"05 February 2017" Archive

Clash of Cash: 7 Questions by Tax Officer v/s Cash Depositor

Krishna, after 1st February 2017 the Income tax Department is sending tax notices to the taxpayers through e-mails and SMS. How taxpayers will reply to these notices and why are these notices sent to persons who have deposited cash in bank accounts, please explain in detail....

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Posted Under: Income Tax | ,

Tax Benefits on Life Insurance Plans

Life Insurance Policy not only provides insurance but also qualifies for tax savings under section 80C of the Income Tax Act, 1961. Many people ask me as to why should we invest in plans of Life Insurance Co. of India when better returns can be obtained from other avenues like NSC, jewellery, land, etc. ...

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Posted Under: Income Tax |

Amendments In Political Funding – A Wrong not capable of curing deadly Cancer of Corruption

Section 13A of the Income-tax Act, 1961 confers tax-exemption to recognized political parties for income from house property, income by way of voluntary contributions, income from capital gains and income from other sources. In other words, only income under the head salaries and income from business or profession are chargeable to tax in...

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Posted Under: Income Tax |

Union Budget 2017- Key Transfer Pricing Proposals

Finance Act, 2012 has made an amendment to extend the Transfer Pricing Provisions to the transactions entered with domestic related parties or by an undertaking with other undertakings of the same entity for the purposes of section 40A, chapter VI-A and section 10AA....

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Posted Under: Income Tax |

Cost Inflation Index table : Base year 1-4-2001, Finance Bill 2017

Govt. has come out with index table called Cost Inflation Index whose base year was fixed as 1-4-1981. In Finance Bill 2017 the Govt. has taken a very bold step and has shifted the base year from 1981 to 2001 for the benefit of investors....

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Posted Under: Income Tax | ,

Outward and zero rated supply under Revised Model GST Law

Earlier outward supply was restricted to transactions like sale, transfer, barter, exchange, licence, rental, lease or disposal, whereas in the new definition any other means has been added thereby widening the scope of the definition....

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Posted Under: Income Tax |

Decoding GST- Input Tax Credit of CGST, SGST and IGST

In every value added taxation structure, Input tax credit remains the backbone of such tax structures as it removes the cascading effect of taxes. In GST also being a value added tax, it is the intention of the lawmakers to allow seamless flow of credit in the supply chain and remove cascading effect of taxes....

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Posted Under: Income Tax |

Two Clauses that should be Removed from Finance Bill 2017

Article discusses two clauses of finance bill 1. Restriction on the Loss On House Property and 2. Penalty For Furnishing Incorrect Information In Reports Or Certificates which are detrimental to the economy, tax payer and the intermediary between the tax payer and the tax authorities i.e. the tax representatives....

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Posted Under: Income Tax | ,

Budget 2017: Analysis of 55 Key Amendments

The key highlights of this Budget are that the focus is towards broadening the tax base by increased reliance on digitization, removing irritants, simplicity, rationalizing tax provisions so as to reduce litigation and, bring certainty and clarity to the taxpayers as regards the tax regime, rewarding honest and penalizing the errant, all ...

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Posted Under: Income Tax |

U S Taxation– Depreciation– Interesting facts to gather, learn & apply

Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II It was an arranged meeting of friends, all, accounting professionals with more than 30 years of experience when I met two of my friends on a sunny day, recently. We discussed serious accounting issues also, among other things and got into “depreciati...

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Posted Under: Income Tax |
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