Arjuna, June month is the month of monsoon. Everyone would be keeping an eye towards rainfall from 7th June onwards. Now the government has made shower of various changes in tax laws this year. Only God knows that when rain will come and how much, but all these changes in tax laws will be effective from 1st June. So it is important that each and every taxpayer carries on his transactions after understanding the new changes and the new scheme.
Income Tax Department has come up with the Income Declaration Scheme 2016 to purify the Tax evaders. The government has issued its forms, rules and other details on 20th May 2016. But what is this scheme? How can a taxpayer clear his sins of black money? Everyone should take this conversation as a means of gathering knowledge and not otherwise.
Profession Tax comes in the ambit of Maharashtra Sales Tax Department and is named as Maharashtra State Tax on Profession, Trade, Calling and Employment Act 1975. Every self-employed person has to pay profession tax every year. But due to the lack of knowledge about profession tax, many taxpayers neither follow nor pay profession tax.
Sales Tax Department has started new SAP system and has also been introducing various other changes. And now from 1st May 2016 onwards, changes are made in VAT registration form 101, so what are those changes? Due to this what care dealer should take?
Krishna, this year from April 2016 onwards the Maharashtra Sales Tax Departments has brought various small amendments in the VAT system. Because of these changes the small dealers covered under the composition scheme have great responsibility and such changes have a great impact. So what is the impact of such changes?
Krishna, From April 2016, Maharashtra Sales Tax Department has introduced new SAP system and brought various changes in VAT returns. Now bill wise details will have to be given for sales and purchase and many more changes are being made. So what is the procedure of filing returns and it’s impact on business?
Central Government has introduced various new provisions in the budget to settle tax related old disputes. Following that, the state government also has brought up law to settle the disputes between taxpayer and sales tax department, what is that law?
Krishna, what is the reason of agitation held by Jewellers across the Country. Why there businesses are closed from so many days? Let us discuss the reason of agitations as well as implication of taxation on gold and effect of the same on businessman and customers.
Arjuna, as per new ITR-1 from, salaried persons have to give details of all assets & liabilities in case of income exceeding Rs. 50 lacs. These details consist of information regarding Land, Building, Cash, Jewellery & Vehicle and Liabilities in relation to these assets. This is a very important change made in ITR-1. These details are also required to be provided in ITR 2, 2A and 3.
Arjuna, there is a very beautiful relation between Black color and Tax Evasion. After the new government has come into force, Respected Finance Minister has given special focus on tax evasion. This means that the person engaged in tax evasion would be colored black.
