All about Frontend Business Process on GST Portal

GST - The proposed implementation of GST, a destination based consumption tax, has been designed as a dual VAT, keeping in view the unique federal nature of India's Constitutional Polity. The different imperatives driving this reform and role of GSTN in achieving them is briefly spelled out below...

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All about Place of Supply of Goods and Service under GST

GST - Goods and Services Tax (GST) is levied on the taxable supplies of goods and services. The principle that is generally adopted for levy of GST is that it should effectively tax the consumption of such supplies at the destination thereof or as the case may at the point of consumption. Goods being tangible do not pose any significant problem...

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All about Integrated Goods & Service Tax (IGST) Act

GST - One of the distinctive features of Goods and Services Tax is that it is levied on the value addition on each stage of supply chain. This is achieved by allowing input tax credit (ITC) of tax incidence on the immediately preceding stage of supply chain. Illustratively, the tax paid by manufacturer supplier is available as ITC to whole sell...

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All about Miscellaneous Provisions in GST & IGST

GST - In Model GST Law, provisions relating to following matters are provided in chapter XXIII - Miscellaneous Provisions. 1..GST Compliance Rating. 2.Information return. 3.Power to collect statistics & its disclosure. 4.Test purchase of goods....

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All about Transitional Provisions in Goods & Service Tax

GST - The purpose of incorporating Transitional Provisions in any Act is to clarify as to when and how the operative parts of the enactments are to take effect. The Transitional Provisions generally are intended to take care of the events during the period of transition....

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7 Years Imprisonment to then Inspector, Central Excise in A Bribery Case

Excise Duty - The Special Judge, CBI cases, Dehradun (Uttarakhand) has today sentenced Shri Vikash Jatav , then Inspector, Central Excise, Roorkee to undergo seven years Rigorous Imprisonment with total fine of Rs.20,000 in a bribery case....

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Number of Advance Pricing Agreements by CBDT crosses 100

Income Tax - The Central Board of Direct Taxes (CBDT) entered into five (5) unilateral Advance Pricing Agreements (APAs) today, i.e., 23rd September, 2016, with Indian taxpayers. One of these Agreements has a rollback provision in it. With these signings, the total number of APAs entered into by the CBDT has reached 103....

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Role of CBEC as work for GST begins

Income Tax - The journey to rollout the Goods and Services Tax (GST) has commenced with the enactment of the 101st Constitution Amendment Act, 2016 on 8th September, 2016 and the subsequent notifications. The Government is committed and has set in motion a slew of steps to ensure that the GST conies into force from 1st of April, 2017. In this backdrop...

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Empanelment as Mediators or Conciliators

Company Law - Regional Director, North Western Region, Ahmedabad, Gujarat invites applications from willing and eligible persons to be selected and included in the panel of experts as Mediator or Conciliator who may provide relevant services to parties as may be allowed by the Central Government or Tribunal (Company Law Tribunal or Appellate Tribunal) ...

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Advisory on the Rebate of State Levies on Textiles Scheme (ROSL)

Custom Duty - In the ROSL scheme, the Central Govt. provides rebate of State levies comprising of State VAT/CST on inputs including packaging, fuel, duty on electricity generation and duties and charges on purchase of grid power, as accumulated through the stages of production from yarn to finished garments. ...

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Nature of TDS Liability in Respect of Salaried Doctors, in- House & Visiting Consultants in a Nursing Home

Hosmat Hospital (P.) Ltd. vs. ACIT (ITAT Bangalore) -  ITAT, Bangalore held that, in the instant case, since consultant doctors were paid fixed remuneration and the working conditions were under supervision and control of the hospital authorities, services were rendered by the doctors, in the nature of employee. Hence, payments were subject to TDS under...

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Sales accepted in supplier books cannot be bogus purchase of buyer

ACIT vs. M/s Jaybharat Textiles & Real Estate Ltd. ( ITAT Mumbai) -  ITAT Mumbai held that when the department has not disputed the sales transactions disclosed by the supplier in its books who is an income tax assessee then it cannot assume the same as bogus purchases made by the buyer more so when the transaction has been supported by proper documentary evidences a...

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Sections 194C(6) & Section 194C(7) are independent of each other

Soma Rani Ghosh Vs. Deputy Commissioner of Income Tax (ITAT Kolkata) -  Sections 194C(6) and Section 194C(7) are independent of each other, and cannot be read together to attract disallowance u/s 40(a)(ia) read with Section 194C of the Act; and If the assessee complies with the provisions of Section 194C(6), no disallowance u/s 40(a)(ia) of the Act is permissible, even ...

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Lump sum alimony is a capital receipt and therefore not taxable

Shrimati Roma Sengupta Vs. CIT (Calcutta High Court) -  The Bombay High Court held that the monthly alimony amounted to taxable income in the hands of the assessee. However, the lump sum alimony was in the nature of capital receipt. ...

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Levy of Section 234E late fee- Prior to 01.06.2015- ITAT Cochin decides in favour of assessee

Little Servants of Divine Providence Providence Charitable Trust Vs. Income Tax Officer(TDS) (ITAT Cochin) -  Thus, post 1st June 2015, in the course of processing of a TDS statement and issuance of intimation u/s 200A in respect thereof, an adjustment could also be made in respect of the 'fee', if any, shall be computed in accordance with the provisions of section 234E. Prior to 1st June 2015, there was no...

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Review Committee of Chief Commissioners of Central Excise, Service Tax and Customs

Office Order No. 9/2016 - (02/09/2016) -  With the approval of competent authority it is hereby clarified that in the light of the Notification Nos. 111/2016-Cus(N.T.), 43/2016-C.E. (N.T.) and 37/2016-S.T. all dated 18/08/2016, the Review Committees of Chief Commissioners constituted under Office Orders 02/2014-C.E., 03/2014-Cus and 04/2014...

