Only law firms, which are business entities under the Indian Partnership Act or the Limited Liability Partnership Act, will be have to pay service tax on fees charged from corporatesMany legal outfits will not come within the purview of the service t ..
Companies in the BSE 500 index are expected to save over Rs 2,025 crore this financial year, if the Budget proposal to remove the fringe benefits tax (FBT) is passed by Parliament. Importantly, these companies account for about 90% of the market capi ..
The proposed income-tax code is likely to consolidate all existing tax exemptions and concessions at one place, the Central Board of Direct Taxes (CBDT) Chairman, Mr S.S.N. Moorthy, has said. This would to some extent remove the complexity in the inc ..
The dilution of Section 14A and Section 14AA of the Central Excise Act has been strongly opposed by the President of the Institute of Cost and Works Accountants of India (ICWAI). The Finance Bill made an attempt to dilute the expertise of the profess ..
The Centre’s move to bring services provided by law firms under the tax net is unlikely to yield significant revenue for the exchequer. The legal consultancy market today is estimated to be at somewhere between Rs 400 crore and Rs 500 crore and ..
A day after Union finance minister Pranab Mukherjee proposed getting law firms under the ambit of service tax, lawyers of all five district courts in the capital on Tuesday decided to abstain from work on July 9 as a mark of protest against the move ..
Several issues have to be addressed before the Union Government is in a position to implement its proposal for service tax on the coastal and inland water transport (IWT) services.First, the rate of the tax. Will it be more than 2.58 per cent current ..
The General Budget for the Financial Year 2009-10 presented by Finance Minister Pranab Mukherjee today has caused disappointment in the Health and legal sectors.Reacting to the Budget proposals, presented in the Lok Sabha by the Finance Minister, ren ..
The income tax department would assign document identification number on all notices, letters sent to the assessees from October 1,2009 to enable easy tracking of documents and minimise taxpayers' grievances. The explanatory memorandum to the budget ..
The door is wide open now for lawyers, chartered accountants and other professionals with entrepreneurial zeal to join hands to run innovative businesses that would also attract venture capital investments.The Budget has cleared the air of uncertaint ..
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