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Archive: 31 August 2018

Posts in 31 August 2018

Aggregate Turnover Under GST

August 31, 2018 37170 Views 2 comments Print

As per section 2(6) of CGST Act, 2017 ‘aggregate turnover’ means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess.

Appeal to Commissioner of Income-Tax (Appeals)

August 31, 2018 122781 Views 10 comments Print

At times it may happen that the taxpayer is aggrieved by an order of the Assessing Officer. In such a case he can file an appeal against the order of the Assessing Officer before the Commissioner Of Income-Tax (Appeals) {CIT(A)}. In this part you can gain knowledge about various provisions relating to appeals to CIT(A).

Calculation of interest under section 234A, 234B and 234C

August 31, 2018 87180 Views 0 comment Print

Income Tax Act, 1961 requires Income tax returns to be filed on time; advance tax to be paid correctly and within the prescribed time limit under the act. In case the assessee fails to comply with the provisions of the Act, interest shall be chargeable under Sections 234A, 234B and 234C.

Demonetisation & its impact on Tax collection & Formalisation of Economy

August 31, 2018 1512 Views 0 comment Print

The Reserve Bank has twice released its reports stating that the demonetised Notes of `500 and `1000 have been substantially deposited in the Banks. A widely stated comment has been that just because most of the currency came back into the Banks, the object of Demonetisation has not succeeded. Was the invalidation of the Non-deposited currency the only object of demonetisation? Certainly Not. The larger purpose of demonetisation was to move INDIA from a Tax Non-compliant society to a compliant society. This necessarily involved the formalisation of the Economy and a blow to the black money. How has this been achieved?

Things to be done before March 31 by individual Assessee

August 31, 2018 19671 Views 16 comments Print

Tax Planning is important for every taxpayer and the same needs to be done before the end of the year to which Income Pertains. In Addition to Tax Planning Assessee needs to Collect Relevant Supporting and Calculate His Tax Due and Pay the same.

All about Reverse Mortagage Scheme

August 31, 2018 22821 Views 6 comments Print

Benefit of reverse mortgage scheme is that even if the property is mortgaged the person still can reside in that property. Section 10(43) – Any amount received as a loan , either in lump sum or in installment in a transaction of reverse mortgage is exempt from tax i.e. not be treated as income of the senior citizen although loan is a capital receipt but to promote the scheme income has been exempted.

TDS is deductible on ESOP

August 31, 2018 28302 Views 0 comment Print

Employee Stock Options Plans (ESOPs) and its different variants like Employees Stock Purchase Plans, Stock Appreciation Rights, Stock Awards, etc, have been used by employers to attract, retain and motivate employees. ESOPs have been popular primarily in the knowledge-based industries like information technology, biotechnology, etc. However, in the recent past, they have gained prominence even in traditional industries like manufacturing.

Agricultural Income – Tax treatment / Taxability

August 31, 2018 1568307 Views 208 comments Print

Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. The reason for exemption of agriculture income from Central Taxation is that the Constitution gives exclusive power to make laws with respect to taxes on agricultural income to the State Legislature. However while computing tax on non-agricultural income agricultural income is also taken into consideration.

Wrongful Prosecution (Miscarriage of Justice): Legal Remedies

August 31, 2018 1458 Views 0 comment Print

The Delhi High Court, in the case of Babloo Chauhan @ Dabloo v. State Government of NCT of Delhi, 247 (2018) DLT 31, expressed grave concern about wrongful prosecution and incarceration of innocent persons, highlighting the need for a legislative framework for providing relief to such persons. An effective response from the State to the […]

Investment in multiple houses for exemption under section 54/54F

August 31, 2018 62901 Views 11 comments Print

Controversy always cropped between taxpayer and income tax department whenever taxpayer claim exemption under section 54 and 54F for investment made in multiple houses. Question that now arise whether the prefix ‘a’ used before the word residential house is interpreted in singular or plural sense.

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August 2018