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Withdrawal of appeals by Department before CESTAT/HC to reduce itigation

F.No.390/Misc./163/2010-JC - (02/09/2016) -  As already informed, All the cases identified for withdrawal were to be withdrawn by 15th July, 2016 as per the timeline given by the Revenue Secretary. However, after reviewing the reports of the zones, it is noticed that such cases in respect of most of the zones have still not been withdrawn by t...

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Companies (Management and Administration) Amendment Rules, 2016

G.S.R. 908(E) - (23/09/2016) -  In the case of a company existing on the commencement of the Act, the particulars as available in the register of members maintained under the Companies Act, 1956 shall be transferred to the new register of members in Form No.MGT-1 and in case additional information, required as per provisions of th...

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Regarding classification of certain inorganic chemicals as fertiliser

F.NO. 528/79/2016-ST0 (TU) - (23/09/2016) -  Board has vide Circular No. 44/2001-Cus dated 6th August,2001 clarified that mono potassium phosphate , calcium nitrate ,potassium magnesium phosphate will merit classification under Chapter 28 of the Customs Tariff and not under the Chapter 31 as fertilisers....

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Seeks to amend 3 Customs notifications namely 104/2009, 16/2015 & 17/2015-Cus

Notification No. 52/2016-Customs - (23/09/2016) -  Seeks to further amend three Customs notifications namely 104/2009-Cus, 16/2015-Cus and 17/2015-Cus GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 52/2016-Customs New Delhi, the 23rd September, 2016 In exercise of the powers conferred by sub-section (1) of section 2...

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FAQs

Section 55 of the MVAT Act, 2002 was provided for Advance Ruling. However, though in existence since 2005, it was not brought into force. New Provision: Now, existing Section 55 has been substituted by new section 55 and brought into force with effect from 15t May 2016. Section 56 of the MVAT Act, 2002 providing for determination of dispu...
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Q 1. Will the CENVAT/ITC carried forward in the last return prior to GST under earlier law be available as ITC under GST? Ans. Yes, the registered taxable person shall be entitled to such credit and it will get credited to his electronic credit ledger - section 143....
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Q 1. What is GSTN? Ans. Goods and Services Tax Network (GSTN) is a non­profit non-government company, which will provide shared IT infrastructure and service to both central and state governments including tax payers and other stakeholders. The Front end services of registration, Returns and payments to all taxpayers will be provided by ...
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Q 1. What is the need for the Place of Supply of Goods and Services under GST? Ans. The basic principle of GST is that it should effectively tax the consumption of such supplies at the destination there of or as the case may at the point of consumption. So place of supply provision determine the place i.e. taxable jurisdiction where the t...
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Q 1. What is IGST? Ans. Integrated Goods and Services Tax (IGST) means tax levied under the IGST Act on the supply of any goods and/ or services in the course of inter-State trade or commerce....
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Income Tax Planning

Advance Tax Provisions, Payment Challan, e-payment Utility & Examples

As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of “advance tax”. In this part...

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Dummies / Employees – 4 Amazing tax planning you can’t afford to miss!

Introduction Getting into the day to day work, we never thought what we missed yesterday or what we can plan for tomorrow. We at Hubco.in, always receives queries from budding...

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5 Mistakes You Should Avoid in Selecting Tax Saving Investments

The word 'tax’ troubles every salaried individual and business person, equally. Nobody likes when a portion of their income gets deducted in the form of tax. Therefore, ind...

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Income Tax Deductions

Countrywise Withholding Tax rates as per IT Act vis a vis Tax Treaties/DTAA

Certain income of non-resident, inter-alia, dividend, interest, royalty or fees for technical services shall be taxable as per the rates prescribed under the Income-tax Act or...

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Tax benefit on Insurance Premium, Mediclaim & Medical Expenses

Payment of premium on life insurance policy and health insurance policy not only gives insurance cover to a taxpayer but also offers certain tax benefits. In this part you can...

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Deduction U/s 35AC available only up to previous year ending 31-03-2017

Section 35AC of the Income Tax Act, as amended by the Finance Act, 2016, provides that no deduction under this section shall be allowed in respect of any assessment year comme...

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Calculators

Depreciation cum Asset Management Utility/Calculator

Some Key Features of Depreciation cum Asset Management Utility in Excel Format are as follows:- Line wise SLM and WDV Depreciation, as per Companies Act 2013, Calculatio...

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Can you trust the online financial calculators?

Yes, it is true that financial / retirement calculators are simple to use. Based on a few assumptions that you input on your computer about the future, it instantly provides y...

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Free Depreciation Calculator- Schedule II of Companies Act 2013

Depreciation Calculator Version 2 –Compliant to Schedule II of Companies Act 2013 : Financial Year 2015-16 to Fy 2019-20 enabled - 1. Calculation of Depreciation and WDV f...

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Rate Charts

Countrywise Withholding tax rates / Chart as per DTAA

A person responsible for making payment to non-resident or foreign company is required to withhold tax. Tax is deductible at the rates prescribed under the Act or under the re...

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Income Tax Rates for Financial Year 2016-17

In this Article we updates about the normal tax rates applicable to different types of taxpayers. The tax rates discussed in this part are applicable for assessment year 2017-...

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Rates of Depreciation as Per Income Tax Act,1961

Block of Assets :-The expressions Assets and Blocks of Assets w.e.f. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–Tangible Assets being...

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