"12 August 2018" Archive

Claim Interest on Income Tax Refund for delay

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 espe...

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Posted Under: Income Tax |

Import of Services under GST: An Overview

Definition: Import of Services Section 2(11) of IGST Act 2017 defines Import of Services as follows: Import of services means the supply of any service where- (i) The supplier of service is located outside India. (ii) The recipient of service is located in India;and (iii) The place of supply of service is in India; To […]...

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Posted Under: Income Tax |

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

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 […]...

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Posted Under: Income Tax |

Income tax Planning in respect of Salary Perquisites

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 regula...

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Posted Under: Income Tax |

TDS on Bank Interest – Things to Know

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 de...

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Posted Under: Income Tax |

‘Corporate Gifts – Beware of Tax Implications’

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 ...

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Posted Under: Income Tax |

GSTR 2A To Excel For Reconciliation

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...

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Posted Under: Income Tax |

Insolvency Case Study – Alok

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....

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Posted Under: Income Tax |

Key highlights of CGST / IGST Amendment Bill 2018

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 ...

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Posted Under: Income Tax | ,

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

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 […]...

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Posted Under: Income Tax |