"29 May 2017" Archive

The Power of Hard Work, Dedication & Positivity

As I was passing by some difficult phases of the life and at that times a wise decision is must needed thing otherwise distraction is a sure shot thing to emerge in minds, so I thought to find out the answer and share it with all of you....

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Posted Under: CA, CS, CMA |

GST: Inter-State and Intra-State Supply-Determination and Implications

This is the right time to discuss the framework of GST as its likely to be a reality with effect from 01 July 2017. GST law is dual tax mechanism where the State and Centre both will be charge the tax....

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Posted Under: CA, CS, CMA |

Empowering persons with Disabilities

The change in the name of the Department of Disability Affairs to the Department of Empowerment of Persons with Disabilities soon after the NDA assumed power was to send the message that ‘empowerment’ would be the key to the policies and programmes for the disabled and that a separate department meant this sector would receive focused...

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Posted Under: CA, CS, CMA |

GST: Charge Zero Tax on Green fuels to promote environment friendly fuels

A suggestion was made that Green fuels like Natural Gas, CNG, Bio-Diesel and Ethanol Blended Petrol should be zero rated to promote environment friendly fuels. ...

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Posted Under: CA, CS, CMA |

TDS and filing of ITR in case both the parents are dead of minor

Notification No. 5/2017-Income Tax (DGIT) (29/05/2017)

It has been brought to the notice of CBDT that in cases of minors whose both the parents have deceased, TDS deductors/Banks are clubbing the interest income accrued to the minor in the hand of grandparents and issuing IDS certificates to the grandparents, which is not in accordance with the law as the Income-tax Act envisages clubbing of ...

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TDS in case of entities whose income is exempted under Section 10

Circular No. 18/2017-Income Tax (29/05/2017)

Examination of the eligibility of entities for exemption from TDS on the principle of unconditional exemption and no requirement to file return revealed that Circulars No. 4/2002 and 7/2015 are required to be updated to make the following changes:...

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Revision U/s 263 justified if AO not carried out enquiry as specifically directed by ITAT

Bhupinder Singh Vs ITO (ITAT Delhi)

Where AO had only considered the discrepancy regarding gross receipts but did not carry out any inquiry in regard to the nexus between business receipts and cash deposits which was the specific direction of the Tribunal, Commissioner was justified in making revision order since the order was prejudicial to the interest of revenue....

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Top 5 Legal ways to Save Tax

The Income Tax Act allows a salaried individual to claim certain deductions in order to save on taxes. However, to avail the benefits of such deductions, the individual must ensure proper tax planning during the year. Such deductions are allowed on the Gross Total Income (GTI), and income tax is levied on the balance income, […]...

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Posted Under: CA, CS, CMA |

Types of Invoices under Goods & Services Tax (GST)

Krishna, in GST, every tax payer will have to prepare different types of invoices. So, tell the details of invoices in GST, how to make invoices and when to make invoices?...

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Composition Scheme under Goods & Services Tax (GST)

GST contains a Composition Scheme as an option for a registered taxable person having specified turnover limit to pay tax at a lower rate with minimal compliance burden. Let us discuss the features of GST Composition scheme in upcoming paras....

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Posted Under: CA, CS, CMA |
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