"Dr. Dilip V. Satbhai is the senior partner of Messrs D. V. Satbhai & Co. Chartered Accountants having registered office located at Karve Road, Pune. The senior partner of the firm was the Chairman,Vice-chairman, Secretary and Treasurer of the Pune Branch of the Western India Regional Council of the Institute of Chartered Accountants of India for various years. He was also a co-opted member on various committees of Central and Western India Regional Council of The institute of chartered accountants of India New Delhi in the past for several years, New Delhi and Mumbai. In the year before last year he was selected as the faculty member of the Institute of Chartered Accountants of India to deliver lectures on GST on all India basis under FIP and was appointed as the Convener of the Pune GST study group, a local think tank for studying the GST law and help the needy tax payers. WIRC has nominated him as a member of a subgroup of indirect tax committee of the Western India Regional council in the same year. He was the member of Internal Audit standards Board of the institute of chartered accountants of India, New Delhi. He was also appointed as member of a study group for Government accounting and financial planning for local bodies in India. He was the member of finance committee of the Maratha Chamber of commerce and industries. He has written several articles on matters of interest on Direct and indirect Tax Laws, Economics, Commerce and Investments consultancy and Labour laws."
Get insights into the new Tax Collection at Source (TCS) rules effective from October 1, 2023, impacting foreign trips. Discover tips to reduce TCS on global journeys, understand the Liberalised Remittance Scheme (LRS) changes, and unlock the complexities for international travelers. Learn how TCS applies to various expenses, including education, medical purposes, and overseas tour packages. Gain a comprehensive understanding of the TCS rates, thresholds, and practical tips for minimizing TCS liabilities during foreign travels. Stay informed to navigate the financial landscape of international trips seamlessly.
Learn how the new Income Tax Rule 134 and Form 71 offer relief for taxpayers facing TDS credit mismatch. Discover the procedure, benefits, and limitations of Form 71, allowing you to claim TDS credit for income declared in previous assessment years, even if the TDS was deducted in subsequent financial years. Stay informed to avoid missing the window for claiming TDS credits.
Withdrawal of tax exemption for interest accrued on Employees Provident Fund (EPF) in specified cases Finance minister Nirmala Sitharaman in her budget speech had proposed to cap the tax exemption for interest accrued on Employees Provident Fund (EPF) and Voluntary Provident Fund (VPF) in the third Union Budget she presented. The Income Tax Act, 1961, presently provides […]
FM increased the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax-exempt, if there is no employer contribution. It was made clear that the threshold limit will not be enhanced in the cases where employer is contributing towards EPF.
Whether, for section Section 40(a)(ii), word ‘cess’ would be labeled as a ‘tax’ and hence accordingly, will not be allowed business expenditure.
Gold consumption in India The World Gold Council (WGC), which tracks wholesale gold trade, had a forecast of gold consumption in India in 2020 to the extent of 700 tonnes-800 tonnes, compared to 690 tonnes imported in 2019. According to the Ministry of Commerce, imports in 2019-20 stood at $ 28 billion, 14% less than […]
Service Exports from India Scheme (SEIS) and taxability of such notified export of services under IGST Act Focus: Deemed export of goods under section 147 does not include deemed ‘export of services’ and hence the notified goods only enjoys the privileged benefit of being called as ‘deemed to be exported’ and thus can avail benefits […]
Tax payers seeking non-deduction of tax from certain incomes are required to file a self declaration in Form No. 15G or Form No.15H as per the provisions of Section 197A of the Income-tax Act, 1961 In order to reduce the cost of compliance and ease the compliance burden for both, the tax payer and the tax deductor, the Central Board of Direct Taxes (CBDT) has simplified the format for self declaration in Form No.15G or 15H. The procedure for submission of the Forms by the deductor has been specified under rule 29C of Income-tax Rules, 1962.
In re M/s. Membrane Filters (I) Pvt. Ltd. (GST AAR Maharashtra) What is the rate & HSN code of GST is applicable (after it’s introduction from 1st July 2017) when Extracting water from tube well, passing it through treatment plant of removing unwanted contaminants like Iron from ground water and eventually lifting it to overhead […]
