"05 October 2014" Archive

How New Tax Rules of A.Y 2015 -16 will benefit salaried class in India?

Dr. Rakesh Kumar Sharma The new Indian government announced its tax rules for the current financial year. But very few announcements were made by new government which could provide relief to salaried class people. The first and the most important amendment was in the tax slab. Although there is no change in the existing tax […]...

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Posted Under: Income Tax | ,

Penalty cannot be levied merely based on provisional assessment

Rajasthan High Court in a very important case namely ACTO vs Jain Hardware Stores has held that no penalty can be levied in the provisional assessment as for leving penalty definite  findings and  conclusions and many things have to be proved, therefore penalty cannot be levied merely on the basis of provisional assessment....

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Posted Under: Income Tax | ,

VAT Problems In E-Commerce Transactions – Amazon’s Karnataka Case Study (A Potential Noscitur Principle Issue)

E-commerce transactions in India are gaining popularity at the very fast pace majorly due to its attributes of ease of shopping, good discounts, social media integration, cash on delivery mode of payment etc. The Industry is all set to grow and beat the records considering the recent show of strength of several E-commerce companies of [&h...

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Posted Under: Income Tax |

Whether to start career in consulting firms or join corporate world?

During our school days, I am sure each one of us would have surely encountered this question – ‘what do you want to become’. I don’t know how many of you would have said chartered accountant, but whatever our answer would have been, am sure none of you would have ever been asked the follow […]...

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Posted Under: Income Tax | ,

ICMAI – President's Communique for October 2014

Proposed new annual tax return by the Government - The Ministry of Finance, Government of India, plans to introduce a new annual tax return that will include information from income tax audit report including pS and Income Tax Returns and cost audit report, as it looks to draw information from multiple sources to clamp down on evasion of ...

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Posted Under: Income Tax |

All about Debit Cards, Credit Cards & Prepaid Cards

Q. No. 1: How many types of cards are available to a customer? Ans: Cards can be classified on the basis of their issuance, usage and payment by the card holder. There are three types of cards (a) debit cards (b) credit cards and (c) prepaid cards....

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Posted Under: Income Tax |

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