"18 March 2018" Archive

Why to file income tax return by 31 March, 2018?

31st March 2018 is the last date to file income tax return for financial year 15-16 and 16-17. Part 1: Who is required to file income tax return mandatorily?   1. Gross total income for type of assessees (Total Income before allowing any deductions under section 80C to 80U: Examples – LIC/PF/mediclaim etc) exceeds the […]...

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Posted Under: Income Tax |

Genesis of E-Way Bill System In India and Why it is Desired by Engorcement ?

Traditionally an E-Way Bill is considered as a document issued by a carrier giving details relating to a shipment of consignment of goods, also the names of consignor and consignee, the points of origin and destination and in some cases the route. With igitalization the Electronic Way Bills have come into vogue. ...

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Posted Under: Income Tax |

GST Compliance Automation

As we are aware of our evolution of Indian Indirect Tax starting from Excise Duty, Customs Duty, Sales Tax, VAT, Service Tax wherein, an industry/ organization were having different specialized professions/ people being allocated with different Indirect Tax compliances...

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Posted Under: Income Tax |

Max opp Investment Ltd (SC)- Section 14A – An Analysis

Max opp Investment Ltd. Vs. CIT (Supreme Court of India)

Supreme Court (SC) Ruling - Whether the expenditure incurred (including interest paid on funds borrowed), while purchasing the shares/ stocks of a company for the purpose of gaining control over the investee company or as 'stock-in-trade' (i.e. as a business activity) and not as investment to earn dividends, can be treated as expenditure ...

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GST Council and State Autonomy by Aman Gupta

In this essay, I have tried to explain the role of GST council in relation to the state autonomy. This essay deals with the four major elements of the topic. Firstly, the historic perspective in respect to the Constitution of India, secondly a basic brief about GST and why such tax regime is needed....

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Posted Under: Income Tax |

Impact of GST on revenue of states after 5 years by Abdullah Tanveer

After long years of battle GST has finally been introduced on July 1st, 2017. GST bill is focused to remove tax barriers between states and creates a single market i.e. One nation One Tax. In the pre-gst regime, multiple indirect taxes were levied by centre as well as state governments....

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Posted Under: Income Tax |

GST with Multiple Tax Rates: Boon or Bane?

The government of any country collects its revenue from taxes; hence for the development of the economy of the state, a well structured taxation system is necessary. If we look at the World Bank report on the ease of paying taxes, India was ranked 172 among 190 countries. ...

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Posted Under: Income Tax |

Comparative Analysis of UAE and Indian Insolvency Codes

Prior to the introduction of Insolvency and Bankruptcy Code, 2016, India did not have a robust insolvency law to deal with the state of indebtedness of a business enterprises, winding up being the only insolvency procedure available....

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Posted Under: Income Tax |

Anti – Profiteering – A Law To Curb Unjust Profit

The change was so dynamic that it could lead to boosting the GDP of India and also result in changes in price of goods and services as well. The business transactions suddenly saw different trend altogether....

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Posted Under: Income Tax |

‘GST Council and State Autonomy’ – Analyzing the grey area

Intergovernmental financial relationship is a vital, or one may say, even a critical matter since it touches the very heart of modern federalism. With growing economies and rapid development in technology, various disputes can arise....

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Posted Under: Income Tax |

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