"July, 2018" Archive - Page 10

GST on Services by corporate office to unit in other states as well i.e. distinct persons

In Re M/S Columbia Asia Hospitals Private Limited (GST AAR Karnataka)

In Re M/S Columbia Asia Hospitals Private Limited (GST AAR Karnataka) Whether the activities performed by the employees at the corporate office in the course of or in relation to employment such as accounting, other administrative and IT system maintenance for the units located in the other states as well i.e. distinct persons as per [&he...

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GST on deposit of diamond with safe vaults, Conversion in e-Units and vica versa

In re Rajarathnam’s Jewels (GST AAR Karnataka)

In re Rajarathnam’s Jewels (GST AAR Karnataka) a) Whether mere deposit of diamond with safe vaults acknowledged by Electronic Vault Receipts (EVR) would be treated as supply for the purpose of levy of GST? The mere deposit of diamond with safe vaults acknowledged by Electronic Vault Receipts (EVR) does not constitute of supply of diamon...

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TDS on Salary – Section 192 – FAQ & Important Circulars

Article presents Questions and Answers on Section 192 of Income Tax Act, 1961 related to TDS on Salary. Q.1. Who is responsible to deduct tax on Salary under Section 192 of Income Tax Act, 1961? A.1. All persons paying salary are responsible to deduct TDS on income chargeable under the head “Salary”. In other words […]...

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GST rate reduction & passage of Prevention of Corruption (Amendment) Bill, 2013

All household items stand reduced from 28 percent to 18 percent and 12 percent. All items of construction except cement stands reduced. Most white goods stand reduced. ...

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Due date of Filing TDS statement

To bring Uniformity and to give deductors sufficient time in filing of TDS Statement CBDT has vide Notification No. 30/2016 Dated: 29.04.2016 has revised due date for filing above referred TDS statements for Government and non-governemnt deductors wef 01.06.2016 to as follows :-...

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Derivatives – Meaning, Type & Taxation

A derivative is nothing but a bet. We in our daily lives enter into a derivative contract (place a bet) without even knowing about it, say while watching a cricket match. To make you familiar with one of the derivative contract let me give you an example. Let’s say you have to buy a cable connection for your televison....

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HFCs to seek approval from NHB for the 10-26 criteria

National Housing Bank (NHB) came out with a notification on 19th July, 2018, amending the Housing Finance Companies (National Housing Bank) Directions, 2010 with respect to change in control of housing finance companies....

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Indian Securitisation market opens big in FY 2019

The financial year 2017-18 witnessed one of the major reforms in the country, that is, the exordium of Goods and Services Tax (GST). GST replaced the erstwhile central excise duty, sales tax and service tax laws, thereby changing the indirect tax regime entirely. ...

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Section 44ADA – Presumptive Tax Scheme for Professionals

Section 44ADA is inserted with effect from financial year 2016-17 and deals Special provision for computing profits and gains of profession on presumptive basis for Certain professionals referred to in section 44AA(1) of the Income Tax Act whose total gross receipts from profession does not exceed Rs. 50 lakhs in a financial year....

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Tax Planning for those Earning Rental Income from house property

Tax is a financial burden on any person. One cannot do financial planning without considering the tax liability. Every person devotes his time and energy to plan his tax liability but still he doesn’t able to save much as he like’s too. The main reason is because mostly financial planning is done conventionally....

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