Articles

Cost Inflation Index – Meaning & Index from 1981-82 to 2016-17

Article discusses Meaning of Cost Inflation Index (CII) which is used for Computation of Long Term Capital Gain. Cost Inflation index are Notified by CBDT every year and till date CBDT has notified Cost Inflation Index for the Financial Year 1981-82 to Financial year 2016-17. Cost Inflation index are used for computing indexed cost of ac...

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Posted Under: Income Tax | ,

Time of supply of services – A drafting anomaly

The Goods and Service tax is going to the single biggest reform in Indirect Taxes of Independent India. It is going to radically change the way business is done in the country and is going to have a far reaching impact on our economy. The parliament has already cleared the Central Goods and Service Tax Bill among three others on 6th April...

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Posted Under: Income Tax |

Analysis of Term ‘Consideration’ defined in GST

Consideration in relation to the supply of goods or services includes (a) any payment made or to be made, whether in money or otherwise, in respect of ,in response to, or for the inducement of , the supply of goods or services, whether by the recipient or by any other person but shall not include any subsidy given by the Central Governmen...

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Posted Under: Income Tax |

GST: Some brief point to get the feel of new regime

This is brief capsule on basic understanding of various compliance under GST...

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Posted Under: Income Tax |

All about Registration of Charge under Companies Act, 2013

Charge is The right of Bank/Financial Institutions who lend funds to a company to receive money from the company's assets if the debt is not paid on time. As per section 2(16) of the Companies Act, 2013 define charges as to mean an interest or lien created on the property or assets of a company or any of its undertakings or both as securi...

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Posted Under: Income Tax |

GST will trouble accounting and financial reporting?

Currently, accounting treatment of various indirect taxes varies based on their nature and point of levy. Under IND AS, excise duty is included in revenue, since it is a production-based tax. Sales tax and VAT is not included in revenue, since it is levied at the time of sales....

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Posted Under: Income Tax |

Procedural Aspects for Lower or NIL TDS rate on Sale of Property by Non-resident Indian (NRI)

The benefits of obtaining a lower rate TDS certificate are enormous. It saves interest on monies that would otherwise get blocked, and also the mammoth hassle of obtaining refund at a later stage. However, there are very people who are availing this facility successfully. There is a plethora of theory on internet on this subject; however,...

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Posted Under: Income Tax |

Impact of GST on Education Sector

Presently, Educational services are excluded from the levy of Service Tax and are in ‘Negative List’ under section 66D(i) which are related to delivery of education as ‘a part’ of the curriculum that has been prescribed for obtaining a qualification prescribed by law. Conduct of degree courses by colleges, universities or institut...

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Posted Under: Income Tax |

Impact of GST on Railway Sector

Indian Railways is one of the largest systems in the world. It is also one of the very few railway systems in the world generating operating surpluses. With a modest beginning in India on April 16, 1853, when the first wheels rolled on rails from Bombay to Thane, the Indian Railways has emerged today as the main vehicle for socio-economic...

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Posted Under: Income Tax |

Input Tax Credit under GST- Part I

जी.एस.टी.के दौरान इनपुट क्रेडिट एक बहुत मुख्य भाग है और जी.एस.टी. की एक जो सबसे अच्छी बात है वह यह है कि अब आपको लगभग उन सभी सेवाओं और म...

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Posted Under: Income Tax |
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