"22 April 2017" Archive

Amendments in provisions of Income Tax relating to salaries during FY 2016-17

Every year Central Board of Direct Taxes issues circular on Income Tax deduction from salaries under section 192 of the Income Tax Act, 1961. For the Financial year 2016-17, CBDT issued circular relating to provisions of salary & TDS on salary for current year via circular no. 01/2017 dt. 02/01/2017. This article tries to focus on amendme...

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Posted Under: Income Tax | ,

Overview of Central Goods and Services Tax (CGST) Act

The Central Goods and Services Tax Act, 2017 has been enacted to make a provision for levy and collection of tax on intra-state supply of goods or services or both by the Central Government and the matters connected therewith or incidental thereto....

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Posted Under: Income Tax |

Assessment and Audit Rules under Goods and Services Tax law

Assessment and Audit play an important part in any tax administration. Goods and Services tax law is primarily based on self-assessment. The tax payer would avail the off set of input credit of taxes against his final liability to settle balance taxes which would be paid in cash....

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Posted Under: Income Tax |

Time of Supply of Goods and Services in GST regime

The provisions relating to Point of Taxation (POT) are very essential element of any law as it fixes the point when the liability to pay tax arises....

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Posted Under: Income Tax |

Indian Income-Tax Law Does Not Meet The Norms Of Good Tax System Having Different Canons!

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II Original Income-Tax Act, 1961 was well drafted by learned officials in Finance Ministry and it was capable of meeting the expectation of the Govt. in all future events, except requiring amendments for events and changes taking place in [...

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Posted Under: Income Tax |

All about Returns under Goods & Services Tax (GST)

A Registered person under the proposed GST regime has to file many returns prescribed or otherwise required to be furnished by or under the act & rules made thereunder. ...

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Posted Under: Income Tax | ,

Applicability of Section 269ST on Co-Operative Societies

As per Section 269ST transactions in the nature referred to in Section 269SS are exempted from the ambit of Section 269ST. 269 SS refers to the transactions of receiving Deposits and Loans from others. Therefore, 269 ST is not applicable to the receipt of deposits and loans. ...

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Posted Under: Income Tax |

Issues related to anti-Lawyer ‘Advocates (Amendment) Bill, 2017’

At the outset the Bar Council of India would like to make it clear that the independence and autonomy of the Advocates cannot be compromised at any cost. Advocates are the backbone of any civil society. Advocates are the class which ensures actual implementation of the constitutional, fundamental and legal rights when they are violated. ...

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Posted Under: Income Tax |

Key highlights of Draft GST Rules on Accounts & Records, Appeals & Revision and Advance Ruling

In order to engage with the stakeholders and invite comments from the public at large, recently, the Central Government has issued 3 more Draft Goods and Services Tax (“GST”) Rules viz. Draft GST Rules on Accounts & Records, Appeals & Revision and Advance Ruling, on April 19, 2017, making a total of 14 Draft Rules as on date....

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Posted Under: Income Tax |

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