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Section 8 of the CST Act stipulates the rate of tax in case of inter-state sale of goods covered by registration certificate of the purchasing dealer as 2%, subject to furnishing of declaration form issued by the purchasing dealer to the selling dealer. The selling dealer is required to submit the declaration form to the assessing authority, to get assessed at concessional rate of tax. The declaration required to be furnished is Form ‘C’ as per Rule 12(1) of the CST Rules, 1957.
All of us have enjoyed the benefits of proactive actions made in the past. Continuing this cycle, taking the right steps today can greatly benefit the unforeseen future, especially when it comes to meeting our financial goals. The rate at which inflation is increasing certainly makes us worry. Owning a house, funding our child’s education […]
In simple words, Corporate Social Responsibility (CSR) is the responsibility of company towards society. CSR is attracting attention day by day. Like ‘Swachh Bharat Abhiyaan’ campaign started by our Prime Minister Narendra Modi, is the responsibility of each and every citizen of India, similarly Corporate Houses are also responsible for addressing the needs and desires of society in which they exist with intent to development of the nation.
In the case in hand, the appellate authorities have not applied Section 44AD as such. Difficulty arose as they had to estimate reasonable rate of net profit. In the absence of any data and details, they applied the net profit rate as mentioned in Section 44AD.
CA Ram Bajaj Method of Calculating the Tax liability of VAT in Work Contract:- 1. Exemption Fee Method/Composition Method 2. VAT Method – 1 (Actual labour deduction) 3. VAT Method – 2 (Standard Labour Deduction) Exemption Fee Method /Composition Method – due to complexity of calculation of labour charges and other permissible deduction under vat […]
The undersign is directed to state that the Government has decided ro introduce Aadhar Enabled Biometric Attendance System (AEBAS) and has made employee’s registration mandatory. The system enables an employee with an Aadhar number to register his/her attendance (arrival/departure) in the office through Biometric authentication.
CA. M. Lakshmanan Whatever said and done everybody will agree that the higher the rate of tax the higher will be the generation of Black Money. We follow the progressive rate of taxation for Income Tax which is the main cause for creation of Black Money. Even in uniform rate of taxation higher the income, […]
As we all are aware that the definition of input service under Cenvat Credit Rules, 2004 has been amended drastically w.e.f. April 2011 and because of such drastic amendments, majority of interpretations and settled positions have taken U-turn. One of the settled position was CENVAT credit on canteen service was allowed prior to April 2011.
Gap between PAN card holders and number of taxpayers PAN has been allotted to around 17 crore entities while I-T returns have been filed by only 3.5 crore entities. The gap between PAN card holders and number of taxpayers is growing over time. While the number of PAN card holders increased by 175 per cent […]
Justice Wendell Homes once said ‘With taxes, I buy civilisation, ’It means that taxes are the cost paid for living in a society and for being part of civilisation. Taxes also need to be utilised to meet basic functions of the state like defence, law, justice, public services and good governance. Unfortunately, people take taxes only as a burden on their income and treat the filing of returns as a mere formality.
