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Archive: 12 August 2018

Posts in 12 August 2018

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6501 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Claim Interest on Income Tax Refund for delay

August 12, 2018 15191 Views 11 comments Print

DELAYS AREN’T DENIALS -Before getting into the actual process, it is important to know some of the reasons that may have caused the delay. If your bank account details or your PAN number is entered incorrectly in the form or you end up filing your tax in the wrong ward/circle, then the chances for delay are high.Tax authorities have especially been known to cause delays in cases where the amount to be refunded exceeds Rs 5 lakh, citing additional approvals as the reason. Delay could also be caused if litigation is pending against the refund claimed or against any other issues with higher level of authority. For instance, if an individual is in appeal with Commissioner of Income Tax (Appeals) against an order passed by the assessing officer (AO) level, in our experience, the refund is generally not issued by the AO even though there is nothing in the law to this effect.

Review of Input Tax Credit availed under GST for FY 2017-18

August 12, 2018 9558 Views 1 comment Print

As per the provisions of Goods & Service Tax Laws, where registered person makes an undue or excess claim of input tax credit under GST shall reverse or pay the amount of excess claim Input Tax Credit (ITC) along with interest at the rate of 24% pa and may also face penalty if any charge […]

Income tax Planning in respect of Salary Perquisites

August 12, 2018 150908 Views 22 comments Print

For employees of large Indian and multinational companies, benefits go beyond salaries to include lifestyle perks such as company accommodation or club membership. Growth in business operations and competition for talent are now prompting even mid-sized companies to adopt the HR practices of such large companies. However, with tax regulations constantly evolving, it is not clear whether these perks are tax efficient or no

TDS on Bank Interest – Things to Know

August 12, 2018 18495 Views 6 comments Print

Interest earned on bank deposits is subject to tax deducted at source (TDS)u/s 194A if the total interest amount in a financial year exceeds Rs 10,000. However this amount is increased to Rs 50,000 if the payee is Senior Citizen wef 01.04.2018.2. Interest earned on term deposits is subject to TDS Term deposits here means both fixed deposit and recurring deposit.3. Even if a customer has multiple deposits, the interest earned will be aggregated and subjected to TDS if the threshold level is crossed. 4. TDS is deducted at rate of 10%. However in case the payee does not furnish its PAN to the payer the rate of deduction shall be 20%.

‘Corporate Gifts – Beware of Tax Implications’

August 12, 2018 117848 Views 8 comments Print

Gifts! Corporate Gifts have over the years proved to be an effective marketing tool for organizations across products and services. Organizations understand the importance of building and maintaining long term relationships with clients, prospective clients, business associates, employees and other agencies involved in the growth of the organization. However, corporate gifting should be used very judiciously as they can sometimes back fire

GSTR 2A To Excel For Reconciliation

August 12, 2018 118572 Views 21 comments Print

GSTN Portal have enabled Direct Downloading of Excel sheet for easy reconciliation with books and return but Have not Formatted Correctly SO This article will provide you how to download and Correctly format for row wise entries of Invoices without Any Blanks

Insolvency Case Study – Alok

August 12, 2018 13590 Views 1 comment Print

On 26th Feb 2016, Alok Industries communicated to the Stock Exchange, informing them about the Extra Ordinary General Meeting of the Company to be held on 14th March. Among other things the special agenda had items that affected its creditors.

Key highlights of CGST / IGST Amendment Bill 2018

August 12, 2018 51894 Views 5 comments Print

Central Government has introduced 4 GST amendment bills in Lok Sabha on Eighth August 2018 which are 1. CGST (Amendment) Bill 2018 2. IGST (Amendment) Bill 2018 3. UTGST (Amendment) Bill 2018 and 4. GST (Compensation to States) Amendment Bill 2018.  Key highlights of the Central Goods and Services Tax (Amendment) Bill 2018 1. Scope of Supply […]

Fine Tuning required for Presumptive Taxation- 44AD, 44ADA & 44AE

August 12, 2018 5415 Views 2 comments Print

Once a taxpayer opts for this Scheme and files the returns of income for a  year and in the subsequent year if he declares lower income than the prescribed percentage then he shall not be eligible to claim the benefit of this section for the next five years and in addition if his total income […]

“Minimum Government – Maximum Governance” is just a phrase only & not a reality

August 12, 2018 1575 Views 0 comment Print

When we look this slogan of Minimum Government – Maximum Governance from the perspective of Income Tax law, then also it seems that picture is quite different. In year 2014, when tax audit report format is changed by CBDT and schemas are released very late, many trade and tax consultant associations had opposed it.

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