kaushala1's Posts - Page 3

Central Excise Act 1944 with special emphasis on Constitution of India

We have analysed following two entries relating to Excise Act 1944 Union List. Entry No 84 Duties of excise on tobacco and other goods manufactured or produced in India except alcoholic liquors for human consumption, Opium, Narcotics but including medicinal and toilet preparations containing alcoholic liquors, Opium, Narcotics. State List...

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Posted Under: Excise Duty |

Self Assessment Tax explained in simple manner with charts and diagrams

Self Assessment Tax  alongwith interest is required to be deposited before furnishing the return of income and the proof of such payment should be attached with the return of income. Note 1: Where the amount paid by the assessee under section 140A is less than the amount required to be paid under section 140A, then […]...

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Posted Under: Excise Duty |

Belated return explained with practical examples

Meaning : A belated return is a return which is not filed in prescribed time as mentioned u/s 139(1) or within the time allowed under a notice issued by the assessing officer u/s 142(1). Time limit for filing a belated return : A belated return can be filed on or before the expiry of 1 […]...

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Posted Under: Excise Duty |

Residential Status of Foreign Company as amended by Finance Act, 2015

The company which is incorporated outside India is a Foreign company. Residential status of foreign company shall depend upon place of effective management. Place of effective management to mean a place where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole are, in substanc...

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Posted Under: Excise Duty |

Why Govt. does retrospective amendment in tax laws?

To win pending cases in tax laws. Indian Govt. has carried out retrospective amendment in tax laws from very inception of tax laws i.e. 1962. The retrospective amendment should be carried out when the cases are pending in Courts. When assessee takes advantages of loopholes in tax laws and win the cases in lower courts […]...

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Posted Under: Excise Duty |

Curious case of Indrani Mukherjee and Permanent Account Number

Permanent account number means a number which the Assessing Officer may allot to any person for the purpose of identification and includes a permanent account number having ten alphanumeric characters and issued in the form of a laminated card. [Form 49A]....

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Posted Under: Excise Duty |

Return can be revised under Income Tax Act 1961 u/s 139(5)

If any person having furnished a return under section 139(1) or in pursuance of a notice issued under section 142(1) [original return], discovers any omission or wrong statement therein, then he may furnish a revised return at any time on or before the expiry of one year from the end of the relevant Assessment Year (AY 2) or before the co...

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Posted Under: Excise Duty |

Learn super brain magic

A very power brain magic that will blow your mind. You can learn very easily and impress your friends and family members. A simple, yet, powerful method to read people's mind and induce them to think in a particular way. It takes only 5 minutes to learn this trick and you can be the center of attention of any party or gathering....

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Posted Under: Excise Duty |

Tax Benefits Provided in Finance Act 2015

The Finance Act 2015 comes with many additional benefits for an individual assessee. Here an attempt is made to discuss all provision providing additional benefits to assessee by finance act. Particulars of Tax Benefits Exiting Provision Deduction / Benefit allowed Effective Date of Amendment Tax benefits under section 80C for the girl ch...

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Posted Under: Excise Duty |

Fast Track Quick revision of Rates of Tax

Kaushal Agrawal Revise, Understand and learn following topics. 1. Tax on Special Income 2. Tax on casual income 3. Tax on Normal Income 4. Surcharge 5. Education cess 6. Slab Rate 7. Basic Exemption whether available from special Income 8. Rebate u/s 87A...

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Posted Under: Excise Duty |