As we progress in life, our goals and milestones are modified. Not only have we changed the way we live but we also change our perception of the future. Our life’s goals include factors such as travelling, medical benefits, financial independence and zero liabilities.
UAE witnessed introduction of VAT for the first time on 1st January 2018 which is imposed on the supply of goods and services at the rate of 5%. With the view to update members with the latest changes coming in the tax regime in UAE, ICAI, marking its global presence, through its Dubai Branch/Chapter, has […]
The objective of GST composition scheme was to enable the traders to do business in easy way. But composition scheme is beneficial for the traders who are dealing in products covered by higher GST slab rates. On the other hand, composition scheme is not beneficial for the traders who are dealing in products covered by GST slab rate of 5%.
Draft proposals for amending GST Laws is published on (relevant web page) for comments of the stakeholders till 15.07.2018. In CGST Act, 2017 Amendments are proposed in Definitions, Provisions related to Supply, Levy and Collection, Composition Scheme, Time and Value of Supply,Input Tax Credit, Registration, Tax Invoice, Credit and Debit Notes, Returns, GST Practitioner, Payment […]
As per the Act, the gratuity amount is 15 days’ wage multiplied by the number of years put in by you. Here wage refers to basic salary plus dearness allowance. Take the monthly salary drawn by you last (basic + dearness allowance) at the time of resi
Section 10(11) and 10(12) of the Act deal with exemption on payments from provident funds, while section 80C of the act deals with allowance of deductions on contributions to provident funds. The following are the types of provident funds. Recognized Provident Fund (RPF) – This scheme is applicable to an organization which employs 20 or more employees.
India Ratings and Research (Ind-Ra) believes that the launch of JioGigaFiber, a fibre-based broadband service for homes and businesses, by Reliance Industries Limited (‘IND AAA’/Stable) has the potential to disrupt the retail broadband segment and open up new digital avenues for the enterprise broadband segment.
The Income-Tax Act casts responsibility on the employer for tax deduction at source (TDS) at the time of payment of salary to employees whose salary income is above the maximum amount not chargeable to tax. The employer is required to deduct TDS on salary at the average rate of income-tax and deposit the same with the government within the prescribed time.
On retirement, an employee normally receives certain retirement benefits namely Gratuity, Commutation of Pension, Leave Encashment, Retrenchment Compensation, Compensation on Voluntary Retirement, Payment from Provident Fund, Payment from Superannuation Fund etc. Such benefits are taxable under the head ‘Salaries’ as ‘profits in lieu of Salaries’ as provided in section 17(3). However, in respect of some of them, exemption from taxation is granted u/s 10 of the Income Tax Act, either wholly or partly. These exemptions are described below:-
ICAI is organizing 1st Overseas campus placement for our members desirous of taking up employment abroad/trans‐nationals invested in India. The campus programme is open to all levels – entry, middle and top management. It may please be noted that there is no cost for the participating organizations or for the candidates.
