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Archive: 04 February 2018

Posts in 04 February 2018

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 18, 2024 5091 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 4386 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

LTCG on sell of shares on or after 1st April 2018

February 4, 2018 19899 Views 12 comments Print

The Budget proposes that LTCG tax will have to be paid on profit booked after March 31. Sale of shares made till March, the existing law will apply and LTCG will not be applicable. So if you sell before March 31 a stock that has been held for more than a year, you do not have to pay tax. However, if you sell it on or after April 1, LTCG tax will apply on the gains.

Reconciliation of each payment made by deductor to avoid duplication of work of TDS return

February 4, 2018 6237 Views 0 comment Print

In order to make the process of claim of TDS error free, a system was devised some years ago in 2009 and published vide circular no 2/2009, dated 21.05.2009. The relevant excerpt from the said circular is as follows:

Income Tax Calculator for Financial Year 2018-19

February 4, 2018 33147 Views 3 comments Print

Excel file containing Income Tax calculator for Financial Year 2018-19 / Assessment Year 2019-2020 after considering the amendments proposed by Union Budget / Finance Bill 2018.

Budget 2018 from Direct Tax Perspective

February 4, 2018 4800 Views 7 comments Print

Finance Minister has presented Budget 2018 dated 1st February 2018. Certainly, in every budget taxpayer expects certain relief from Direct Tax perspective. Whilst income slabs, tax rates and surcharges remain mostly un-fiddled, certain key changes proposed as discussed below:

Budget 2018 Direct Tax Proposals- Analysis

February 4, 2018 8838 Views 3 comments Print

Changes in Tax Rates for Domestic Companies: Company whose total turnover or gross receipts in the PY 2016-17 does not exceed Rs. 250 crore rupees – 25% No change in Tax Rates for others. No change in Surcharge.

How to Pay-off your High Cost Credit Card Debt?

February 4, 2018 2475 Views 1 comment Print

I remember of a recent incident, where a young man of about 30 years, who came to me for a consultation. He wanted to check with me different modes of borrowing money at a lower interest rate to pay off his high cost credit card debt.

Budget 2018 Highlights for all assessee and CA, CS, CMA Students

February 4, 2018 6513 Views 2 comments Print

DIRECT TAX PROPOSAL IN UNION BUDGET 2018 CHANGES IN TAX RATES New Cess, Health and Education Cess to be levied @ 4% by substituting Education Cess and Secondary and Higher Education Cess of 3% on Income Tax. (With effect from AY 2019-20) For Domestic Companies, whose total turnover or gross receipts in the previous year […]

Can ISD distribute the IGST/CGST/SGST paid under RCM as Input service distribution (ISD).

February 4, 2018 16131 Views 3 comments Print

IGST / SGST / CGST paid under RCM mechanism can also be distributed by the ISD among its supplier of taxable goods or services or both having same PAN as that of the ISD.

List of Deduction Not Allowed If Return not Filed on Time

February 4, 2018 68397 Views 8 comments Print

EXISTING PROVISION – Section 80AC. Deduction not to be allowed unless return furnished.—Where in computing the total income of an assessee of the previous year relevant to the assessment year commencing on the 1st day of April, 2006 or any subsequent assessment year, any deduction is admissible under section 80-IA or section 80-IAB or section 80-IB […]

Analysis of GST Notifications issued on 23ed & 25th January 2018

February 4, 2018 8370 Views 0 comment Print

Article Analysis Recent amendments in CGST Rule 3A, Rule 7, Rule 24 (4), Rule 20, Rule 31A, Rule 43 (2), Rule 54 (1A), Rule 55 A, Rule 89 (4A), Rule 89 (4B), Rule 96 and Recent CGST Notifications issued on 23rd and 25th January 2018. CGST Rule Existing Provision Amended Provision Rule 3A shall furnish […]

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