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Archive: 05 February 2017

Posts in 05 February 2017

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7020 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Clash of Cash: 7 Questions by Tax Officer v/s Cash Depositor

February 5, 2017 12543 Views 1 comment Print

Krishna, after 1st February 2017 the Income tax Department is sending tax notices to the taxpayers through e-mails and SMS. How taxpayers will reply to these notices and why are these notices sent to persons who have deposited cash in bank accounts, please explain in detail.

Tax Benefits on Life Insurance Plans

February 5, 2017 6540 Views 0 comment Print

Life Insurance Policy not only provides insurance but also qualifies for tax savings under section 80C of the Income Tax Act, 1961. Many people ask me as to why should we invest in plans of Life Insurance Co. of India when better returns can be obtained from other avenues like NSC, jewellery, land, etc.

Amendments In Political Funding – A Wrong not capable of curing deadly Cancer of Corruption

February 5, 2017 1614 Views 3 comments Print

Section 13A of the Income-tax Act, 1961 confers tax-exemption to recognized political parties for income from house property, income by way of voluntary contributions, income from capital gains and income from other sources. In other words, only income under the head salaries and income from business or profession are chargeable to tax in the hands of political parties in India.

Union Budget 2017- Key Transfer Pricing Proposals

February 5, 2017 4857 Views 0 comment Print

Finance Act, 2012 has made an amendment to extend the Transfer Pricing Provisions to the transactions entered with domestic related parties or by an undertaking with other undertakings of the same entity for the purposes of section 40A, chapter VI-A and section 10AA.

Outward and zero rated supply under Revised Model GST Law

February 5, 2017 7047 Views 1 comment Print

Earlier outward supply was restricted to transactions like sale, transfer, barter, exchange, licence, rental, lease or disposal, whereas in the new definition any other means has been added thereby widening the scope of the definition.

Decoding GST- Input Tax Credit of CGST, SGST and IGST

February 5, 2017 8676 Views 1 comment Print

In every value added taxation structure, Input tax credit remains the backbone of such tax structures as it removes the cascading effect of taxes. In GST also being a value added tax, it is the intention of the lawmakers to allow seamless flow of credit in the supply chain and remove cascading effect of taxes.

Two Clauses that should be Removed from Finance Bill 2017

February 5, 2017 36057 Views 15 comments Print

Article discusses two clauses of finance bill 1. Restriction on the Loss On House Property and 2. Penalty For Furnishing Incorrect Information In Reports Or Certificates which are detrimental to the economy, tax payer and the intermediary between the tax payer and the tax authorities i.e. the tax representatives.

Budget 2017: Analysis of 55 Key Amendments

February 5, 2017 14616 Views 0 comment Print

The key highlights of this Budget are that the focus is towards broadening the tax base by increased reliance on digitization, removing irritants, simplicity, rationalizing tax provisions so as to reduce litigation and, bring certainty and clarity to the taxpayers as regards the tax regime, rewarding honest and penalizing the errant, all of which we have discussed with the respective proposed amendments herein below.

U S Taxation– Depreciation– Interesting facts to gather, learn & apply

February 5, 2017 7683 Views 0 comment Print

It was an arranged meeting of friends, all, accounting professionals with more than 30 years of experience when I met two of my friends on a sunny day, recently. We discussed serious accounting issues also, among other things and got into “depreciation standards” in India and abroad for expensing in the tax year. When I […]

Budget 2017 – What Does It Have For GST

February 5, 2017 1782 Views 0 comment Print

After it was almost clear after 9th meeting of GST Council that GST may now be implemented from July, 2017 only, at the earliest, all eyes were on the Union Budget 2017-18 which has since been presented in the Parliament of India on 1st February, 2017.

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