

f. Special Additional Duty of Customs (SAD)

g. Service Tax

--- State taxes that would be subsumed under the GST are:

a. State VAT

b. Central Sales Tax

c. Luxury Tax

d. Entry Tax in lieu of octroi

e. Entertainment Tax (not levied by the local bodies)

f. Taxes on advertisements

g. Purchase Tax

h. Taxes on lotteries, betting and gambling

i. State cesses and surcharges insofar as they relate to supply of goods and services

28/07/2016

*GST highlights *

1.Be ready for 36 to 49 returns per year.
2.Lumpsum turnover limit 50 lacs
3.Input tax credit available only if Electronic data matches.
4.15 digit pan based GST no.
5.Penalty for return Per day Rs.100 and maximum Rs.5000
6.Output,input and summary based returns submission.
7.Tax credit only available if sellers tax shows online.
8.Liquors,petroleum products out of GST net.
9.Return filling limit 10,15,20 days after due date for type of return.
10.Threshhold turnovrr limit is 10 lacs
and for north east 5 lacs.
11.Jammu and kashmir is also included in GST regime.
12. TDS limit 10 lacs.
13. Existing TIN will be migrated and issue Provisional GST is valid for 6 months..if docu submitted within 6 months than Final GST will be allotted.
14.Tax audit figure and GST data has to be reconciled in annual return.
15.If any mismatch in data than data will be transferred to IT dept.

16/07/2016

Registered Company Secretary can certify application documents for Grant of Unified License.

http://www.dot.gov.in/sites/default/files/UL%20(VNO)%20Guidelines.pdf .3vlUaLK8.dpuf

13/07/2016

Establishment of place of business in India by a foreign company:

The recent Press Note 5 [1](Press Note) issued by DIPP amends the FDI Policy, 2016 (Policy, 2016)[2] opening huge investment opportunity and enabling foreign corporates to establish branch, liason, project or any other place of business in the country if the principal business of such applicant is Defence,Telecom, Private security or Information or Broadcasting, without the approval of the Reserve Bank of India (RBI) in cases where Foreign Investment Promotion Board (FIPB) or license/permission by the concerned Ministry/Regulator has already been granted.

28/04/2016

FDI up 37% after Launch of "Make In India"

Foreign Direct Investment into India has increased 37% after the launch of Make in India. (Till February 2016), Commerce Minister Nirmala Sitharaman said. The initiative was launched on September 25, 2014, to make the country global manufacturing hub.

07/04/2016

Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Amendment Rules, 2016.

# Now housing finance companies need not file financial statements under this rule. (Earlier Provided that the companies in banking, insurance, power sector, non-banking financial companies were exempted)

05/04/2016

Amendment in rules vide Notification No. 24/2016 Dated 30/03/2016

Rule 12 of Income Tax Rules wef 1st April 2016

It is now mandatory for all individual taxpayers to provide Assets-Liabilities details in case of Income exceeds Rs. 50 lacs.These details consist of information regarding Land, Building, Cash, Jewellery & Vehicle and Liabilities in relation to these assets. Earlier this information was required to submit in case of individuals who are businesspersons and professionals and having income more than Rs. 25 lacs.

01/04/2016

Foreign Direct Investment (FDI) In India – Review Of FDI Policy –Insurance Sector

Foreign Direct Investment (FDI) in India – Review of FDI policy –Insurance sectorCategories : RBICS Leena Ambwani 01/04/2016The extent of FDI policy for Insurance sector has since been reviewed by the Government of India and accordingly it has been decided to enhance the limit of foreign investmen…