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Archive: 24 December 2013

Posts in 24 December 2013

Income tax Calculator for F.Y. 2013-14 / A.Y. 2014-15

December 24, 2013 87776 Views 0 comment Print

Auto Income tax calculator Financial year 2013-14 / Assessment year 2014-15 – The Calculator provides brief detail of all the Income Tax Exemptions,deduction, Sections and Rules Relevant for Taxation of Individual Especially Salaried Employee.

Wealth tax implications on real estate

December 24, 2013 4954 Views 0 comment Print

Even though land or building as above may be a taxable asset, but an exemption from wealth tax has been provided to an individual or an HUF in respect of one house (or part of house) or a plot of land upto 500 square metres in area. The house may be self-occupied or let out or used for residential or commercial purposes. A company is not eligible for this exemption.

Handbook on Service Tax VCES, 2013

December 24, 2013 3541 Views 0 comment Print

Further, the Committee, continuing with its efforts to update the members and also to partner the Government in its initiative, has come out with Handbook on Service Tax Voluntary Compliance Encourage Scheme, 2013. The Handbook has been hosted on Indirect Taxes Committee page of ICAI website and can be downloaded from http://220.227.161.86/31675idtc-STVCES-2013.pdf.

Online Registration Portal for GMCS, ITT and Orientation Programme on All India Basis

December 24, 2013 4424 Views 0 comment Print

We are happy to announce that the Board of Studies and IT Directorate has developed an Online Registration Portal for GMCS, ITT and Orientation Programs on All India Basis for Registration/ Allocation of Batches for GMCS, ITT and Orientation Programs to facilitate the students to register from anywhere for any centre. However, in the First Phase “Faculty […]

Single point of taxation introduced under Punjab VAT Act, 2005

December 24, 2013 7753 Views 0 comment Print

Punjab Government has surprisingly introduced single stage tax system under the Punjab VAT Act, 2005. Punjab Government has notified certain goods, most of which are consumable goods, on which tax under Punjab VAT Act has been levied only at the first stage of its sale.

Hindu married to non-Hindu can’t get divorce under Hindu Marriage Act

December 24, 2013 2118 Views 0 comment Print

The Bombay high court in the case of Niranjani Roshan Rao V/S. Roshan Mark Pinto, in Family Court Appeal No. 124 of 2013 has held that a Hindu married to a non-Hindu in accordance with Hindu rituals cannot seek divorce under the Hindu Marriage Act.

First Point Tax Levied On Few Commodities under Punjab Vat Act, 2005

December 24, 2013 1453 Views 0 comment Print

Punjab Excise & taxation department has issued a notification under the Punjab Vat Act 2005 which is applicable with effect from 01 Jan 2014, but strange rather shocking Excise & Taxation Department has issued the notification which reflects that tax was levied at the first stage that is in the hand of manufacturers and importers in the state of Punjab and after that no tax will be charged in the hands of distributors, wholesalers or retailers.

No tax deduction on labour and service part of works contract under Punjab VAT

December 24, 2013 5460 Views 0 comment Print

In an application u/s 85 of Punjab VAT Act, 2005 moved by me on behalf of my client, it has been held by the Excise and Taxation Commissioner, Punjab on 04-12-2013 that Judgment of Punjab & Haryana High Court in CWP 14797 of 2010 Larsen and Toubro vs. State of Haryana is binding on all concerned works contractors.

EASIEST- An Easiest Alternative

December 24, 2013 1969 Views 0 comment Print

Electronic Accounting System In Excise and Service Tax or EASIEST, as it is easily termed, is the procedure for payment of Excise duty and service tax. It requires the tax/ duty payer to submit only 1 copy of GAR-7 challan as against 4 copies of TR-6 challans in the bank as per old procedure.

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