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2015

NOTIFICATIONS AND CIRCULARS

  1. The revised limit for getting road permit forms has been reduced from 50 crores to 25 crores. Vide notification No GVL/VAT/Sec.68 & 69(4)

Gujarat Vat Budget Highlights

  1. Imitation Jewellery will now be charged at 1% and not 5%
  2. Oral Contraceptive Pills will now be tax free. Earlier it was charged at 5%
  3. The rate of tax of Aviation Turbine Fuel from current rate of tax of 30% ( for Duty Paid ATF) and 38% (Bonded ATF) has been reduced to 5% when sold from the cities other than Ahmedabad and Baroda for scheduled Commercial Airline Service Flights

2015

Introduction

  • The real estate sector in India is one of the largest drivers of the country’s economic growth.
  • Real estate in India contributes massively to the country’s GDP.
  • Currently, the Indian Real Estate Market has a market size of approx USD 70 billion [INR 3.8 lakh crore] and is expected to touch the market size of USD 180 billion [INR 10 lakh crore] by the year 2020.

2015

Changes applicable in service tax as per Finance Bill 2015 :-

  1. The following changes will be applicable from the date of enactment of finance bill :-
    • Rate of service tax is being increased from 12.36% to 14%, The Education Cess and Secondary and Higher Education Cess shall be subsumed in the new service tax rate.
    • All service provided by Government to business entity liable for service tax ( earlier only support services were liable for service tax ).
    • Now service tax will be applicable for fees charges by amusement park, arcades, water park and theme parks.

2015

If Not Google?

Not Just Google; Yahoo, Microsoft and others provide similar services too.
  • Google runs your life.
  • The search giant turned web ecosystem owns your email, calendar, and even your voicemails.
  • Your most important data lives on Google’s servers.
  • What you may not realize is that, despite the quality of Google’s products, someone else is doing it better—and placing all your eggs in Google’s basket isn’t necessarily the best thing.
  • Here’s a look at alternative services you can use in place of Google services.

2015

Saradha Chit Fund Scam

  • Saradha group of companies were established in the year 2006 by Master Mind Sudipta Sen and spread in the states of West Bengal, Assam, Jharkhand, Orissa, Bihar   Chhattisgarh.
  • Estimated amount collected : Rs. 20,000 to 30,000 crore

Modus Operandi

  • Business started in the name of Sarada Devi, who is wife of Shri RamKrishna Paramhans, a highly respected spiritual guru born in West Bengal. Name of Sarita Devi also known as Mother Sarada used to gain trust of the people in the fund.

2015
  • If a serviceman earns Rs. 10.00 lacs per year, he has very limited scope to avoid tax payment. He can at best save some money in tax saving schemes and reduce tax liability by at most 20 to 30 thousand rupees. He will have to pay Income tax to the tune of rupees one to two lacs as income tax per year. They cannot avoid tax payment but they can if they like, earn bribe up to any extent to compensate they lose in tax payment.
  • But a manufacturing company earning profit of more than one crore per year can avoid tax payment completely by using various tools of tax avoidance suggested by tax officials, tax consultants and Chartered Accountants. In India one may find persons or firms in every town who guide businessmen how to avoid tax payment, who suggest various illegal ways for tax evasion and who works as broker for tax assessing officials and setting bribe sharing rates among tax officials, businessmen and broker himself for passing of IT assessment order from tax offices.
  • River of black money flaws from houses of these business icons only because they know many ways of tax avoidance and it is they who are master in creation of black money. It is they who keep politicians happy by giving them alms in many ways and it is they who in turn provide safety net to business houses from the clutches of tax officials. They altogether work in nexus with each other.

Financial Management