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Archive: 13 March 2010

Posts in 13 March 2010

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6447 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Extension of date for applying CST declarations for the periods prior to 1/04/2008

March 13, 2010 432 Views 0 comment Print

Background: Procedure for filing on-line application for the CST declarations had been introduced on 2nd February 2009. Facility of on-line application is available for all the periods starting froml-4-2008 onwards. Applications for the declarations, pertaining to the periods prior to 1-4-2008, were required to apply manually (on CD).

Learning to Live with EET- Decoding the DTC – V

March 13, 2010 285 Views 0 comment Print

For the tax-payer, “T” in the EET will never look like preferable to EEE. However, looking to the fact of EET as certainty, one will have to learn to live under it. The only alternative for the tax payer is to organize the affairs in such a way that there is no additional burden due to tax-outflow.

FAQ on Provisions relating to Capital Gain- Decoding the DTC – IV

March 13, 2010 700 Views 0 comment Print

The ITA has always treated income from CG under special category. Not only liberal deductions / exemptions were provided, even the rate of tax was low as compared to the rate of tax on income from salary, business etc. Since long, CG has always been classified into two broad categories viz. Long Term (LT) and Short Term (ST)

Taxability of Amount Receivable under Life Insurance Policies in DTC- Decoding the DTC – III

March 13, 2010 13911 Views 0 comment Print

The case in point is the proposal under the Direct taxes Code (DTC) to levy tax on amount received under life insurance policy. It is vehemently argued that the Government is playing foul by changing the rule of the game in between. Having declared the said amount exempt so far, the policy cannot be changed overnight, making life difficult for numbers of tax payers.

Decoding the Direct Taxes Code – II, A Panoramic View

March 13, 2010 405 Views 0 comment Print

Although the length of the Code is much compact with 285 sections, relationship between various sections, clauses, sub-clauses and Schedules makes one wondering from where to start. Should one start reading with Income from Employment or Capital Gain? Or should one start with the Schedule containing the definition clause? Having read it various times, one is still not clear about its ultimate impact on the final tax liability. Such problems arises for two reasons:

Advance Ruling on taxability of income from offshore supplies

March 13, 2010 1515 Views 0 comment Print

Hence, no income from offshore supplies accrues or arises or can be deemed to accrue or arise to the Applicant in India under the Indian Tax Law (ITL). The AAR also ruled that the Applicant does not have a Permanent Establishment (PE) in relation to offshore supplies. Therefore, no part of income from offshore supplies can be said to be taxable in India.

CBDT instructed its officials to Charge Maximum Penalty for TDS default

March 13, 2010 447 Views 0 comment Print

CBDT on Friday directed its field formation to levy the highest penal rate of tax on TDS (tax deducted at source) defaulters.Following a sharp shortfall in revenue from TDS collection, the Income Tax Department has launched a massive drive across the country to detect and inquire into TDS payments of companies and especially on payments made and salaries disbursed.

A Primer on Proposed Tax System on Goods and Services Part-I: Basic Concept and Framework

March 13, 2010 501 Views 0 comment Print

GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the producer’s / service provider’s point up to the retailer’s level i.e. up to the last level in the chain. It is essentially a tax only on value addition at each stage. The whole structure is devised in such a way that only the final consumer should bear the tax.

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