Generally August month of any year is considered to be a relaxed month when you relax after filing you income your income tax returns, enjoy the rainy weather and green fields and scenic beauty all around. With rains, the picnic and get togethers add fun to the celebration.
Dr. Sanjiv Agarwal The new and progressive tax of future, Goods and Service Tax (GST) is once again into troubled waters and may now not sale through smoothly. While Indian Government and India has been dreaming of GST for over a decade now, it doesn’t seem to happen as it faces challenges at all fronts- […]
Dr. Sanjiv Agarwal Service Tax is applicable on sale or supply of food stuff in air-conditioned restaurants whether or not part of any hotel. Even the eating joints in air-conditioned malls and eateries like Pizza Hut, Mc Donald’s, Coffee Cafe day etc are also liable to Service Tax on supply of food in their premises […]
Dr. Sanjiv Agarwal It has been over three years of high volatility for the Indian stock markets, influenced by key events that occurred (and continue to do so) during the period, both on the domestic and global arena. Retail investors have also reacted to the market volatility and poor returns, with a significant number of […]
For most of the individual income tax assessees, last date for filing of income tax return for the assessment year 2013-14 (financial year 2012-13) is just few weeks away, i.e., 31st July, 2013.
It is a known fact that Indian economy has been hit hard by continuous inflation over past few years now and inflation has been on a rise unabated. In such a situation when country is passing through an inflationary phase, the returns, incomes, yield- everything fetches you a lesser value as inflation dents the value of return. Higher inflation results in negative or lower returns on financial instruments.
Finance Act, 2013 has inserted new penal provisions in Service Tax which make certain defaults or offences as cognizable and certain others non-cognizable and bailable. The offences are punishable with monetary fine as well as imprisonment which may be extended upto a period of seven years.
When you travel next by train, you will be pleased to see as a surprise, ‘Executive Lounges’ at railway stations, just like the ones at the airports which tempt you walk in and experience the whole new world of railway hospitality.
Specified type of education are covered in negative list while certain other types of education services are covered for exemption under mega exemption Notification No. 25/2012-ST dated 20.06.2012. Both these provisions operate on a different footing on a strict legal interpretation.
While there are over 17 lakh registered Service Tax assessees in India, only about 7 lakh people file their Service Tax returns. By all means, it is a very disappointing number. Thus, only 40 percent of the registered assessees file their returns (and pay tax).
