"01 May 2018" Archive

Quick reference on Supply under GST

Services means Other than Goods, money and securities; includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged.  “Goods’’ means every kind of movable property othe...

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Reasonable foreign travel expenditure on grounds of commercial expediency allowable as deduction

DCIT vs. Nokia India (P) Ltd.(ITAT Delhi)

AO disallowed 20% of total foreign travel expenses during the year under consideration. CIT(A) recorded that for assessment year 2000-01 and 2001-02 the disallowance was restricted to 10% of the total expenses incurred for foreign travel, against which Revenue preferred appeal to Delhi ITAT. ...

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All you want to know about Punjab State Development Tax Act, 2018 (Professional Tax)

Every employee or person doing business or profession in Punjab is liable to development tax if after deduction income is above maximum exemption limit i.e. Rs. 2,50,000/- at present as per Income Tax Act. Section 4 also mention ‘Income tax payee’ which creates confusion as Person with Total Income above Rs. 3,00,000/- is income tax p...

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Various Assessments Under The Income Tax Law

Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing up his return of income. Once the return of income is filed up by the taxpayer, the next step is the processing of the return of income by the Income Tax Department. The […]...

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Appeals Under Income Tax Act, 1961

APPEAL BEFORE COMMISSIONER (APPEALS) If any demand is raised by the Assessing Officer in the assessment, what’s the next step for Assessee. Aggrieved tax payer can file appeal before the Commissioner (Appeals) having, jurisdiction over the tax payer. Designation of the Commissioner (Appeals), with whom appeal is to be filed is also ment...

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Sample Question Papers for DISA Exams : 50 Sets

We are attaching herewith the excel utility containing 50 Sample Question Papers for DISA Exams. One Can Easily Use the file as it is based on Excel Formulas. After Finishing the Test, Score will appear automatically. Utility will Help you to prepare for DISA ET and AT....

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Himachal Pradesh to roll out intra-state e-way bill WEF May 05, 2018

Notification No. 12-4/78-EXN-Tax (01/05/2018)

Himachal Pradesh hereby notifies that no E-Way Bill shall be required for intra-state movement of goods within the state of Himachal Pradesh except for intra-state movement of following 17 goods of consignment value exceeding fifty thousand rupees:...

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GST Audit / Audit under GST

As per sub-section (13) of section 2 of CGST Act 2017, Audit means examination of records, returns and other documents maintained or furnished by the registered person under this Act or the rules made thereunder or under any other law for the time being in force to verify the correctness of turnover declared, taxes paid, […]...

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Excel format to calculate Deferred Tax, MAT and Computation of Tax for 5 A.Y.

Friends most of us face the challenge of calculating tax as per Income tax and AS 22. Here an effort is made to comprise all tax computation viz., Provision for Tax, MAT, Deferred Tax and allowance and disallowance of Depreciation under Companies Act and Income tax Act in one single excel file. Further to check […]...

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Provisions of Demand and Recovery Under GST

Under self-assessment system of tax determination and payment of tax in the GST regime, there is every chance of inadvertently short payment of tax and sometimes deliberately taxes are also not paid by the certain category of assessees. GST law makers have incorporated the elaborate provisions for the recovery of tax under various situati...

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