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Table Of Contents

Indirect Tax:

Swachh Bharat Cess

Direct Tax:

SECTION 14A OF THE INCOME TAX ACT


Our Participation:

Our Gamut of Services:

  Indirect Tax
  Direct Tax
  Financial Consultancy (Central/State Govt. Subsidy/Incentives Matters)
   Project Consultancy and Loan Syndication (Approved Consultant of Various Banks/Financial Institutions)
  Industrial Consultancy–assistance in getting :
•  Pollution Clearance
•  Registration of DG Set/Power Plant
•  Electricity Duty matters
•  Factory Licence
•  Food Safety Licence
  Empanelled Valuers with various Banks/FIs

Our Associates:

  Suvridhi Capital Markets Ltd.(Financial Solutions)
  Dreamacres Realty (P) Ltd (Real Estate Division)
  Suvidha Placements Ltd.(Placement Division)
  Suvidha Insurance Broking Pvt Ltd.(Insurance Division)

Swachh Bharat Cess

Swachh Bharat Cess (SBC) is a cess which shall be levied and collected in accordance with the provisions of The Finance Act,2015 as service tax on a taxable service at a rate of 0.5% of the value of taxable services.

The Central Government has appointed 15th November,2015 as a date from which provisions of Swachh Bharat Cess will come into effect (Notification No.21/2015-Service Tax, dated 6th November,2015).

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SECTION 14A OF THE INCOME TAX ACT,1961 HAVE NO APPLICATION IF ASSESSEE HAS NOT MADE ANY CLAIM FOR EXEMPTION

Ever since the inception of section 14A of the Income Tax Act, 1961 (hereinafter referred to as the "Act"), there has been a hue and cry over its application. Section 14A relates to disallowance of expenditure incurred by the assessee in relation to income which does not form part of the total income. Rule 8D of the Income Tax Rules, 1962 further add to the controversies. Rule 8D provides for method of computation of disallowance by the Assessing Officer subject to his satisfaction with the correctness of claim or no claim by an assessee. The ambiguity in the above mentioned section and rule has led to several disputes between the assessing officers and the assessees.

The major issue arising in these controversies and disputes is that whether this section along with the rule can be invoked even if the assessee has earned no exempt income in the relevant Previous Year?

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