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Applicability of MAT:-         MAT is applicable to All Companies including the Foreign Companies. Analysis of provision of section 115JB:- Where in case of a company, the income tax payable on the Total Income as computed under the income tax act in respect of any previous year is less than 18.5% of its BOOK PROFIT, then such book profit shall be deemed to be the total income of the assessee and the tax payable on such total income shall be the amount of income tax at the rate of 18.5% . This income tax, further has to be enhance by Surcharge (as applicable) and education cess (@3%). In the simple words every company has to compute its income tax liability as per two sets of provisions. Following are the two sets of provisions: ·    Income tax computed as per normal provisions of income tax act. ·          ·  Income tax computed as per provision of section 115JB of income tax act. Meaning of Book Profit:- Book Profit means the net profit as shown

Consequent to introduction of Swachh Bharat Cess the rate of service tax has been increased from 14% to 14.5% with effect from 15.11.2015. A few key points to keep in mind regarding this revision in rate of service tax are ennumerated below: >  The taxable value of Services for Swachh Bharat Cess will be same as before i.e the provisions relating to abatements, exemptions, etc shall apply mutatis mutandis for the purposes of Swachh Bharat Cess  >   Service tax, presently being levied at alternative/ composite rates on services provided by air travel agents, life insurance service, service in relation to sale/purchase of foreign exchange including money changing and service by lottery distributors/selling agents shall continue to be done in the similar manner. Option has been provided for levy of Swachh Bharat Cess also at alternative rates in respect of the above mentioned services.  The alternate rate of Swachh Bharat Cess would be:  Service Tax Liability (at t

Applicability of Internal Audit Section 138 of the Companies Act, 2013 read with Rule 13 of Companies (Accounts) Rules, 2014 requires the following classes of Companies to appoint an Internal Auditor, who shall either be a Chartered Accountant, Cost Accountant, or such other professional as may be decided by the Board to conduct internal audit of the functions and activities of the company: Ø   every listed company Ø   every unlisted public company having o    paid up share capital of fifty crore rupees or more during the preceding financial year; or o    turnover of two hundred crore rupees or more during the preceding financial year; or o    outstanding loans or borrowings from banks or public financial institutions exceeding one hundred crore rupees or more at any point of time during the preceding financial year; or o    outstanding deposits of twenty five crore rupees or more at any point of time during the preceding financial year; Ø   every private company

15CA - 15CB :: An Overview Governing Section: Section 195 (6) of the Income Tax Act, 1961 read will Rule 37BB of the Income Tax Rules Section 195 (6) requires the person responsible for paying to a non-resident, not being a company, or to a foreign company, any sum, whether or not chargeable under the provisions of this Act, to furnish the information relating to payment of such sum, in such form and manner, as may be prescribed. Rule 37BB states that any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest or salary or any other sum chargeable to tax under the provisions of the Act, shall furnish the following, namely:— (i) the information in Part A of Form No.15CA , if the amount of payment does not exceed INR 50,000 (fifty thousand rupees) and the aggregate of such payments made during the financial year does not exceed INR 2,50,000 (two lakh fifty thousand rupees) ; (ii)