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.
The effective rate of taxation in the case of companies could be defined as the ratio of tax payable to the total profit before tax, expressed as a percentage. The difference between the effective rates of taxation and statutory rate of taxation is mainly on account of various direct tax incentives.
Improving the empirical basis for any decision on taxation – policy or administrative – through an analysis of its impact is a key function of a modern tax administration that aims to improve the process of decision making. Decision-making based on an empirical analysis of the positive and negative effects of a proposed measure or regulation helps ensure that the benefits of a tax action justify the cost of compliance imposed on taxpayers and the cost of administering such a tax.
The assessee entered into an agreement with an Export House M/s Rajnikant & Bros. As per the terms of the agreement M/s Rajnikan & Bros imported consignment of “Almonds in Shell” at Madras Port. This import was actually for one of the nominee of the assessee M/s Peanut Products
CA Sagar Kakkad WHY AN HUF? Because you can save up to INR 5 Million in Present Value Terms !! Assumptions Your current age is 30 years and your life expectancy is 70 years Government increases the basic exemption limit by average INR 25 k per year and deductions by average INR 5 k per […]
Relief to Members of J & K for payment of Membership/COP – (16-12-2014) The Council, having regard to the devastating flood in the state of Jammu & Kashmir in the month of September, 2014, has decided that the membership fee and Certificate of Practice fee for the year 2014-15 in respect of members residing in […]
Notification No. 81/2014-Income Tax In the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, number S.O. 2752(E), dated the 22nd October, 2014, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii),
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the
