RBI UPDATE
Master Direction - Non-Banking Financial Company
RBI has issued the following directions for the purpose of enabling the Bank to regulate the financial system to the advantage of the country and to prevent the affairs of any Systemically / Non-Systemically Important Non-Deposit taking Non-Banking Financial Company and Deposit taking Non-Banking Financial Company from being conducted in a manner detrimental to the interest of investors or in any manner prejudicial to the interest of such NBFCs.
- Master Direction - Non-Banking Financial Company –Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016
- Master Direction - Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016
SERVICE TAX
The Department of Revenue has specified that the religious places shall be exempted from payment of Service Tax. All religious places shall be considered to fall within the purview of clause (a) of entry 5 of Notification No. 25/2012- Service Tax, to be exempted from payment of service tax. The Department clarified that services provided by renting of precincts of a religious place meant for general public, owned or managed by an entity registered as a charitable or religious trust under section 12AA of the Income-tax Act, 1961(hereinafter referred to as the Income-tax Act), or a trust or an institution registered under sub clause (v) of clause (23C) of section 10 of the Income-tax Act or a body or an authority covered under clause (23BBA) of section 10 of the Income-tax Act shall be exempted from payment of service tax.
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