"07 August 2016" Archive

Flaws of filing your Income Tax Return from Free E-filing websites

First of all, I should be sorry to write this blog very late i.e. on the last date of e-filing of return of income. If it would’ve written much earlier, then it might have save so many salaried employees to fall into the alluring trap of websites offering free e-filing services. ...

Read More
Posted Under: Income Tax | ,

Time of Supply (Point of Taxation) under GST

It is great news for business fraternity that Upper House of parliament has passed the much awaited GOODS and SERVICE TAX. Now the dream that one India and one tax will be completed very soon. The GST regime is the biggest change in history of Indian taxation since its independence. ...

Read More
Posted Under: Income Tax |

We can still file Income Tax Return

The due date for filing income tax return for corporate assessees and other assessees who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30thSeptember and for others it is 31st July every year as have been prescribed u/s 139(1). This year it extended till 5th Augu...

Read More
Posted Under: Income Tax |

Goods And Service Tax-Gst “ One Nation One Tax”

GST will be a game changing reform for Indian economy by developing a ONE NATION ONE TAX Market and reducing the cascading effect of tax on the cost of goods and services. It will impact the Tax Structure, Tax Incidence, Tax Computation, Tax Payment, Compliance, Credit Utilization and Reporting leading to a complete overhaul of the curren...

Read More
Posted Under: Income Tax |

An Interview with 3rd Ranker of IPCE-May 16!

Hello Readers! The Team of taxguru.in had a word with the All India Rank 3 holder of IPCE May 16, Sree Bhavishya Amisagadda. Let's See what message she has to convey to the upcoming IPCC students......

Read More
Posted Under: Income Tax |

10 Key things about Model GST Law

GST is considered to be the biggest Indirect tax reform in India after independence that will result in a single indirect tax for the whole nation and will eliminate tax on tax effect. India will be one market as against several markets and multiple taxes in present regime. At the same time, tax base is likely to be widened due to large c...

Read More
Posted Under: Income Tax |

Clubbing of Advance Authorizations for Annual Requirement

Public Notice No. 24/2015-2020 (07/08/2016)

Facility of clubbing is being allowed for Advance Authorisations for Annual Requirement issued during Foreign Trade Policy period 2009-14 and 2015-20 wherever exports and imports have taken place as per Standard Input output Norms (SION) notified (available in Handbook of Procedures)....

Read More

Basic Concepts of Overseas Direct Investment

CS Mohit Singh Kharayat INTRODUCTION With the aim to diversify the business abroad, avail the opportunity thrown by the overseas market, to make full utilization of full capacity, branding, and many more reasons inspire the entities to go overseas, invest and set up business over there and it not only benefits the investing entities, also...

Read More
Posted Under: Income Tax |

Taxability of Interest on Compensation or Enhanced Compensation

The statutory provisions for the income in the nature of ‘Interest received on compensation or on enhanced compensation’ were brought to Income Tax by the Finance Act’ 2009. When these provisions were introduced, the Memorandum explaining the provisions of the Finance Bill 2009 had this to say:...

Read More
Posted Under: Income Tax |

No disallowance of ITC for mere technical defect in VAT invoice – HC

M/s Avdesh Tracks Private Limited Vs. The State of Punjab and another (Punjab & Haryana High Court)

The Hon'ble Punjab & Haryana High Court in a crucial decision has held that input tax credit cannot be disallowed merely for a technical defect in the VAT Invoice such as non mentioning of words “Input Tax Credit is available to a person against this copy” as per Rule 54 of the Punjab VAT Rules, 2005....

Read More