Budget update: Reverse charge applicable to service provided by a Director to a body corporate and services provided by recovery agents to banks, FIs and NBFCs. Budget update: Pay interest @ 18% for delay in deposit of service tax upto 6 months, 24% for 6-12 months and @ 30% for delay beyond 12 months. TDS credit allowed in subsequent year as it wasn’t claimed in year of income due to delay in issue of TDS certificate [High Court of Punjab and Haryana CIT vs. M/s Abbott Agency]. MCA vide circular number 23/2014 dated 17th July 2014 has issued various clarifications on one of the most of the argumentative section under the Companies Act 2013.
Posted on: Fri, 18 Jul 2014 08:07:22 +0000
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