New: Budget 2013-14 - 1. Proposal to introduce Commodity Transaction Tax (CTT) in a limited way. CTT applicable on the sale of commodities. Agricultural commodities will be exempted. CTT shall be at the rate of 0.01% on the value of transaction and the tax shall be payable by the seller.2.No change in the normal rates of 12 percent for excise duty and service tax.3. Excise duty on SUVs increased from 27 to 30 percent. Not applicable for SUVs registered as taxis.4.Proposals to levy Service Tax on all air conditioned restaurant.5.Additional deduction of interest upto 1 lakh for a person taking first home loan upto 25 lakh during period 1.4.2013 to 31.3.2014 (Total 2.5 lacs) Budget 2013-14!!!

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Sunday, January 15, 2012


Memorandum of Understanding

A document that conveys joint treaty on any subject between two or more parties. Memorandum of understanding is generally acknowledged as obligatory, even if no lawful claim could be based on the rights and obligation laid down in them. To be legally effective, a memorandum of understanding must:-

(1) Identify the parties in contract,

(2) Explain the subject matter of the agreement and its objectives.

(3) Summarize the essential terms of the agreement.

(4) Must be signed by the contracting parties. Also known as Letter of Intent.
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