"30 November 2018" Archive

GST Audit Process and Assessment Thereof

The current article provides the audit and assessment procedure involved in an audit being conducted by the tax authorities and also audit process and assessment involved in the special audit being conducted by the proper officer....

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Govt notifies Wastage Norms & Value Addition of Gold religious idols

Public Notices No. 51/2015-2020-DGFT (30/11/2018)

Wastage Norms and Value Addition in respect of Gold religious idols (only gods and goddess)- both plain and studded, of 8 carats and above (upto 24 carats) are prescribed in Para 4.60 and 4.61 of the HBP....

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Govt allows export of Gold idols (only gods and goddess) from DTA

Notification No. 44/2015-2020-DGFT (30/11/2018)

Para 4.32(i) of Chapter 4 of the Foreign Trade Policy 2015-20 is amended to allow export of Gold idols (only gods and goddess) of 8 carats and above (upto 24 carats) from domestic tariff area....

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Dr. Ajay Bhushan Pandey takes over as Revenue Secretary

Ministry of Finance Dr. Ajay Bhushan Pandey takes over as Revenue Secretary Posted On: 30 NOV 2018 Dr. Ajay Bhushan Pandey (IAS: MH 1984) took over as the Union Revenue Secretary upon superannuation of Dr Hasmukh Adhia here today. Outgoing Finance Secretary & Revenue Secretary, Dr Hasmukh Adhia welcomed Dr Pandey in his office. A [&he...

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Income Tax Benefits for Senior Citizens

Who is a Senior Citizen ? A Senior Citizen is a resident Indian who is of the age of 60 years or above at any time during the respective financial year. Higher Basic Exemption Limits for Senio Citizens Citizens and Very Senior Citizens For ordinary individual tax payers the basic exemption limit, upto which he […]...

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Presumptive Taxation for Small Tax Payers in Business or Profession

Presumptive Taxation of Certain Eligible Businesses Or Professions Under The Income Tax Act 1961 1. What is presumptive Taxation? To give relief to small taxpayers from the tedious job of maintenance of books of account and getting the books of account audited, the Income tax Act has framed the Presumptive Taxation Scheme under sections 4...

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Sale of Immovable Property by a Non-Resident – TDS at a glance

Income Tax needs to be deducted at source by the purchaser on payment against purchase of an immovable property from a non-resident following the guideline as below: Q.1 Who is a non-resident under Income Tax Act? Ana. The residential status is determined for every financial year, i.e., the period from 1st April to 31st March of the [&h...

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Income from Other Sources (Section 56 to 59)

Income which is not chargeable to tax under any of the heads of income specified in the Income Tax Act viz. Salary, House Property, Business or Profession and Capital Gain and which is also not exempt from tax under any section of the Income Tax Act, is chargeable to tax under this head. SOME EXAMPLES […]...

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Sale of Immovable Property by a Resident – TDS at a glance

Income Tax needs to be deducted at source by the purchaser on payment against purchase of an immovable property following the guideline as below: (Section 194 IA of the Income Tax Act ,1961) Q.1 Who is responsible to deduct? Ans. Any person, being a transferee/purchaser, who pays to a resident transferor for transfer of any […]...

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Due date for filling Annual Vat Return in Punjab extended up to 15.12.2018

Due date for filling Annual Vat Return in form VAT-20 for the year 2017-18 in Punjab is once again extended up to 15th December 2018...

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