"16 December 2014" Archive

Need for amendment to Section 8(3) of CST Act

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 authori...

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Invest Today and Relax Tomorrow!

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 educati...

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Corporate Social Responsibility- Disclose-or-Explain mandate

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 f...

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Construction Business- In absence of Books 8% Net Profit held reasonable in Tax Audit case

Commissioner of Income Tax-XII Vs Subodh Gupta (Delhi High Court)

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....

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Work Contractor and Rajasthan VAT

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 deduct...

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CBDT introduces AADHAR Enabled Biometric Attendance System in Offices under it

NA 16/12/2014

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. ...

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To curb Black Money widen Tax Base

 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, […]...

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CENVAT Credit On Canteen Service Post 2011 – Yes, You May

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 201...

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Out of 17 Crore PAN holders only 3.5 crore files Income Tax Return

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 […]...

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Expanding Tax Base In India- TARC Recommends Measures

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...

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