CA Ram Bajaj Method of Calculating the Tax liability of VAT in Work Contract:- 1. Exemption Fee Method/Composition Method 2. VAT Method – 1 (Actual labour deduction) 3. VAT Method – 2 (Standard Labour Deduction) Exemption Fee Method /Composition Method – due to complexity of calculation of labour charges and other permissible deduction under vat […]
The undersign is directed to state that the Government has decided ro introduce Aadhar Enabled Biometric Attendance System (AEBAS) and has made employee’s registration mandatory. The system enables an employee with an Aadhar number to register his/her attendance (arrival/departure) in the office through Biometric authentication.
As we all are aware that the definition of input service under Cenvat Credit Rules, 2004 has been amended drastically w.e.f. April 2011 and because of such drastic amendments, majority of interpretations and settled positions have taken U-turn. One of the settled position was CENVAT credit on canteen service was allowed prior to April 2011.
Gap between PAN card holders and number of taxpayers PAN has been allotted to around 17 crore entities while I-T returns have been filed by only 3.5 crore entities. The gap between PAN card holders and number of taxpayers is growing over time. While the number of PAN card holders increased by 175 per cent […]
Justice Wendell Homes once said ‘With taxes, I buy civilisation, ’It means that taxes are the cost paid for living in a society and for being part of civilisation. Taxes also need to be utilised to meet basic functions of the state like defence, law, justice, public services and good governance. Unfortunately, people take taxes only as a burden on their income and treat the filing of returns as a mere formality.
The effective rate of taxation in the case of companies could be defined as the ratio of tax payable to the total profit before tax, expressed as a percentage. The difference between the effective rates of taxation and statutory rate of taxation is mainly on account of various direct tax incentives.
Improving the empirical basis for any decision on taxation – policy or administrative – through an analysis of its impact is a key function of a modern tax administration that aims to improve the process of decision making. Decision-making based on an empirical analysis of the positive and negative effects of a proposed measure or regulation helps ensure that the benefits of a tax action justify the cost of compliance imposed on taxpayers and the cost of administering such a tax.
CA Sagar Kakkad WHY AN HUF? Because you can save up to INR 5 Million in Present Value Terms !! Assumptions Your current age is 30 years and your life expectancy is 70 years Government increases the basic exemption limit by average INR 25 k per year and deductions by average INR 5 k per […]
Relief to Members of J & K for payment of Membership/COP – (16-12-2014) The Council, having regard to the devastating flood in the state of Jammu & Kashmir in the month of September, 2014, has decided that the membership fee and Certificate of Practice fee for the year 2014-15 in respect of members residing in […]
Notification No. 81/2014-Income Tax In the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, number S.O. 2752(E), dated the 22nd October, 2014, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii),
